Westminster, CO · Member since 2017 · 14 posts · 8 votes
It is time for a change and after making some money on our current home in Colorado, we are ready to get out of the mortgage while we are ahead. We are also anxious to stop paying our current $1350 monthly mortgage. We will have at least 60k that we can apply to investing. We also have a savings set aside so that we can take 6 months off and essentially do absolutely nothing but soul searching.
When we begin to work again full time, we will be making between 90k and 110k in our respective fields combined annually, based on researching areas such as Orlando, Tampa, Miami, Ft. Lauderdale, Jacksonville and more.
We both want proximity to clear beach waters, a safe neighborhood, an active area with both day and night activities, and a market that we could eventually have a cash flowing rental in.
We spent 10 years in Centennial, Co, but we've been living in Ormond Beach for the past 5 years and love it. My husband is in tech/computers and works from home for a Jacksonville company. He only goes into the office twice a month. If you can swing a work at home scenario, then your location options really expand. Ormond is also a huge medical office area. So don't rule out smaller bedroom communities like it. And, don't rule out the east coast. I prefer it to the gulf.
Unless the $1350 doesn't include taxes and insurance, you're not going to see much (if any) of a change, at least not in the Orlando area, for a decent neighborhood.
I guess the first question that comes to mind is: What is your industry? Orlando is dominated by the entertainment and healthcare industries. You may also not command as high a salary in FL as you would in Denver, NYC, LA, etc. If you like the water, Tampa may be better suited for you.
You may even want to consider renting until you get a steady stream of income, as banks will not be as ready to give you a mortgage without a solid job. My advice would be to come, get set up, then consider buying property. Or get jobs before you arrive.
You're definitely right about lower salaries in Florida, one of us will be taking a 35k annual pay cut, however we understand that. I should specify and say we must be in reach of working at a hospital/emergency room.
Also, the mortgage we currently are paying isn't too hard of a financial burden for us, it's just not a wise investment (large house for only 2 people).
We spent 10 years in Centennial, Co, but we've been living in Ormond Beach for the past 5 years and love it. My husband is in tech/computers and works from home for a Jacksonville company. He only goes into the office twice a month. If you can swing a work at home scenario, then your location options really expand. Ormond is also a huge medical office area. So don't rule out smaller bedroom communities like it. And, don't rule out the east coast. I prefer it to the gulf.
I hear the Clearwater / St. Pete area is nice if you're looking for beaches AND decent neighborhoods in a large metro area. That said go 50 miles south and look at Bradenton / Sarasota, "God's waiting room" from about November till April every year so good for the medical profession, and not as crowded as the Tampa area....oh, and Siesta Key (but we like Lido Key / beach more).
I big question for FL is how far are you willing to commute? While there is healthcare work nearly everywhere the pay is closely linked to cost of living as best I know. I know people who drive 45 min to an hour each way to bring in more money. Your list of qualifications do not take out many locations. Beaches yeah we got plenty. Rentals for cash flow also does not take much off the list as well. As for night life there are many south Florida people that feel board anywhere north of palm beach county even if things exist there.
The Tampa Bay Area is hot. But keep in mind that salaries in Florida are much lower than they are up north. I’ve had people tell me that it was harder for them to find jobs in Florida, that it took longer. I would suggest that you find a job before relocating, unless you are in the medical field. There are always jobs in the medical field . That’s the same mortgage (only principle and interest) you would be looking at in Pinellas county.
I invest in Dunedin, a small old timey town full of old people like me, just north of Clearwater, but down in St. Petersburg might be an interesting place to look at- there are tons of local REI that are investing there, high rental demand, lots of interesting nightlife and cultural stuff, and I think more of a young scene. Still lots of fixer uppers to be had although prices are coming up as they have done up in my area. St. Pete Beach is supposed to be gorgeous, as is Clearwater Beach, Madeira Beach, Indian Rocks, etc. Good luck!
My two cents is Tampa, Orlando and possibly Fort Lauderdale. But I'm biased towards Tampa for a vacation home. Lot's of great small towns on the coast and a few really nice beaches.
I'd second @Waverly Rennie Dunedin, St. Pete, Clearwater Beach, Madeira Beach, Indian Rocks.
@Trace Garretson to add to the locations that @Bob Razler mentioned. Port Saint Lucie is worth a look as well, though you may have a commute depending on what industry you are in. Best of luck!
I'll +1 the Clearwater/St. Pete area. I live in Orlando, but Clearwater is one of my favorite beach areas that I've been to here in FL.
I'll also chime in with one additional area to look at in Orlando: The Lake Nona Medical City is a rather recent (last couple years) development and it has a bunch of plans to continue growing. There is currently a children's hospital, a VA medical center, several medicine-related colleges, a research center, and will have a teaching hospital eventually.
It's just South East of the Orlando International Airport. I imagine the area is due to appreciate because of the medical city's growth plans. Might be worth a look.
Hey Trace,
Saw that you’re from Broward. I am as well. Born and raised in Hollywood area. I love Broward and I’m currently living in Ft. Lauderdale. I’m just now thinking about getting into REI, so I’m not able to give you great advice. However, I definitely think this is a great area and the cost of living is better than in Miami-Dade. I do work in Miami because the job opportunities were better at the time when I was looking.
Ft. Lauderdale has definitely grown a lot and there is definitely a good nightlife and restaurant scene here. Let me know if you have any questions.