Inspector · Jacksonville Florida · Member since 2020 · 12 posts · 1 vote
I’m new to real estate investing but have been looking into and studying for several years now. J moved to Florida from Pennsylvania and don’t know the markets well yet. I’m used to multi family housing being very common where I am from but haven’t seen a lot of those types of houses here. I’m seeing apartments and single family housing more than anything.
Am I not looking hard enough or am I just such a rookie I am not looking in the correct places? I will also say I have never purchased a home ever. I have lived in apartments mostly. I do have a construction background (owned a construction company) so I can fix up a home if needed. Thank you!
Rental Property Investor · Tampa, FL · Member since 2019 · 38 posts · 11 votes
6y
@Jesse Allen
Putting high amounts of your future potential into something is difficult, especially if you are doing it for the first time. Fear is a real anchor and can keep you from going forward. We are on our second fix-and-flip and are on contract for a duplex in Tampa and will be first time landlords. Buying that duplex was a mental hurdle my wife and I had to get over and we don’t own it just yet (closing in mid-June). With each property we’ve bought, we looked at dozens of others and learned what “normal” looked like. When we pulled the trigger on these properties, they were no brainers compared to the “normal” investments. However, nothing is as simple as we hope and very few things go to plan, but if you’re ok with making mistakes with calculated risk, than you will know what’s right and what’s not. There is nothing you can invest in that doesn’t have to chance to head south, but some investments have much more of a safety net than others.
Investor · Miami, FL · Member since 2013 · 807 posts · 475 votes
6y
@Jesse Allen
There's a ton of MFR in Florida. However when you say Florida, are you focusing on one or a couple of cities? Florida is a huge state and almost like it's own country in my opinion. There's definitely some great places to invest. Unfortunately I think South Florida has gone up so much that I don't see much opportunity for a good cap rate or further appreciate there.
Inspector · Jacksonville Florida · Member since 2020 · 12 posts · 1 vote
6y
@Nat Chan thanks for your response! I’m actually looking to invest around the Jacksonville area. I live around Tampa but I was never planning on staying in the area long term. I’m looking for multi family because I will need a place to stay as well as start into my investing career.
I’m new to real estate investing but have been looking into and studying for several years now. J moved to Florida from Pennsylvania and don’t know the markets well yet. I’m used to multi family housing being very common where I am from but haven’t seen a lot of those types of houses here. I’m seeing apartments and single family housing more than anything.
Am I not looking hard enough or am I just such a rookie I am not looking in the correct places? I will also say I have never purchased a home ever. I have lived in apartments mostly. I do have a construction background (owned a construction company) so I can fix up a home if needed. Thank you!
@Jesse Allen:
I moved from Pennsylvania to Florida just like you.
There are not many 2-4 unit properties in Central Florida Orlando / Tampa area. The best shot you have is find a great deal on a SF house. What I do it build an in-law suite into them and make it effectively a duplex. If you have a background in construction, I would say use it.
Please do not take offense to this at all, as I'm not trying to hurt your feelings....But if you have been learning and studying for several years and not taking any action, you are probably wasting your time. Learning and studying is important, but if you don't take any action, then whats the point? Go out there and just buy something. You should be able to analyze a deal. If you dont get the best results from the first one its not the end of the world. Its a learning process.
Inspector · Jacksonville Florida · Member since 2020 · 12 posts · 1 vote
6y
@Matt Nico thank you for your response! No offense taken. My life situations up to this point haven’t made it possible for me to start down this road. Your right, I should utilize my construction background if need be or maybe just buy a house with multiple bedrooms and list them on Airbnb.
@Matt Nico thank you for your response! No offense taken. My life situations up to this point haven’t made it possible for me to start down this road. Your right, I should utilize my construction background if need be or maybe just buy a house with multiple bedrooms and list them on Airbnb.
If you find the right house, I would suggest to buy a fixer-upper, make it look good, and rent it out either using airbnb, or just a normal rental. My tenants in a house hack are on monthly leases. That way they can leave whenever the like. Also If I dont like living with them, I just end their lease.
That first one is always the hardest. I get it with life situation and possible a job prohibiting you from buying, but I would say dedicate yourself to jumping in on that first deal. Everything gets easier after that.
Rental Property Investor · Tampa, FL · Member since 2019 · 38 posts · 11 votes
6y
@Jesse Allen
Putting high amounts of your future potential into something is difficult, especially if you are doing it for the first time. Fear is a real anchor and can keep you from going forward. We are on our second fix-and-flip and are on contract for a duplex in Tampa and will be first time landlords. Buying that duplex was a mental hurdle my wife and I had to get over and we don’t own it just yet (closing in mid-June). With each property we’ve bought, we looked at dozens of others and learned what “normal” looked like. When we pulled the trigger on these properties, they were no brainers compared to the “normal” investments. However, nothing is as simple as we hope and very few things go to plan, but if you’re ok with making mistakes with calculated risk, than you will know what’s right and what’s not. There is nothing you can invest in that doesn’t have to chance to head south, but some investments have much more of a safety net than others.