Hello fellow investors,
I live in Fort Lauderdale, and purchased a duplex in 2019. I turned it into 4 units, I live in one of the units, long term rent one unit, and AIRBNB the other two units. I am ready to start working towards the next investment. The South Florida market is very hot right now and I am open to investing out of state. I am also open to SFH & multifamilies. So my questions to other investors: WHERE ARE YOU FINDING SUCCESS RIGHT NOW? HOW ARE YOU FINDING GOOD DEALS IN YOUR MARKET? Thank you in advance!
Just looking through as many leads as possible on/off market. Key with this kind of market is being patient.
I live in Texas and I'm in a similar situation where the market is really hot and hard to find good deals so I did exactly what you said and went out of state. I went to the state next door and started doing short-term rentals and it's been a hit. I have a few STRs in Kissimmee and Ft. Lauderdale. That market is great!
I've been buying out of the auctions and finding great deals.
I couldn't agree more with Caleb's comment. Got to be patient. So many people are being very aggressive and buying with the very few or no levers to pull if the market turns. I do believe Florida especially Tampa and Orlando are great areas and relatively close to you. You can find deals through direct to seller campaigns.
Once the stimulus runs out I think they'll be a period of distressed buying. Patience is the key to finding these deals. Long-term investing will out.
@Myka Artis thanks for the reply! Where do you find out about auctions ??
@Myka Artis thank you for this insight. When you say you're buying out of the auctions, what does that mean?
Thanks in advance.
@Michael Tomasino I’ve been interested in Tampa as well! I plan to visit soon to check it out.
@Indiana Eugenia Castillo & @Corbin Loveless I use Xome & auction.com. The cool thing about auction.com is you can remote bid and they even tell you about the in-person bids. I will tell you though to do your due diligence on the properties. You want to make sure there aren't any hidden liens and most importantly with the moratorium still in full effect, I'd suggest verifying they are vacant.
@Myka Artis thanks for this. I'll check this out.
That is a great idea and I want to get into the auctions, is there any kind of advice you can give or training somewhere on the steps to buying at an auction?