FL Investor

31 Replies

@Alex Malone

Welcome to BP! This site amazing! I did not find it till after I started investing and I wish I had.  Don't forget to listen to the podcast that BP puts out as well. 

Originally posted by @Alex Malone :

Hi,

I own few investment properties in St. Petersburg, FL and now considering venturing into Miami. This site is awesome with it's wealth of resources!

 Hello and welcome!  I just read about how good the state of Florida is doing for investors.  I am 59 years old and I found BP about 4 months ago and I am still learning.  I graduated from college and got my broker license in 1980.  Regardless of that degree I felt more comfortable with construction back then so I got back in the construction business.  I have been in the construction business since I was 17.  If you think I might be any help to you please contact me at any time.  Good luck!

I don't know for a fact, but I have heard that the number of opportunities are a lot fewer and far between in Miami because of the institutional buyers and hedge funds buying up blocks of properties...

Good luck...

The hedges were also very heavily involved in the Tampa Bay area (i believe it was one of the top markets that blackstone bought in from 2010-2013).  I think that most of those guys have cooled off quite a bit in Tampa and Miami for the most.

Welcome to BP @Alex Malone

Miami market can be challenging...Very tough to find good deals, but they are out there. You just need a good process that you execute on consistently, and perhaps a bit of patience while you build up momentum. I find that the challenge stems from individual investors who are willing to pay "too much" for properties though, not institutional buyers.

There are opportunities in every market if you work at finding them. Florida should do well in the years to come. We have a tremendous influx of new people, a great climate, a great business climate, no state income tax, and more.

@Justin Jocewicz I guess it depends on what type of investing you are interested in doing. I think as far as most of the stuff that I do, most areas of central florida are suitable. I haven't bought anything in Lakeland yet but I have put in bids that I lost. I believe it is a growing city, they maybe up to 80k population now. However I am not sure if they are reaching their population ceiling or not. I believe that Bartow a neighboring city is projected to have a large population growth. To answer your question I have purchased in Hillsborough, pasco, sumter,, lake, Volusia, and orange counties. I have not touched down in polk county yet, which is the county that Lakeland resides.

Lakeland definitely has not hit its ceilings yet it has more than enough room for growth and with new major companies coming in job growth is strong. Homes are out dated which allows or rehabs and rents have increased

Lakeland is a competitive market.  But its no South Florida, Tampa or Orlando.  

You can still find some deals but you must be ready to buy and know what you are looking for.  

No matter where you look you are going to pay more and be competing against other investors and have slimmer margins on the back side on the flips.  There are lots of great rental properties in this area that gives you a better return than you'd see in a metro area.

I'm with Manny.. I the Lakeland/Winter Haven/Bartow markets have not hit their ceilings yet.

I have rentals in Lakeland (and looking for more) so I agree with my friends Gavin and Manny.  I love Lakeland and its neighbors for long term rentals.  The major markets like Orlando, Tampa, St Pete, and Miami are extremely tight right now making it much harder to find a good deal.  

Tampa Bay (my home market) and Miami are hot, and yes the hedge funds are here and there, but they can't buy all the properties. Don't shy away from a hot market because of competition as some have suggested. 

In reference to Lakeland, this is where I live.  I actually work at the Lakeland Police Department.  So if you find something you are interested in inside the city limits of Lakeland and wanting to know if it is a decent area, etc. message me and this is something I can help you out with.

@Manny Cirino thanks that is good to know, I have placed bids in Lakeland/Polk county but have yet to win one.

@Jeremy Shinall I actually live in Leesburg, Florida and I invest in all of central Florida. It is true that I take a risk of not knowing the markets as intimate as the locals, however I have gained some general knowledge of central Florida from investing in it over the past few years.  Also I tend to find a deal and work from there. Once a property is targeted, I do my best to decipher all the unknowns about the property. So in essence, I try to learn the salient features of the local market at that time. Being somewhat of a remote investor does have negative aspects but it is what I am limited to right now. I would be more of an ever present investor if I could be, but right now that is not possible.

Originally posted by @Adrian Smude :

I have rentals in Lakeland (and looking for more) so I agree with my friends Gavin and Manny.  I love Lakeland and its neighbors for long term rentals.  The major markets like Orlando, Tampa, St Pete, and Miami are extremely tight right now making it much harder to find a good deal.  

 Hi all and thanks for warm welcome.

Adrian, i wouldn't call St. Pete's market as tight (at least for cashflow). There are still plenty foreclosures/REO that cashflow nicely. Certainly wouldn't even put it the same category as Miami.

@Jaime Penix   I am a new investor from Miami and I am wondering how are you maintaining your properties since you are not close to them? are you working with a Property Management Company or are you taking care of the property yourself? I've read many experts strongly suggesting to invest in your area, specially when learning about this business, so this is one of my concerns because South Florida seems to be a tough market right now specially for new investor, so I am considering the option of investing in other areas like Central Florida.

I wish you good luck on this new journey.  I hope we can share ideas and help out each other. 

@Basilio Alcantara my situation is not ideal but it is all that I can do right now. But remote investing have not been so bad. Some properties I manage or properties I have hired property management companies. Properties that rented fast and were rock solid properties I rented myself. Properties that I thought I would need to show several candidates and field a lot of calls, I then in turn like the property management do it. If the house is in a area where I have a lot of family around, then I usually rent the house myself. I don't think the fact that you being in Miami should scare you away. Additionally, really you may not need to look into central florida.  Have you looking into the are from Vero Beach to Melbourne? Fort Pierce appears fairly gully over there, so I don't know if I would recommend that city.

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