Orlando investment

[EdytaHome]

My sister is looking into buying a condo in Orlando, she would have to put down 20%. She is thinking of doing it with a friend. Here is the catch. The sale is through a firm that would manage the place, let her stay there 2 weeks out of the year and rent it out to people the rest. It's not a time share.
If anyone knows the market in Orlando (near Disney), do you think it's a good investment? I guess, the rent revenue is supposed to pay her mortgage so all she would be doing is putting money down to buy the place.
MAN I WISH I HAD AS MUCH MONEY TO BLOW AS HER.

[herekitty]

I know a couple of people who have done that - make sure she sees the place before hand. Also have her check out the firm on the BBB website.

[Lightning]

Sounds exactly like a time share. If you own a property, you get to decide when you want to stay there and when you want to rent it out. It would seem this "management company" is doing a bit more than managing the property if they're telling the owners when they can stay in their own home.

[AMISLANDER]

Sounds like Time share to me...

My sister is looking into buying a condo in Orlando, she would have to put down 20%. She is thinking of doing it with a friend. Here is the catch. The sale is through a firm that would manage the place, let her stay there 2 weeks out of the year and rent it out to people the rest. It's not a time share.
If anyone knows the market in Orlando (near Disney), do you think it's a good investment? I guess, the rent revenue is supposed to pay her mortgage so all she would be doing is putting money down to buy the place.
MAN I WISH I HAD AS MUCH MONEY TO BLOW AS HER.

I would stay well away from that...our R.E. market is FL is blown out of proportion at the moment and I would never, ever, ever, buy a condo in Orlando...people can't even give away their time shares. If it's her & her partners condo, why can they only stay two weeks a year? I work for a property management firm...sounds very peculiar.

[HHM]

Will your sister receive the rental income from those that the management company rents the condo to?

If yes, it may not be a bad investment, but she really needs to do her due dilligence on the management company. And it seems odd that the company would only allow 2 weeks out of the year. Under this scenario, you sister should have total ownership of the condo and should be able to use it whenever she wants.

If no, than its basically a time share (i.e. fractional ownership).

[EdytaHome]

Well from what I understand, she can pick when she wants to stay there, it's for 2 weeks out of the year because she will be sharing the condo use with her friend who will get her 2 weeks in there too. She also said that the renters will pay her mortgage and that she's basically putting money down on it and will not have to do anything else...
You're right to me it still sounds like a time share.