Hello fellow investors,
As the topic states, I have decided to take the leap and I would like to invest in a piece of property that will be a vacation/rental piece. So here I am, looking for some great advice. I have been undeceive, but I do know that I would like a place where the weather is great year round, possibly Caribbean or even further south, like Costa Rica. My goal is to purchase a piece of property and rent it out to cover cost and gain an income off of it (I know right, sounds so simple lol). Ideally I have around 10-15k saved for my initial investment and would great appreciate any suggestions, advice in areas I should look into as well as pointers as to what I can expect if I do decide to buy out of the US in regards to taxes.
Also I am not oppose to proprieties here in the good ole USA, like Florida, SD, etc. Thank you once again and I look forward to hearing from everyone weather it's good or bad.
why not invest locally?
It's not off the table, I have been looking into Florida as well but generally, and correct me if I'm not right but I have been seeing that I get more for my money outside of the US.
Getting more money outside of the states is all relative to how well you purchased. There are plenty of people who could achieve the same returns within the country. Before jumping outside of the country it may be worth looking around within a few hours of NYC to see what people are doing in those areas. Upstate may have some good options or even Pennsylvania. Even though the city itself is super expensive deals can usually be found within a drivable distance.
Thank you Dan! But I would like to get a piece of property that is situated near a beach and with mostly year round nice weather.
@Marc Sekzer - So you're looking for a vacation home that you can cover some expenses by renting it out when you are not there? First off, have you found properties in your initial locations that fit within your current budget? 10k-15k generally wouldn't get you much if you have to do 20% down on the property, especially since you'll likely have to cover other costs during the purchase. Insurance alone on some coastal properties can take quite a bit of money and will eat severely into your income. Just throwing out my thoughts.
Finally a discussion I can add my voice to! Your budget is quite small. I am sharing the following links with you so you at least see what such properties cost in my part of the Caribbean ...
Hope this is helpful!
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