Reposting in order fix spacing:
I'm counting on the BP community to give me a push forward! I've been spinning my wheels for the past couple of months and perhaps I can be diagnosed with early stages of analysis paralysis.
I am from Miami, FL and now living in Switzerland. My hardest challenge now is finding a market that is suits my investment goals. I'm looking for cash flow from day 1. So that pretty much takes Miami out of the question. I would like to focus on Florida since it is my home state afterall and a visit back home could always be put to serve multiple purposes. I have about 20k saved up and I'm hopeful I will get an unsecured LOC to be able to use as reserves and minor rehabs.
I'm going back home next month and hope this trip gets me a foot in the door. I'm looking to: - consider different markets - tour potential houses - network with other investors (can be in REIAs or a over a lunch on me) - network with investor friendly agents - hopefully make some connections that will give me boots on the ground as this is particularly difficult from Switzerland.
It's a lot to ask for, but at the same time I would have a car and I'm willing to drive around to check up on your properties / projects (could also take and send you pictures) or help out on just about anything I can.
I'll be starting in Miami and the destination is Jacksonville. Anything close and in between is reasonably possible! The goal of this trip is to build up the confidence needed to invest from Switzerland! Any recommendations, towns to visit, things to look for (or avoid), or any input is really appreciated!
Hello @Yanier Au ,
What you are trying to do is not difficult. However, it is good to have strong relationships with people you can trust to help you manage your property while you are abroad. There are many investors that live abroad that have property in Florida. So it is possible.
Although I live in South Florida. I like Orlando, Tampa and Jacksonville as a Buy and Hold or Buy and Flip strategy. You can do it here but it is extremely competitive getting deals 60% to 70% below market value. Property in Orlando and Tampa are still reasonably priced and the rental market is steady. Jacksonville as well.
I would look up some of the local Reias to attend and start talking to people in person. You may get a better feel for the areas and neighborhoods you want to invest in.
@Samuel Awosolu Thanks for the reply. You've given me a good idea to look up the REIAs on google and start from there. Hopefully I can reach out to individuals if not I'll be sure to meet them in the meetup.
Hi @Yanier Au ,
You're half way there. I believe you need to do some more work on your end to get ready.
You MUST talk with a lender. I understand you're a citizen, but having a job and living in another country, earning a different currency may get complicated. You want to understand what your financing terms are going to be, since you're in a unique situation. All foreigners I've worked with have had higher downpayment requirements, higher interest rates and are huge pain in the butt to underwrite.
After you understand your strategy to buy something, you then need to come up with an idea of what your goal is in a property, besides that you want cash flow immediately. What are you trying to get in a return? What kind of property are you looking to buy? What letter rated neighborhood are you looking to purchase in? What kind of tenant are you hoping to get?
My recommendation is to buy a condo or a townhouse. Because you're living in Europe, you're better off buying something that comes with low maintenance. In those properties, you're only supposed to be responsible from the drywall in, so you're not responsible for any exterior maintenance. Just make sure you work with an agent and a lender that know how to properly sell a condo/townhouse.
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