Hello BP Nation!
I just closed on my Florida property today. It was a long process, but it was well worth it. Purchase price was $105k, rent is $1,300, and the property cash flows $312 with conservative numbers. I couldn't be more happy... that was until I got my pre-approval to get another property while I am down here. Being that I am not a flashy person myself (I don't even wear a watch, and rarely a collared shirt)... there aren't too many people I can talk about my successes with for the fear of sounding like a braggart. I can do that here because there are way more people on BP doing way more than me... also there is a specific forum just for posts like this.
Now that I am a property owner in California and Florida... I am officially "bicoastal". I should use the advice @AllanGlass and use the two states as "Bookends" and start investing in between (Podcast 98)... HA! I thank BP for my successes, and @Joshua Dorkin and @Brandon Turner . You guys inspire me to do more. I'll keep you posted on how the next one goes. Looking at multi's tomorrow!!!
I think us liberal coasties are more comfortable with the "bi-coastal" attitude. Thanks for trusting us when coming out of the closet! lol
And congrats on expanding your RE boundaries!
Congrats, @Jon Huber !
Congrats @Jon Huber ! This is great news to hear. I look forward to hearing more about your Florida successes. Is any particular part of Florida ripe for cashflow?
Nice Jon! Next stop multis!
@J. Martin Haha... you are right. Bring from NJ, I know this to be true.
@Michael Cini This property was in Port Saint Lucie (check out the population growth). There are places all over Florida that have cash flow. There are places all over a lot of states that have cash flow as well. I chose Florida only because I have been coming here several times a year since I graduated high school. My family has invested here. So, I am familiar with the areas well. That being said, if you are looking for cashflow, I would focus on one state, one "one farm land"... and begin your research. I studied the properties being listed and sold for months before pulling the trigger.
Thanks @Jon Huber I appreciate your advice. Learning all i can on BP!
@Matt R. Absolutely... it's the only next step in natural progression...
@Jon Huber good advice, congratulations!! I'm actually from around that area, Sarasota.
Congrats and welcome to FL!!
@Jeph Cangé It is sound advice that was given to me, and I am simply paying it forward. It has worked for me and many others. It may work fro you as well.
@Joh Huber thank you my friend. I'm new and still trying to figure all this out. Curious as to how do you go about researching properties, scouting locations?
@Jeph Cangé First, I would find a general area that fit my budget, such as a county or a state I am familiar with. If I am pre-approved for 150k, I am not looking in Manhattan. Once I have determined my area, I would begin narrowing it down by eliminating high crime areas. I am really only concerned with "violent crimes". Then I research rents to make sure that the rents would cover my expenses. This is pretty general, as there is more to it than that, but perhaps you can take this and find a system that works for you. Here are the resources I use for my research: Online Resources for Research
very cool. Don't know much about Florida investing except crazy appreciation potential on beach front. Looking into things there potentially. Though not sure how long term I wanna be with sea level rise. Stories of salt water bubbling up in Miami area sewers well inland. Land is very porous lime stone and ocean water traveling underground. So according to article in National Geographic about global sea levels.
@John Barnette I can definitely appreciate that. I do know that I am a gambler. I could find a steady appreciation somewhere not along a coast, but I have lived at a coast my entire life (I see you are by one as well). I factored a lot into the risk vs reward, and still pulled the trigger.
Congratulations @Jon Huber . I am glad to see you went with the coastal areas instead of the north and south poles. The name of your post would have been quite different.
Congratulations @Jon Huber !
I hope I can be bi-coastal myself one day :)
Congrats! That's awesome.
Ryan Dossey, Call Porter | http://Callporter.com
Haha I love it! I'm with you it makes me want to set some ridiculous goal of investing in every state in some way. Fortunately I'm savvy enough to know that would probably be a logistical nightmare, maybe we can team up and do it! I'm in the middle already.
so owning on north and south pole would be called bipolar?
@Peggy Liu Thank you. I believe you are next up for a Florida property. I know you've been active there and it is only a matter of time.
@Ryan D. and @Micki M. ... Thank you very much!
@John huber where in California did you purchase? What kind of cash flow?
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