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Rental property in Florida Keys... where would you buy?

taymagtaymag Delray Beach, FLPosts: 715 Officer
Most people tell me not to get a rental lol but I am there fishing/vacation 3-4 times a year and would love something to put my time into. I don't plan on making a living off of it, just having renters pay it off plus I save ~$5k/year that I would spend renting houses.

My question is... do you think renting closer to Key West would have more renters during the off season? I live in Palm Beach and ideally would buy in Islamorada, maybe Marathon at the farthest south, but am considering down in the Cudjoe or even closer to key west area. Anyone have any input other than just guessing like me?

Replies

  • Outlaw Cape HornOutlaw Cape Horn Posts: 57 Greenhorn
    I have a place in Mariners Club Key Largo MM 97.5 great resort/marina and I have had good success in renting it out quite a bit. Good Luck!
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    Ron Schmidt
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    772-286-1668
  • Aquaholic IVAquaholic IV Posts: 845 Officer
    I have an Uncle who has a home on ocean side of Ramrod Key, same street Looe Key Motel is on and he has it rented all year long.  Very popular location due to close proximity to Key West.  It's a 2/2 on a short canal leading to the ocean.  It might be for sale.
  • AftershockAftershock Posts: 222 Deckhand
    The places that got hit hard by Irma like ocean side Ramrod, Little Torch, Big Pine Drs. Arm are all great areas and do well with rentals.  A consideration West of Marathon -  you not supposed to rent less than a month at a time and some heavy fines have been levied but its still done, suspect it depends on neighbors.

    Only area I know.  Good luck, I have had the same thoughts as we go down every year too.

  • limitlesslimitless Posts: 695 Officer
    If I could get another house in the Keys, it would be between Islamorada and Cudjoe.  I would also have to seriously evaluate the economics of areas that only allow one rental per month versus those that allow weekly rentals.  BTW, my understanding is that in the restricted parts of Monroe county, you can rent once a month rather than a requirement that you have to rent for a minimum one month.  You could rent to someone that only stays a week, but you could not rent again in that same 28 day period.

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  • AftershockAftershock Posts: 222 Deckhand
    I believe you are right and games are played with that for sure.  Only 5 more weeks I will be down there.  Can't wait!
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