New & looking to buy first rental

[Raul Payas]

Hello everyone,
My name is Raul, and my wife, Lilly, and I are both 41 years old. We’re planning to purchase our first rental property next year and have been preparing by watching BiggerPockets content and educating ourselves as much as possible. This is an exciting yet significant step for us, and we want to make the best-informed decisions. We currently live in Cape Coral, FL, but we are still considering whether our first investment should be in Florida or out of state.

[Todd Anderson]

@Raul Payas,

Welcome to the BP Community and soon to the REI world. It is great that you are doing your homework through BP.

I moved to Cape Coral  almost 3 years ago, and love the area.  I work with investors every day to evaluate the right market for them.  I would advise you to look close to home.  

The SW Florida market has been going through a correction lately.  Prices are down and rents are down.  This is making an new investment in the area proform worse than most expectations.  But this also brings opportunity.  It is definitely a buyers market and there are deals to be had that will work.  I have seen a number of deals that are available with tenants in the property.

The Future of florida investing is IMHO still bright.  I believe that the next 2 years will bring us back.  I also believe that now is the time to find the next property to buy.

I have learned that investing OOS will work in today's tech heavy world.  I work with investors from all over the country who are investing OOS because their local market does not work.  I have invested OOS myself in the past.  But if your market works it is the best way to get started.

Feel free to reach out with more specific questions.  I would be happy to talk with you about what I have found in this market.

Best of luck