Investor 路 Grand Cayman, Cayman Islands 路 Member since 2016 路 19 posts 路 2 votes
Hi everyone
I am a South African moving to Grand Cayman for 18 months for work in December, and I am without a doubt planning to diversify into US real estate during my time there.
I am currently considering Florida, as it is the closest / most readily accessible state from the island, and more specifically Orlando or Tampa.
In that regard, could anyone possibly shed some light on the following, as well as any other useful info you may have re these areas?
- Which city to consider, assuming a budget of approx $150k, and prioritizing cash flow over capital gains
- neighborhoods to begin researching within each city given the above
Given the weakness of our local currency, I'm looking for strong cash flow and a smaller unit in a lower price range to start me off while I build up some $ reserves.
Investor 路 Tampa, FL 路 Member since 2011 路 2k+ posts 路 3k+ votes
8y
You can get decent houses in decent neighborhoods in Orlando, Tampa, or SW Florida for under $150k. Florida's rental market is strong. Just avoid flood zones and older frame houses and you'll do fine.
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
8y
Consider SW FL. There are still some deals to be had with either luck or perseverance. I invest mainly in Cape Coral. You can still find properties that will pay roughly 1% of purchase price.
Investor 路 Orlando, FL 路 Member since 2016 路 355 posts 路 380 votes
8y
@Ian MacLean, welcome to BP! You're in the right place. The Orlando Metro Area is one of the fastest growing in the entire USA. Many of the zip codes here already sit at 0.60-1.1% rent-to-purchase price ratio without even adding distress such as foreclosures and short sales. Specifically, I recommend looking at Apopka, Altamonte Springs, Ocoee, Winter Garden, Clermont, Minneola, Davenport, Kissimmee, Maitland, Lake Mary, Winter Park, and Windermere.
Investor 路 Tampa, FL 路 Member since 2011 路 2k+ posts 路 3k+ votes
8y
You can get decent houses in decent neighborhoods in Orlando, Tampa, or SW Florida for under $150k. Florida's rental market is strong. Just avoid flood zones and older frame houses and you'll do fine.
Realtor 路 NY 路 Member since 2016 路 55 posts 路 23 votes
8y
As you are not a US citizen, I guess You will have to pay cash. I'm from north Africa "Tunisia" and I have Been in use for 5 years now. in the beginning I only bought cash but now I only leverage because that's the best way to build wealth .
if you are paying cash you can get between 8% and 13% return of your money every year. You must get help from a local real estate professional to find the right location, as some location can provide you with 20% returns and in the realty its a war zone and you will end up losing your money. be aware that those war zone location are some time very close to nice areas.
I do recommend the good part of orlando ( no No No pine hills area) and Kissimmee it's good, st cloud too and poinciana .