Where would you buy?

Question

Wifey and I live overseas, but spend between 2 and 3 months of the year in the USA.  We usually crash with parents/friends, but are tired of this!!  We want to find our own place.  I have considered renting, but am considering buying a place that could be rented while we are not there.  We would keep the home for at least 4 years, possibly more.

I would consider any part of the US, with a preference for the East coast.  If you were me, where would you look (or should I just rent??).

My criteria:  Under 220k, with ability to rent during the winter months to defer part/all of the mortgage.

Any guidance would be appreciated.

Scott Allan · Answer

Hey Rich...I agree.  SW Florida has the most value out of anywhere I've seen so far.  The bank I purchase my REO's through has property all over the southern U.S. and I cannot find the same value that I see in SW FL, coincidentally I happen to live here.  If you have a $125,000 budget, you can get a very nice single family home that has gone to foreclosure.  You can rent this type of home for $900-$1,000 a month.  There are plenty of homes under 100k, but for an extra few grand, get a pool, nicer location, etc.
          
          Beware of the condo market.  If you go to MyRealtySource website in my signature I wrote a recent article on condos and why "Beware".  You are safer, down here at least in single family homes which have dropped considerably in value and in my opinion have bottomed out.  It is a niche market and my opinion on bottoming out pertains to our single family homes under $250k only.
          
I happen to know a guy :-) that can help you get a nice single family home in SW Florida.  Think Lee County.
          
          Rich, how is your stay so far.  Hotter than hell this past weekend, huh?!  There weren't enough Corona's to keep me cool this weekend!

Kevin Macadam · Answer

Have you considered New Hampshire?  You have the lakes in the summer and spring, the leafers in the Autumn and skiing in the winter.  A year round destination!

Joshua D. · Answer

I could see telling someone that investing in the Upper West Side of Manhattan is better than doing so in the Lower East Side because values have held up better (OR some other reason -- I don't know if that is true - just an example), but I can't understand how expanding to the state level makes any sense here.

I look forward to your thoughts.

Dwan Twayford · Answer

You check out in Florida, I think that the best place now to buy investment such as real estate.

Rich Weese · Answer

Not all areas in any state are created equal. Be careful to do your homework in FL before buying. There are significant differences . Rich.

Rich Weese · Answer

There are some fantastic homes available in FL. Owner-users can really pick up sweet deals. Wifey and I decided to rent nice home while we look around for that special steal.
 BTW, trying to finish a rental in gated community, 2000 sq. ft, pool. 3 car garage(only non-negotiable item!) and mostly furnished for $1275 per month. Here we come, sellers get ready!! Rich.

Rich Weese · Answer

I've spent the last week offering on properties in SW Fl. Naples to Cape Coral or even Tampa. The rentals are pretty cheap and not many available that are furnished. I know, I've been looking for one! Rich.

Matt Blutowski · Answer

I was considering Florida's Southwestern coast, targeting snow-birds.  I am looking for property, but don't  know how to narrow my search to find appropriate SFH/Condos??

I would be able to rent it full time, but could live with seasonal rentals.

Account Closed · Answer

Any hot, scenic major city.
            
            Preferably near a gulf or ocean.
            
            Panama City Beach, FL, or Myrtle Beach, SC come to mind. You can get a resort style condo, and often there is on-site management. 
            
            Think about spring-breakers as well as winter vacationers. But it's cheaper overall to rent, unless you're 1031'ing or cashing-out or cashing in later.

J Scott · Answer

Unless you find a place that attracts tourists during the winter, I'm not sure you'll easily be able to rent for just a couple months/year.

Certainly, you could find month-to-month renters, but you'd need someone to manage them, and those types of renters aren't likely to be the easiest to manage.

As for great places to invest on the east coast, Atlanta has been great for me...

Where would you buy?

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