Lake Wales FL multi family

5 Replies

Anyone have experience with rentals, duplexes and multi family properties in Lake Wales FL? If so I'm wondering if you can comment on the strength of the rental market in Lake Wales. Are you seeing strong rental demand as well as demand for investors seking residential income properties? I Was originally looking in Tampa but a friend suggested lake Wales for lower prices.

Adam

I don't know Lake Wales as well, but Lakeland rental market is HOT!  I would assume lake Wales would be pretty good because it's not far from Lakeland, but I would recommend Lakeland over lake Wales.  I have switched most of my focus in wholesaleing to Polk county in the last few months.  

An example of the Polk county rental market, a triplex I am currently wholesaleing in Lake Hamliton (just East of Lake Wales) I have it at 45k and gross rent is $1,350 and it needs a roof and a little cosmetic work.  I'm being too wordy here, point is Tampa has deals, but they are much harder to find than the outskirts of Tampa.  

Thank you! What you think is driving the rental market?  Are people still not recovered from the credit crisis and either can not or do not want to buy a home and instead rent?  Is there any other major factor like a new company in the area employing people, ect?

@Adrian Smude I am in Polk County. I would be interested in small multifamily properties. 

Originally posted by @Adam Anderson :

Thank you! What you think is driving the rental market?  Are people still not recovered from the credit crisis and either can not or do not want to buy a home and instead rent?  Is there any other major factor like a new company in the area employing people, ect?

There are many factors driving the market. Probably the most significant is the ZIRP FED policy. Everyone is string for yield. So, we have hedge funds, institutions, private investors, everybody including their deal uncle wanting in the real estate game. If you can get 4,5,6% or more investing in real estate that is quite a bit more attractive than the banks. Your other option is to leave money in the bank and earn <1%....and that isn't attractive considering the real inflation rate is well over 2% (the governments claim).

Originally posted by @Adam Anderson :

Thank you! What you think is driving the rental market?  Are people still not recovered from the credit crisis and either can not or do not want to buy a home and instead rent?  Is there any other major factor like a new company in the area employing people, ect?

 Amazon did build a distribution center in Lakleand which is helping jobs, but I wouldn't fully credit Amazon for rent raise.  I think it's a combination of everything, being people renting not buying, jobs, not much new construction, the  millennial theory, etc.  Lakeland and most of Polk county have always been great rental markets.  

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