Investor · Tampa · Member since 2018 · 289 posts · 107 votes
I lived in Florida for a few months and then moved to Boston. Interested in investing in Florida area and use it as an investment property for short term or long term rental. Any advice.?
Finding a decent property manager in the area will make investing out of state less of a struggle.
Also, be sure to do your own research on the financials. Basically run things through a property calculator to see if a property will cash flow after all the appropriate allocations have been made.
I live in WA state and invest in Salt Lake City, UT. There are many SO SO many tips of advice on this web site. A couple of things I find many over look. It makes investing easier if you enjoy visiting the location of choice. Be it family, friends or activities in the same location, it can make trips much more enjoyable. In addition to the very simple routine, read the local paper of the area. Keeps you up on what the head lines are for that area. New employers moving in? Growth of new sub divisions, zoning changes, new school going in, crime rates, and just keeping a finger on the pulse of the daily rountine. Just a few minutes daily, can keep you very well informed. No doubt many others will jump in here shortly. Best of luck to you!
Finding a decent property manager in the area will make investing out of state less of a struggle.
Also, be sure to do your own research on the financials. Basically run things through a property calculator to see if a property will cash flow after all the appropriate allocations have been made.
I lived in Florida for a few months and then moved to Boston. Interested in investing in Florida area and use it as an investment property for short term or long term rental. Any advice.?
Most difficult is without a doubt property management, if you get this right you are 90% there.
Do a search plenty of threads on this subject that may help
I’m not the type of person to trust a property manager, especially long distance when you might go months without seeing your units. No one will take care of a property as good as the owner would. For that reason, I would partner with seasoned investors that self manage and invest in their home market. If they are putting their own money in a deal you know they are honest and sincere about the quality of the property. Just my unpopular opinion on long distance investing. P.M me and I can discuss my strategy with you.
Keleisha, I've worked in property management & real estate for 15 years in Jacksonville FL. I think Jacksonville's a good area. My office is close to 2 Navy bases & a Coast Guard base. Also, the Mayo Clinic & CSX are here & some other big companies. Where I'm at people can still get a good home for under $250,000.00. Matt MacDonald, Lic, Real Estate Broker