New to BP - Looking at Florida to reenter REI - Help!

New Member Introductions
11yFollow

New to BP - Looking at Florida to reenter REI - Help!

Chris Aall
Einsiedeln, Schwyz · Member since 2014 · 7 posts · 2 votes

Hi BP community!

I joined BP a few months ago and have primarily spent my time listening to podcasts. What a resource! I was building and rehabbing homes in the Boston area 2002-05 and luckily got out before the meltdown. Still, my life would have been so much easier had I had access to these resources then!

Now we are living in Switzerland but our plan, once I sell my business here, is to move to Florida (somewhere warm for a change) in 1-2 years. Our intent is to reenter the real estate business, probably focusing on mid- to up-market rehabs and teardowns. We would target to buy and sell two $500-750k homes per year for at least 5 years and reinvest 50% of the profits into maybe 20 cash-flowing rental properties (single family homes and multiplexes) to generate $5k in monthly passive income.

I will get a Florida construction supervisor license (my Massachusetts one has expired) and my wife will get a realtor's license. She is an interior designer.

What we need to decide is WHERE in Florida? Our criteria for the surroundings are:

  • Proximity to a substantial airport
  • Established community with good schools, growing employment, low crime
  • A resort destination that offers potential for vacation rentals
  • Older and newer homes in mid- to upper class neighborhoods
  • Improving real estate prices, but not yet over-heated

We are taking the month of November to visit and research the southeast (Miami - West Palm Beach) and southwest (Naples - Tampa). We hope to catch a few REIA meetings and talk to various RE specialists (agents, funders, asset managers, etc.) during our tour.

What tips can BP members give us regarding locations? We hear that Naples has been growing strongly - is it getting overheated? Friends of ours recommend Sarasota because it is more relaxed and less pricey but is employment and the economy growing there? Is the Southeast really as rushed and "New Yorky" as people say? What is your take on vacation rentals versus long term rentals? Are teardowns a good business proposition or is the existing inventory still so high that new construction does not sell?

All input is appreciated. Thank you!

ciao,

Chris Aall

Einsiedeln, Switzerland (moving to Florida in 1-2 years)

2Reply
52 views

Most Popular Reply

Elizabeth Colegrove
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
11y

Welcome to Biggerpockets!

This is a great site because there are tons of different "Strategies". We are buy and hold, others are wholesalers, bird dog, flippers etc. Look around the blogs, forums and listen to the podcasts. If you see a post you enjoy check out the persons signature. Many of us including myself talk about our strategies, styles, niches and business model on our website. So definitely check that out as it is an amazing additional resource. For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away. Definitely list your blog in your signature. Its a great additional networking source.

I would use the search button at top so you can find old topics. This community is awesome so don't hesitate to pm people any questions and to connect.

Look forward to seeing you around! PM me if I can help! :) The key is to find you niche and speciality based on your skills.

1Reply
See this reply in the discussion

27 Replies

Jump to latestLatest
  • Daniel K Adderly
    Real Estate Broker · Tampa, FL · Member since 2014 · 59 posts · 9 votes
    11y

    Hi Chris,

    I stay in Tampa Bay area and there are still plenty of opportunites for everything that you are looking to do.

    0Reply
  • Elizabeth Colegrove
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    11y

    Welcome to Biggerpockets!

    This is a great site because there are tons of different "Strategies". We are buy and hold, others are wholesalers, bird dog, flippers etc. Look around the blogs, forums and listen to the podcasts. If you see a post you enjoy check out the persons signature. Many of us including myself talk about our strategies, styles, niches and business model on our website. So definitely check that out as it is an amazing additional resource. For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away. Definitely list your blog in your signature. Its a great additional networking source.

    I would use the search button at top so you can find old topics. This community is awesome so don't hesitate to pm people any questions and to connect.

    Look forward to seeing you around! PM me if I can help! :) The key is to find you niche and speciality based on your skills.

    1Reply
  • Chad U.
    Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
    11y

    Hi Chris,

    I would take a good look at Boca Raton.  It's a sleepy 'suburb' north of Fort Lauderdale/Miami which is far enough away to not feel so rushed as New York, yet close enough that you can get there in under an hour.  

    There are plenty of properties in your price range here. Although there is basically no develop-able land left for new construction, there are great opportunities for rehab and retail sale since many foreclosures still exist, and prices are steadily increasing.  Many wealthier retirees are moving here so there is demand for that price point.  

    Though i do believe Naples has a similar demographic as well.  

    0Reply
  • Chris Aall
    OP
    Einsiedeln, Schwyz · Member since 2014 · 7 posts · 2 votes
    11y

    Thanks for your responses!

    Yes, @Daniel K Adderly , we are looking forward to get to know the Tampa area. What beach areas do you think offer the best potential for vacation rentals? I am thinking of an area with less hi-rises and more small retail which is fun for pedestrians (boardwalk-style?).  Also is traffic an issue in Tampa? 

    @Elizabeth Colegrove - Boca Raton sounds similar to Wellesley, a suburb of Boston, where I previously built houses. Great schools, stable community and a constant flow of newcomers looking for houses. Is there a market for new construction there, i.e. teardowns? Also, what are your thoughts on Weston? Friends recommended we take a look there. 

    Chris Aall

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Welcome to BP community @Chris Aall  It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Wishing you the best! 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    @Chris Aall 

    welcome to the site.

    0Reply
  • Chad U.
    Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
    11y

    Hey Chris,

    I'm not into new construction, so not really sure what the appetite is.  However, by the time you buy the lot and build new, would likely be much higher price per sq ft than the existing stock that just needs some cosmetic and updating.  But if you were to build something custom and unique would likely draw attention and a willing buyer.  

    Weston is hit and miss, with good and bad areas, just like the rest of Florida.  The SW section (closest to Everglades) is the nicer area with $500K to $2M homes.  

    0Reply
  • Jamie S.
    Real Estate Investor · Palm Harbor, FL · Member since 2014 · 26 posts · 5 votes
    11y

    @Chris Aall 

     Welcome to BP! You may want to check out the free webinar on rentals. Go to Resources/Free webinars.

    0Reply
  • Daniel K Adderly
    Real Estate Broker · Tampa, FL · Member since 2014 · 59 posts · 9 votes
    11y

    @Chris Aall I don't know too much about the beach side of things @Doug Merriott  is based on that side he would be a big help for you. The thing I would say about pinellas county(beach area) is they have a big push going on to revamp their public transit that’s on the ballot this year so we will see how the vote goes. As far as Tampa there is a lot of money going into downtown thanks to Jeff Vinik who owes the local NHL team and 24 acres downtown, channelside( outdoor mall) and now word is one of Bill Gates investment firms suppose to invest another billion. The city has finally gotten around to building a riverwalk on the Hillsborough river(scheduled to open late 2015) and are in talks to have it an open container area. As far as traffic its just the old saying the more they expand the roads the more people come down. Its not too bad I'm in the northeast corner of Hillsborough county and it would take me about 45 mins drive to get to the beach side(pinellas county) with traffic that is with a little stop and go along the way(without about 30 mins). I haven't got on what's going in southeast pasco county(Wesley chapel) which is getting a Simon outlet mall slated to open in late 2015. If you want me to send you the articles let me know or just check out my Facebook page where I post all the local real estate news that affects local investors.(I don't know if I could post the link to my Facebook page in here let me know and I'll send it to you.)

    0Reply
  • Doug Merriott
    Residential Real Estate Agent · Tierra Verde, FL · Member since 2013 · 276 posts · 130 votes
    11y

    Hi @Chris Aall 

    By far the most active beaches are Clearwater and St Pete Beach. St Pete being the more "low-rise" of the two, but even that is debatable. Condos are ubiquitous along out beaches and if I had to choose I would say that Treasure Island, Indian Rocks, Redington and Madeira Beach have some of the more boardwalk type feel with some small shops, restaurants and hometown feel.

    take care,

    Doug

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    11y

    Hey @Chris Aall thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

    Seeya around!

    Podcast Guest on Show #92
    0Reply
  • Brian Johnson
    Rental Property Investor · Oldsmar, FL · Member since 2014 · 238 posts · 61 votes
    11y
    Originally posted by @Chris Aall:

    Thanks for your responses!

    Yes, @Daniel K Adderly , we are looking forward to get to know the Tampa area. What beach areas do you think offer the best potential for vacation rentals? I am thinking of an area with less hi-rises and more small retail which is fun for pedestrians (boardwalk-style?).  Also is traffic an issue in Tampa? 

    @Elizabeth Colegrove - Boca Raton sounds similar to Wellesley, a suburb of Boston, where I previously built houses. Great schools, stable community and a constant flow of newcomers looking for houses. Is there a market for new construction there, i.e. teardowns? Also, what are your thoughts on Weston? Friends recommended we take a look there. 

    Chris Aall

    We are also taking a trip to the Tampa Bay Area looking at some properties.  I am also will be looking at some small retail in a pedestrian local.

    Brian

    0Reply
  • Chris Aall
    OP
    Einsiedeln, Schwyz · Member since 2014 · 7 posts · 2 votes
    11y

    Wow, some great FL local info here! 

    @Chad U. We will be spending 4 days researching the Boca Raton/Fort Lauderdale area and plan to attend the BREIA annual meeting in Dania Beach on November 5th. Then we move onto Naples, Fort Myers, Sarasota and Tampa.  Very exciting!

    @Daniel K Adderly and @Doug Merriott Thanks for the inside beef on Tampa. It seems to have a healthy growing economy but also offers plenty of lifestyle opportunities. We will definitely be hitting those beaches. See you there, Brian!

    Thank you for the feedback,

    Chris Aall

    0Reply
  • Brian Johnson
    Rental Property Investor · Oldsmar, FL · Member since 2014 · 238 posts · 61 votes
    11y

    hello Chris, I am not trying to hi-jack your post but I am kind of in the same boat and we are looking around the Tampa area. I hope you don't mind if I drop a few questions in on your post as well.  We will be in the Tampa area in December looking at RE.

    0Reply
  • Jonna WeberPro Member
    Moderator
    Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
    11y

    @Chris Aall - Welcome to BP!  Sounds like you've found lots of info about Florida already.  @Doug Merriott - My husband travels to St. Pete all the time- so enjoyed reading the tips about the good beaches in the area.  It's been too long since I've been there. 

    208-608-4884Podcast Guest on Show #80
    0Reply
  • Chris Aall
    OP
    Einsiedeln, Schwyz · Member since 2014 · 7 posts · 2 votes
    11y

    @Brian Johnson Be my guest! We all benefit from each other's engagement. Are you interested in doing vacation rentals?

    Chris

    0Reply
  • Brian Johnson
    Rental Property Investor · Oldsmar, FL · Member since 2014 · 238 posts · 61 votes
    11y

    Lowell we are thinking about moving in the area but vacation rental is also a option.

    0Reply
  • Brian Johnson
    Rental Property Investor · Oldsmar, FL · Member since 2014 · 238 posts · 61 votes
    11y

    I have been trying to narrow my search area down in the Tampa/ St.Petersburg area. I pulled up the Zillow school rating map in hope to narrow the search to a area based on the higher rated school zones.  Does this sound like a good way to narrow the focus? 

    We are mostly looking for small homes/townhouses. At the same time I would like to keep my eyes open for a commercial retail building but I am having hard time finding listings without paying monthly charge for loopnet. I have the free version but it is limited. Any suggestions with a better search?

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    11y

    Anywhere from St Pete on down to Naples or Marco Island is desirable. Come down and look over the different areas. In Tampa you have the large airport and further south you have the international airport in Fort Myers. All of these areas are growing. Many boomers are retiring and wanting to escape cold winters and coming this way. I personally believe we are going to have a relatively strong RE market for years to come.

    0Reply
  • Colin G Murphy
    Investor · Tampa, FL · Member since 2010 · 263 posts · 159 votes
    11y

    Hi @Chris Aall 

    Great to hear from you and best of luck. I´m based in Spain and work very closely with two business partners in St Petersburg. We mostly target single families in the old south east via public auctions and direct mail. For buy and hold I would definitely focus on long term rather than short term lets - the latter can be incredibly time consuming, not to mention fickle. 

    After you´ve narrowed down your list of target areas during your visit in November, it might be an idea to track properties within that area in websites like zillow.com, homesearch.com, homepath.com and auction.com etc.  

    0Reply
  • Doug Merriott
    Residential Real Estate Agent · Tierra Verde, FL · Member since 2013 · 276 posts · 130 votes
    11y

    @Brian Johnson St. Petersburg is not exactly known for their winning school system. If you want Pinellas County you want to start in Seminole and work you way up to East Clearwater, Palm Harbor, East Lake and Tarpon Springs. Avoid southern Pinellas, west Clearwater and even Dunedin has questionable schools (though some people think they are great). 

    0Reply
  • Brian Johnson
    Rental Property Investor · Oldsmar, FL · Member since 2014 · 238 posts · 61 votes
    11y

    I have been focusing around the Bay Area. Mostly on the West side.  The more I think maybe Tampa might not have what I'm looking for. I still like the idea of smaller communities that are walking friendly areas with shops and restaurants.

    0Reply
  • Dave Bingham
    Contractor · Land O' lakes, FL · Member since 2014 · 129 posts · 56 votes
    11y

    Westchase in Tampa has a nice row of shops and the neighborhoods themselves have nicely paved sidewalks. Further north on Hwy. 41 are the neighborhoods of Wilderness Lake and Connerton. Both places have very well manicured houses and "fun areas". Wilderness has 2 large community pools, a pretty decent community center and access to free canoe launch at the local lake. Connerton has insanely wide sidewalks (I could drive my SUV on it with ease, it's that wide) in the neighborhood and great parks for the kids (think zip line) and a mini water park at the community pool. Though both are out "in the boonies" from Tampa. I just moved into Connerton and love it. It's about a 5 mile drive to a big box but that's not bad. It's just not what I think you're looking for as far as shops. Downtown Tampa has the Channelside district. It's the mecca for hipsters and empty nesters. Think high rise condo's/flats.  There are all sorts of things to do down there. Good luck with it guys.

    0Reply
  • Kate Pierse
    Chapel Hill, NC · Member since 2014 · 41 posts · 15 votes
    11y

    We come down to Fort Myers 2-3 times a year and monitor the market. Right now things are really heating up, so it might be harder to find a deal. Fort Myers is getting hotter but you still could probably find deals. Cape Coral is overheated. The area between Fort Myers and Naples is growing at a phenomenal rate and there may be opportunities there, Estero was just incorporated and is the first new city in the county for 15 years. I don't know this area as well as my home market but from what I can see there is definitely a lot of demand in the area, just make sure you get a real deal and don't pay too much. Good luck!!

    0Reply
  • Brian Johnson
    Rental Property Investor · Oldsmar, FL · Member since 2014 · 238 posts · 61 votes
    11y

    thank you for the info. I will add it to my search

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free