Orlando FL versus Raleigh NC
I am a 1st time investor from NJ, looking for a property to buy and then put on rent. Since NJ is too expensive to invest, so I am looking for other states. Seeing some good reviews on NC and FL in real estate, I am thinking of investing there.
In Florida, especially in Orlando some of the broker suggested:
1. Buy a hotel room and the hotel management will give for daily rent. Owner get 50% profit. Price around 130K
2. Condos (2 to 3 bedroom), which can fetch 1K rent per month. But they have $400 fee per month. Price around 70K
As for Raleigh, I am seeing
1. Houses (3 bedroom) around 1990s in suburbs of Raleigh, Durham, Morrisville, Apex & Cary. Price around 250K
2. New construction house (3 bedrooms). Price around 250K
Not sure out of these four options, which one would be better.
Any suggestions from expert?