My husband and I are new exploring the real estate investment, after reading some books for Robert Kiyosaky, this forum, and the BP Ultimate Beginner guide.
We are living in Miami, and went to Cape Coral looking for better price an opportunity to start. It is very nice place and it is growing fast. We are interested to buy a land lot (cash) and then get a loan for a new duplex construction to hold and rent for cash flow.
More information about us. We are in our fifties. Full time employee, w-2 income and we already have a mortgage for our home. Any advice will be very appreciated. What do you guys think?
Investor · New York City Fort Myers FL, Birmingham AL · Member since 2016 · 105 posts · 52 votes
9y
Hi Arelis,
I am an investor in Fort Myers and have had similar thoughts. I bought a piece of land for development in Fort Myers and found a builder and lender, but instead focused on a few other deals. I have a piece of land I am waiting to develop and have spoken with a few different builders in North Fort Myers and the Cape.
The downside to new construction development is the time it is going to take to build the property and having your capital locked up in the deal.
Are you planning on flipping this property or keeping as a buy and hold?
I think defining what your desired outcome is for real estate would be a good first step and help determine whether building a new construction investment property makes sense versus finding a different opportunity.
Cape Coral is very popular right now and a lot of other people have the same idea as yourself in terms of building a new construction property. Have you started looking for land that is zoned for multi-family? I'd also be aware that there are a lot of assessments being done in the Cape so be sure to do your homework on if those are paid or not.
Investor · New York City Fort Myers FL, Birmingham AL · Member since 2016 · 105 posts · 52 votes
9y
Hi Arelis,
I am an investor in Fort Myers and have had similar thoughts. I bought a piece of land for development in Fort Myers and found a builder and lender, but instead focused on a few other deals. I have a piece of land I am waiting to develop and have spoken with a few different builders in North Fort Myers and the Cape.
The downside to new construction development is the time it is going to take to build the property and having your capital locked up in the deal.
Are you planning on flipping this property or keeping as a buy and hold?
I think defining what your desired outcome is for real estate would be a good first step and help determine whether building a new construction investment property makes sense versus finding a different opportunity.
Cape Coral is very popular right now and a lot of other people have the same idea as yourself in terms of building a new construction property. Have you started looking for land that is zoned for multi-family? I'd also be aware that there are a lot of assessments being done in the Cape so be sure to do your homework on if those are paid or not.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
The cape is still hot but expect it to slow down. As @William Glass mentioned assessments are coming soon in some parts of the cape. Some areas already have water and sewer and due to time, those assessments are already paid. I have properties in the NW cape that are currently slated for water/sewer and just received notices within the last few weeks.
I have a friend that has some lots he wants to sell at this time. Some are waterfront gulf access in the far NW cape care. If interested, send me an email and I will send you the straps. I am not representing the transaction and am simply trying to send him a buyer. I don't know if he has anything zoned for duplex builds.
Specialist · Vero Beach, FL · Member since 2017 · 44 posts · 12 votes
9y
@Arelis Fernandez your best bet would be to finance the build and not lock up all your capital. I work with a couple of lenders who will finance the entire build 100% as long as you own the lot yourself free and clear. Shoot me a message and maybe I can help.