I'm in the process of selling a rental property I've owned in Maine for the last 10 years. The problem I have now is I'm not sure where I want to invest the proceeds from that sale. Through my research I've found that there are some good markets in Florida. Specifically Orlando, Tampa, and Jacksonville. I was hoping to connect with people from there area, specifically Real Estate Agents and Property Management companies that could give me some insight into those areas and hopefully we can work together in the future on some deals. I'm looking forward to getting to know the area better.
Texas is a Great place too
Good Afternoon @Mark Pemberton I don't believe you could go wrong with any of the 3 you named. The trend seemed to have started in Miami area in the 70s & 80s as the prime spots to invest but now as population grows it has worked its way up the state. With that being said I believe Orlando or Tampa are going to be your safest bet right now since they are growing fast and infrastructure is improving greatly over the last few years with more still being worked on as we speak (such as I4, any one that's been to orlando knows I4 haha) and with Disney pretty close to both (Closer to Orlando) its a safe bet whether you plan on renting it out or AirBNB it.
Any questions you have i'd be happy to help!
Thanks for the input guys. I really appreciate it. @Rob Milliken where specifically in Texas have you been looking/investing?
Actually, I haven’t yet, but I have other friends that are investors there, that are around The Houston area. I am hoping to soon
@Mark Pemberton How do you feel about Daytona Beach or Port Orange?
Alton Gore is in Daytona Beach. He’s very knowledgeable and has been in the business along time. He’s very quick at helping you. He’ll normally answer questions or show property any day of the week. You won’t have to wait until Monday. He does a lot of multi family properties. I have 5 properties I’ve bought from him.
If you want his phone number or email I’ll send it to you. It won’t let me post it on here.
Thanks @Kristin Kiddy and @Peter Craner for the input. Just looking back at past discussions, it seems like there is a lot of negativity about the daytona beach area. That being said, most of it is based on the possibility of investing in a bad neighborhood, which can easily be remedied by a good real estate agent and property manager keeping you away from those areas. I'm sure a good property manager has no interest in managing a property is a bad neighborhood. I'd be interested in seeing any good deals that you come across and as long as the numbers work and the neighborhood checks out, I don't see why it wouldn't be a good idea.
Money has been flowing into Orlando, Tampa, and Jacksonville for sometime. I can't imagine that hasn't pushed prices up and CAP rates down. It is true the Daytona Beach area is not the prettiest, but it's certainly not Detroit ( I'm originally from Michigan ) or LA ( I currently live in San Diego )!
Prices in the Daytona area are reasonable and the CAP rates are good. Some secondary markets may nat have has so much money flow into them.
Jacksonville is very good right now.
I agree with @Peter Craner of course. I have rental properties personally and the biggest prevention against a problem rental is to vet, vet, vet your renters. As for problem neighborhoods, if you have ever compared the crime maps in Daytona to Jacksonville (and I have), Jacksonville makes Daytona look like a cakewalk. Yes there are areas that are not as "pretty" but they often have a good rental market and good returns. My broker has a full property management company and our properties rarely sit vacant for very long... the market is very good.