Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
While I am only in the preliminary stages of my RE Investing career, I want to begin my focus on which market to start heavily researching.
I currently live in Connecticut, but would consider investing in Florida since I am down there so often and love it. There are a lot of tax advantages to investing in Florida, but I would like to hear from first-hand investors who have dabbled in both states.
Real Estate Investor · Jacksonville, FL · Member since 2012 · 109 posts · 22 votes
13y
Not sure what Ct is like but Florida market is pretty good right now. I guess the question I would have is what are you looking to base your decision on? purely on cash flow, tax advantages of living here one day with no state income taxes, your thought on appreciation etc.
Whether you want to self manage or pay someone else to do it.
Right now the numbers work pretty well on ROI in Florida with the high level of foreclosure but it is getting harder to find properties as inventories are low of available homes for sale.
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
13y
Tim - Cash flow, tax advantages, availability of properties relative to other areas, etc…are all variables that factor into my decision.
Overall, and I know this is a fully-loaded question, but where do you feel larger success can be achieved; CT or FL? I will refrain from including my own opinions so that I get everyone's non-biased opinions of FL vs. CT real estate.
This advice will help me get started researching what I need to do to become successful in that given area.
Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
13y
I will say that while I don't have experience in CT, it seems that the area(New York, Mass) is fairly tenant friendly and would assume CT is as well while FL is more LL friendly.
Also I googled and it looks as though CT has a net loss in population between 2000-2010, while FL had a net gain of 17%.
I will admit I am probably biased being a FL boy born and raised, but those factors along with no income tax, lower cost of living(which can translate to cheaper repairs), and lower price point for properties would lead me to FL.
Now the disclaimer, I have been seeing prices run up the last year due to tons of foreign investors it seems and FL, Vegas, AZ are those areas hit hard by the bubble due to lots of speculation, so I would be cautious of that again because it is completely possible that there could be a mini run going now, however if you buy right and are getting good cash flow I think that that becomes less of a concern since you are focused on say 10 years from now not next year.
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
12y
It may be helpful if I provided an update...
I've since moved to Miami, Florida (two months ago). Real estate levels have exceeded pre-recession highs in Miami so I'm less inclined to make any immediate moves. Studios that were selling for $150k two years ago are now selling for $300k - $350k. The foreign investors have taken over South Florida. I sense a mini bubble occurring here... Thoughts?