Is it safe to invest in Florida?
A broker told me the florida market took a turn for the worst and not to invest in florida unless it is a reo, and that you would be better off waiting a year to try and get financing for properties most lenders are pullind lending max to LTV 65%.The BP oil spill did a number on the fishing and tourism.
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#3 Guru, Book, & Course Reviews Contributor
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Deric, I'm pretty sure it would still depend on "where" in Florida that might be! The whole state is not made up of fishermen and motel owners along the beaches. Just off hand, try around Eglin Air Force Base, housing is usually more stable around a military installation, every state has at least one.
I live in orlando and am out near the beaches all the time. We deal with cash investors every day that are buying up properties like crazy..... And the BP spill hasn't changed our market at all
Well it has not changed my thinking i am dealing in reo properties and i have done homework and i think the deals are there i found a couple of reo's in tampa which i am tring to buy.
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#2 Innovative Strategies Contributor
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"Buy when there is blood in the streets" - Baron Rothschild
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I'm actively trying to buy in FL, at the right price. Many out of state investors are paying too much currently, imo. I do predict a double dip in FL over next 18 months. I'll be ready to buy. Time will tell.
I can tell you there are more people moving now in FL. Lots of activity. I have a self storage facility and Aug makes the 5th straight month for increase in rental income. That is a good trend. Highest month was 7% increase.
Commercial is still way under water and will probably continue that way. Rich
The BP Oil Spill effected everyone from LA to FL, although here in Port St Lucie and the rest of the East Coast we were not effected at all and it did not hinder the purchases being made in my area, Orlando-Miami.
This is not true. i have an approval for a property that would yield at least a 60% return in 30-60 days. if there is some interest, i can share numbers with you if you would like more information.