Vacation Rental Ownership - Is it for you?

Owning an Orlando Florida vacation rental property is not something to be done by those that are faint at heart. It isn't as simple as purchasing an Orlando FL home or condo, furnishing it and booking rentals... That is the fun part of the process.

There is the management of the property that can be the stumbling block to a successful Orlando Florida Vacation Rental. I know because my son's father does this on Marco Island. He has several homes that they manage and it a lot of work. They have it down to a science. Their website not only allows potential renters to see the houses they have for rent, but they can book on-line and the back end of the system manages the process for them.

They are the exception. Most people are not prepared for the realities of owning a vacation rental home in the Orlando area. Read More about the considerations of What it Takes to Manage a Vacation Rental over at my website.

IRS Tax Deductions from your Mortgage

As tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.

So if you are a procrastinator as is the American-way, remember to plan for some of your Mortgage and Real Estate related tax deductions to save some money this year.

Here are a few places to save:

1) Discount Points - Lender Discount Points are seen by the IRS as pre-paid interest charges. 

2) Pre-paid Interest - your closing statement shows prepaid interest depending on how many days you will be in the property in the month you close.  

3) Pro-rated Property Tax any property tax you pay at the closing table is deductible

4) Origination Points - Broker fees or Points are also considered pre-paid interest.

5) PMI/MIP - Mortgage Insurance on a loan that is over 80% Loan to Value (LTV) is deductible

Where to consult your Accountant for sure:

6) HELOC / Equity Line - interest on your 2nd Mortgage or Home Equity Line of Credit may be deductible. 

7) Second Home - this is a grey area.  Your accountant knows the rules on deducting mortgage interest on 2nd home mortgages.

8) Depreciation - Investment properties only!!  !

My Professional Advice:

You have your closing package from when you closed your property neatly filed away, right? (nudge nudge)

Get it out and take it with you when you visit your tax preparation specialist or CPA.  Make sure to have your Accountant review your closing statement and IRS Form 1098 that you will receive from your lender in the mail.

Your accountant will then make sure you get credit for all your deductions.

To get the full article, follow this link -o-> Florida Mortgage | IRS Tax Savings on your HUD-1

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More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA
TheMortgageGoToGuy!!
Your Source for Residential and Commercial
Mortgage Loans in Florida

My Generation Video

I saw this video and had to share it. These folks are in their 90's and they are singing a Rock Classic! It reminds me that there are many things that folks in their 90's still able to do. Working with older buyers and sellers brings their own challenges as they may not be as familiar with the changes in technology and the internet. This video reminds us to not count them out!

Welcome to Hurricane Season...

It is always important to be prepared. Now is the time to put together your Hurricanne Kit for the Orlando Florida area. The one that you hope that you never have to use.

I went through Hurricane Wilma, living on Marco Island I followed the evacuation orders and headed to Orlando. I came back right after the storm. I had food, I had bottled water and not only did I have three days worth, I had 5 days worth. Call me paranoid, but I would rather have too much! What we did not have and could not get our hands on was Ice. So I lost a fridge full of food. Guess that is why there is never more than a weeks worth now in my fridge.

So my great advice would be start empting out your freezer! If a storm does come, fill it full of ice before the storm. It is worth more than Gold after a storm.

Florida residents now have an opportunity to take advantage of stocking up on their hurricane supplies and save on the associated taxes with the Hurricane Preparededness Sales Tax Holiday.


Read More .... Take Advantage of Hurricane Tax Break

Getting Ready to Sell?

There are many things that you need to do to prepare for the sale of your Celebration Florida home. Things are changing in the Celebration market and there are several things that you should know to make this process as stress free as possible. They include understanding the current market absorption rate, competitive homes currently on the market, and things to do like Staging to make your home ready for sale. But first let's talk about why you are selling and what you plan on doing once you sell your property.

Are you going to purchase another home? Are you up-sizing or downsizing? Probably the most over looked thing a seller forgets to do when getting ready to sell is checking to make sure that they can purchase another property. Some important financial questions you should ask yourself:

• Can I qualify for Mortgage for my desired next home?
• Is my credit in order?
• Should I get pre-approved for my purchase before selling my home?

The Orlando Avenue Top Team has a wonderful network of financial experts that we can refer to you to start this process...

Celebration Florida Featured Properties

I have a wonderful website full of resources to assist you with your Celebration Florida Real Estate purchase. Check out some of these resources:

• First Time Buyers
• Loan Application Checklist
• Rent vs. Buy Calculator
• Selline One, Buying Another
• Title Insurance

Here are some Real Estate Articles for you:

• Attention Buyers - now is the time...
• It's 11pm -- Do you know where your Realtor is?
• Attention Florida Home Purchasers
• How to Avoid The Dark Side of Real Estate
• Looking for that Reason To Move to Florida? Here are a Few....
• Time Magazine Just Named YOU Person of the Year
• Should I Purchase A Wood Frame Home In Florida?
• Florida Residents - Home Owner Web Resources
• Traditional Media vs. Blogging
• Attention Florida Home Buyers!
• There Back - Condo Comandos!
• What Part Of...
• For Sale By Owners - Something to Think About
• Mortgage Fraud Schemes
• Disaster Planning
• What Makes An Excellent Vacation Rental?
• Lesson in Customer Service -- Visit a few Hardware Stores!
• So you want to sell your property yourself....
• HELP!!! My Crystal Ball is Cloudy!
• Is there really a Crystal Ball in Real Estate?
• So You Want to Be A Realtor
• Owners - A Few Words on Showings...
• It is that time of the Year...

Call me and the Orlando Avenue Top Team to discuss your Real Estate goals and how we can assist you in achieving those goals! Visit our other BLOGs for more local information Colleen Kulikowski Active Rain, Teri Isner Active Rain and our OrlandoAvenue site. To search all Greater Orlando listings visit our Search Page.

Call me today for more information on the Celebration Florida Area!

Colleen Kulikowski, Realtor
Keller Williams - Celebration
email me
(407) 288-0017

Celebration Florida Absorption Rate

Here arethe Absorption Rate in Years according to the data collected and the Mid Florida Multiple Listing Service:

Market Segment Absorption Rate (in Years)
Celebration - Single Family Homes - All 2.14
Celebration - Single Family Homes - 3-4 Bedrooms 2.15
Celebration - Single Family Homes 5+ Bedrooms 2.06

Celebration - Single Family Artisan Park 1.08
Celebration - Single Family Roseville 0.42
Celebration - Single Family North Village 3.25
Celebration - Single Family South Village 3.25
Celebration - Single Family East Village 0.92

Celebration - Single Family No Pool 2.01
Celebration - Single Family Pool Home 2.54

Celebration - Single Family Homes Less than $500,000 3.25
Celebration - Single Family Homes $500,000 - $1,000,000 1.62
Celebration - Single Family Homes Greater than $1,000,000 2.67

Celebration - All Condos/Townhomes 3.50
Celebration - 3 Bedroom Condos 1.92
Celebration - 2 Bedroom Condos 3.83
Celebraion - Artisan Park 1.64
Celebration - Georgetown 4.08
Celebration - Terraces 3.17

Celebration - Condos Less than $350,000 2.23
Celebration - Condos $350,000 - $500,000 5.92

Call me and the Orlando Avenue Top Team to discuss your Real Estate goals and how we can assist you in achieving those goals! Visit our other BLOGs for more local information Colleen Kulikowski Active Rain, Teri Isner Active Rain and our OrlandoAvenue site. To search all Greater Orlando listings visit our Search Page.

Call me today for more information on the Celebration Florida Area!
Colleen Kulikowski, Realtor

Keller Williams - Celebration

email me
(407) 288-0017

Celebration Florida | Parks and Recreation Numbers

Aquatics (407) 566-1698

Basketball (407) 933-7129

Cheer/Baton (407) 361-7656

Football (407) 566-1222

Gymnastics (407) 566-0733

Kindermusisk (321) 624-3715

Little League (321) 939-2582

Mommy & Me (407) 566-1222

Soccer (407) 566-1222

Swim Team (407) 566-1698

Tennis (407) 808-3121

Yoga (407) 566-0656

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For more information about Celebration Florida, please contact:

Colleen Kulikowski, Realtor
Orlando Avenue Top Team
(407) 288-0017