I just came from an information meeting with Jennifer Whitwam of Fidelity Funding and I am so excited that I have been chasing my tail like a puppy dog trying to figure out what to do next. (Sorry for putting that image in your mind!) Anyway, there appears to be financing available for second homes with as little down as 5% to qualified buyers. Why am I so excited? Well, here goes. Here on Hutchinson Island, Florida the rule of thumb in seasonal rentals is roughly one percent (1%) of the units value per month. For example, if a condo is worth $150,000 the seasonal monthly rental would be $1500. A $200,000 condo is $2,000 a month. A $500,000 condo is $5,000 a month, and so on. A five month rental is equal to or close to the downpayment on a comparable unit. Annual carrying costs, HOA fees, etc will be very close to the out-of-pocket expense of a seasonal rental without considering buyer equity. I have just downloaded the HOA Condo questionaire to prequalify all of my condo communities here on Hutchinson Island for Fannie, Freddie, and FHA financing! I cannot wait to share this with my seasonal renters!
If this is your first time to our blog, my name is Ken Theobald and my wife is Pam. Pam and I have been entrepreneurs virtually all of our lives. We started out in the advertising and marketing business which led to new product development. The last business that we started and sold was Maine Grilling Woods. Before that we introduced America to a myriad of unique products. Everything from an insect repellant, shoe polish, Maine wild blueberries, predator urines, hunting lures and scents, and even giant baby wipes for the after sports market.
Now we find ourselves on Hutchinson Island in Florida and just lovin' it. Hutchinson Island is one of those really unique places that once in a while you stumble across. Although Hutchinson Island is over twenty miles long, you can walk from the Indian River to the Atlantic Ocean in just minutes. Although the island is attached to Vero Beach, Fort Pierce, Port St Lucie, Jensen Beach, and Stuart, Florida by five causeways, it truly remains a community in itself.
Unique restaurants abound all over the island. Fishing here is world renowned. There are literally miles and miles of beaches. You may take a forty mile bike ride and never leave the island. Tennis, anyone? Every community within the community of Hutchinson Island has an active tennis group. Bridge in the Colonnades, open to everyone, five days a week. And the sunrise and sunset on the famous Jetty is breath taking.
Pam and I have been busy learning everything we can about our beautiful Hutchinson Island, Florida. We have been blessed with a great place to live, play, and to expand our entrepreneurial opportunities in real estate. We will be regularly updating our page with all of the experiences and news on the Island. In the meantime, if you have any questions about Florida's best kept secret, please let us know. We look forward to almost any excuse to go exploring for you.