Hello all, I am beginning my real estate journey by investing in Orlando. I currently live in NYC where the barrier to entry is too high for me at the moment. For anyone living in Orlando area, any tips on what i should expect insurance to be like? Also any areas to avoid? This is my first time investing in real estate so is it even worth it to make my first investment a long distance one?
@Kevin Giraldo that's great you want to invest out of state. You'll probably find better returns and Florida more landlord friendly than New York.
Out of curiosity, why did you pick Orland, FL? Was there a particular metric that you liked?
The reason I ask is, investing out of state requires a lot more of work. You'll really want to know the numbers and why YOU (not other investors) think it's a good investment.
What's good for one man isn't good for another.
You'll also want to know your investment criteria to help narrow down specifics. Example: Purchase price, vintage, unit count, type of asset, etc.
You have to find someone who's able to handle your property in the most professional manner possible in all aspects since you are an out of state investor.
@Matthew Baltzell the thing is i was looking at a statistic that orlando is really having more people migrating there. Also tourism has almost doubled in the past couple of years. Is there anything else i should look for?
@Kevin Giraldo - Population growth is a big factor, and generally speaking Orlando has some good fundamentals. Having a good property manager will be key. I would also suggest touring the market for a couple of days to help put your research into context.
Here's a good article about market selection.
@Greg Scully thank you so much!