Florida or NYC

15 Replies

Good morning everyone, 

 First of all happy Mother's Day to all the moms on bigger pocket. 

I'm stuck between staying in NYC and starting my investing here or moving to Florida in Serrasota area closer to family and starting there. I'm looking to do multi family and wanted to ask if anyone is investing around Serrasota or Tampa area and how the market is. Or should I stay here and invest in Florida, I know my wife and I eventually would like to relocate to Serrasota area.

I do understand that I will get more for my money in Florida just buy having done my research here and it's hard to find anything under 400k. 

Thank you

Based on the points that you stated regarding family and relocating later, I would say FL without a doubt. 

JC

how big of a Multi are you looking to buy?

I want to start with a triplex I also have been looking at 5+ units. If I stay in NYC probably start with a triplex but if I move to Florida I might look for something bigger. If you don't mind me asking where in Florida do you invest? 

I'm partial to FL, because I'm from here. Sarasota tends to be pricy,, id look on the outskirts of the area or Ft Myers.

I am both an agent and investor in the Tampa Bay Area. The market is heating up right now, so I'd say head south. There's a good selection of bank owned properties available. Here's an article I read the other day to back me up lol.

http://www.wtsp.com/story/news/local/2015/05/04/all-cash-sales/26888519/

thank you for the input today. @jeff morelock I went to the link but it wouldn't come up. It says content is unavailable. And @robert curls I will do my research on the surrounding areas 

We're wholesalers in Central Florida, West to East Coast and some in Jacksonville as well. 

Originally posted by @Ilya Aksenov :

thank you for the input today. @jeff morelock I went to the link but it wouldn't come up. It says content is unavailable. And @robert curls I will do my research on the surrounding areas 

 Sorry about that - maybe BP disables it. You can find it on Action 10 news' Tampa & Sarasota website. 

@Ilya Aksenov ,

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Raymond

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FL probably has the most investors per capita of any state it seems. Kind of scary, I think the market may tank again. If I sart doing some REI, I'll be heading a couple states northward I think. FL just scares me long-term as far as REI goes. Just my $.02.

its so cyclical in FL.  i like my job and the company i work for, but i def worry about the market here in FL.  the market here is more cyclical than anywhere, and soooo much competition.  luckily, the company i work for is all over, and I can hopefully transfer to a more steady spot if the you know what hits the fan!

Originally posted by @Ilya Aksenov :
...I do understand that I will get more for my money in Florida just buy having done my research here and it's hard to find anything under 400k. 

Thank you...

 Did you say its hard to find anything under $400K? In Florida? Where are you searching?

I would definitely say your entry price point is much lower in Florida and holding costs are lower when you compare to prices and taxes in NY. Florida does seem to be a little saturated with investors from my experience. 

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