Newbie: Advice on Buy-and-Hold in Florida
New to Real Estate 路 Orange County, CA 路 Member since 2020 路 14 posts 路 3 votes
Have been doing research to narrow down certain areas / cities to invest with buy-and-hold rental properties -- Florida continues to pop up in articles and when looking at metrics such as Pop Growth / Employment growth / etc -- specifically the Tampa, Orlando, and Jacksonville areas.
Understanding it's getting more competitive due to the publicity -- would love to learn and hear insight from members who have invested in those Florida cities and what areas they recommend to start my search. I will be investing OOS, but do have some family in south Tampa and currently getting their perspective of neighborhoods, etc.
Primarily looking at SFH or possible multifamily (2-3 doors).
Any insight is appreciated and hope to add value back as I gain knowledge / experience.
@Matt Banahan I'm a Realtor in the 'other' less-cool but also substantially cheaper Orange County...Orange County FL. The Orlando and surrounding areas are a great market to invest due to many of the reasons you list. 300k people per year are moving here, there are more tenants than there are available rentals, and finding qualified tenants for nicely rehabbed properties is a quick process. I'm personally in Apopka, which is in Northwest Orange County, but cover Seminole and Lake counties as well. While '1% deals' are few and far between, there are solid rental deals to be found. Central Orlando is almost completely priced out of cash flow. Rents just simply aren't high enough to justify what prices have climbed to. But travel about 20-30 minutes in any direction from Downtown Orlando and there are great deals to be found. Prices drop faster than rents do and there are deals to be found in Longwood, Winter Springs, Sanford, Altamonte Springs, Apopka, Mt. Dora. The infrastructure of toll roads and development is putting previously rural areas 'on the map' so to speak. Being inland FL instead of near the coast, insurance isn't astronomical, property taxes aren't too bad, and tenants can commute easily throughout the Orlando area.
I'm closing one house tomorrow that's in Longwood (Seminole Co) for an investor from Monterey CA. He offered based on my walk through video, flew out to see it after inspection, and is closing with a mobile notary. I'll bring the keys to his PM on Friday after it funds and I throw a couple GFCI outlets in the place for him as a closing gift. It's a freshly rehabbed 3/1.5 with a carport: new roof, new HVAC, new kitchen cabinets with granite, LVP throughout, etc etc. It's just over 1000sf and closing at $175,500, beating three other offers to get it for that. It appraised at $178k and market rent is right at $1495/mo, PM is set to list it for rent this weekend. It's a mile to the SunRail commuter train station, a short drive to two different corporate hubs: Maitland and Lake Mary, even closer to a large regional hospital, and the neighborhood is seeing quite a bit of rehab and development. Insurance (dwelling and $500k liability) is about $770/yr, property tax should be right about $3k/yr after the sale hits records.
I'm under contract on another house in Sanford (Also Seminole Co) for a US investor living abroad closing in March. It, too, is a freshly rehabbed house, this one just under 1300sf, 3/2 with a two car garage, screened porch, and back yard on a several acre community pond, closing for $225k. Convenient to I-4, SR 417 Toll, and right on the border of Lake Mary, walking distance to a great Elementary School. It'll rent for $1650/mo, insurance quote of $707/yr due to being built a few decades more recently than the Longwood property. Taxes about $4k/yr. Progress Residential (hedge fund group with 30k+ single family homes) owns 5+ houses in this neighborhood setting a high bar for market rents and keeping them moving up.
Neither of these homes would be considered a 'home run' deal like a 2015 BRRRR property might be, but they are rock solid homes with new systems, high tenant demand, and in rapidly growing markets. Distressed houses are being bid up sky high by newbie flippers paying too much, but deals can be found on rent-ready homes or those needing basic updates.
I have a handful of out of state investors I'm working with to find single family properties and a few looking at multis. Multis are few and far between with good numbers in Orlando, but there are some new construction duplexes in Poinciana/Kissimmee (South of Orlando) being built and sold for just over $300k with $2700-2800/mo gross rents and crazy low $4k annual taxes (Polk Co taxes are low) and $540/yr insurance due to being new.
Some of these buyers I'm working with are jumping on deals and throwing in offers, getting some accepted and most out bid, but it's part of the game. I've got other investor buyers who keep asking me to find 1% deals and saying everything I send them is overpriced. I'll send a property and walk through video to 5 investors. One won't respond, two will tell me it isn't a deal, and two will throw in offers. I can't force the market to produce 1% deals and I can't force buyers to understand the market.... 1% deals can be found elsewhere in Florida, but there's a reason Orlando is mentioned more frequently than Lakeland or Jacksonville....it is a stronger market long term. Cap rates go hand in hand with risk. When investors in general view a market as being more stable, you aren't going to see cap rates like they were in 2014 or 2015 when the market future was more unknown and risky. Move to a less stable and riskier market and you might find 1% deals with better 'on paper' cap rates. However, which market is going to play out better in 10-15 years....my money is on the Orlando market. These 0.7-0.85% deals with low maintenance, new systems, and in growing markets are going to soldier on to become phenomenal deals in a few years when entry level houses start north of $250k and you can't touch a 3 bedroom rental for less than $2k. With the level of population growth and tenant demand, even if prices soften market rents won't.
I just saw some stats published by the Orlando Regional Realtor Association that median price climbed 8% from January 2019 to January 2020, Inventory of homes for sale dropped 15%, Sales increased 16%, $ Volume increased 24%. Meanwhile population has been growing for decades, unemployment is low, hundreds of millions of dollars worth of infrastructure and development is going on and mortgage rates are low.
Matt, sounds like the grass is greener 3000 miles away eh? :-) Have you checked out David Greene's Long distance real estate investing book? Its awesome for projects like this.
I dont have specific S Florida advice (except where to find a good beer in Tampa or Orlando), but wanted to chime in with that amazing resource!
Anson
@Anson Young Sure looks like! Hah! Good beer is always a plus too -- Motorworks Brewing in Bradenton is pretty good!
Anyway - yup, currently reading David Greene's book right now -- about halfway through and is very helpful thus far. Just finished Brandon's 'Rental Property Investing' book as well which provided some great insight.
Appreciate the suggestion!
I am a big fan of Florida real estate in the Orlando, Tampa area not so much Jacksonville. The market is hot and properties move extremely quick there. When I say fan I mean I like the value of the properties themselves in other words I like the resale potential.
The only thing I don't like is the rent inflation. Rent prices are being driven up faster than wages are increasing. Florida jobs just don't pay well for the average joe. Of coarse everything falls on tenant screen anyways.
@Matt Banahan Motorworks has an awesome beer garden, but they鈥檙e probably only my 2nd fav brewery in Bradenton 馃槣 (Good Liquid FTW)
As far as long-distance investing goes in Bradenton, you really really need to get connected with wholesalers, nothing on the MLS even in the opportunity zones will be close to the 1% rule. If you're investing for appreciation might be a different story, lots of growth areas out east near Lakewood Ranch, they're putting in 10,000 luxury home and condos in Bayshore Gardens in the next two years which I have no idea how they're going to handle the infrastructure because the roads already suck, but I am really seeing Florida become much like California with home prices in the next 10 to 20 years, scale back a little of coarse.
@Andrew DeWeerd I鈥檓 even seeing the wholesale opportunities here not leaving enough money to barely break even. I do my own lists and skip traces due to this reason. It鈥檚 crazy out there.
@Matt Banahan I'm a Realtor in the 'other' less-cool but also substantially cheaper Orange County...Orange County FL. The Orlando and surrounding areas are a great market to invest due to many of the reasons you list. 300k people per year are moving here, there are more tenants than there are available rentals, and finding qualified tenants for nicely rehabbed properties is a quick process. I'm personally in Apopka, which is in Northwest Orange County, but cover Seminole and Lake counties as well. While '1% deals' are few and far between, there are solid rental deals to be found. Central Orlando is almost completely priced out of cash flow. Rents just simply aren't high enough to justify what prices have climbed to. But travel about 20-30 minutes in any direction from Downtown Orlando and there are great deals to be found. Prices drop faster than rents do and there are deals to be found in Longwood, Winter Springs, Sanford, Altamonte Springs, Apopka, Mt. Dora. The infrastructure of toll roads and development is putting previously rural areas 'on the map' so to speak. Being inland FL instead of near the coast, insurance isn't astronomical, property taxes aren't too bad, and tenants can commute easily throughout the Orlando area.
I'm closing one house tomorrow that's in Longwood (Seminole Co) for an investor from Monterey CA. He offered based on my walk through video, flew out to see it after inspection, and is closing with a mobile notary. I'll bring the keys to his PM on Friday after it funds and I throw a couple GFCI outlets in the place for him as a closing gift. It's a freshly rehabbed 3/1.5 with a carport: new roof, new HVAC, new kitchen cabinets with granite, LVP throughout, etc etc. It's just over 1000sf and closing at $175,500, beating three other offers to get it for that. It appraised at $178k and market rent is right at $1495/mo, PM is set to list it for rent this weekend. It's a mile to the SunRail commuter train station, a short drive to two different corporate hubs: Maitland and Lake Mary, even closer to a large regional hospital, and the neighborhood is seeing quite a bit of rehab and development. Insurance (dwelling and $500k liability) is about $770/yr, property tax should be right about $3k/yr after the sale hits records.
I'm under contract on another house in Sanford (Also Seminole Co) for a US investor living abroad closing in March. It, too, is a freshly rehabbed house, this one just under 1300sf, 3/2 with a two car garage, screened porch, and back yard on a several acre community pond, closing for $225k. Convenient to I-4, SR 417 Toll, and right on the border of Lake Mary, walking distance to a great Elementary School. It'll rent for $1650/mo, insurance quote of $707/yr due to being built a few decades more recently than the Longwood property. Taxes about $4k/yr. Progress Residential (hedge fund group with 30k+ single family homes) owns 5+ houses in this neighborhood setting a high bar for market rents and keeping them moving up.
Neither of these homes would be considered a 'home run' deal like a 2015 BRRRR property might be, but they are rock solid homes with new systems, high tenant demand, and in rapidly growing markets. Distressed houses are being bid up sky high by newbie flippers paying too much, but deals can be found on rent-ready homes or those needing basic updates.
I have a handful of out of state investors I'm working with to find single family properties and a few looking at multis. Multis are few and far between with good numbers in Orlando, but there are some new construction duplexes in Poinciana/Kissimmee (South of Orlando) being built and sold for just over $300k with $2700-2800/mo gross rents and crazy low $4k annual taxes (Polk Co taxes are low) and $540/yr insurance due to being new.
Some of these buyers I'm working with are jumping on deals and throwing in offers, getting some accepted and most out bid, but it's part of the game. I've got other investor buyers who keep asking me to find 1% deals and saying everything I send them is overpriced. I'll send a property and walk through video to 5 investors. One won't respond, two will tell me it isn't a deal, and two will throw in offers. I can't force the market to produce 1% deals and I can't force buyers to understand the market.... 1% deals can be found elsewhere in Florida, but there's a reason Orlando is mentioned more frequently than Lakeland or Jacksonville....it is a stronger market long term. Cap rates go hand in hand with risk. When investors in general view a market as being more stable, you aren't going to see cap rates like they were in 2014 or 2015 when the market future was more unknown and risky. Move to a less stable and riskier market and you might find 1% deals with better 'on paper' cap rates. However, which market is going to play out better in 10-15 years....my money is on the Orlando market. These 0.7-0.85% deals with low maintenance, new systems, and in growing markets are going to soldier on to become phenomenal deals in a few years when entry level houses start north of $250k and you can't touch a 3 bedroom rental for less than $2k. With the level of population growth and tenant demand, even if prices soften market rents won't.
I just saw some stats published by the Orlando Regional Realtor Association that median price climbed 8% from January 2019 to January 2020, Inventory of homes for sale dropped 15%, Sales increased 16%, $ Volume increased 24%. Meanwhile population has been growing for decades, unemployment is low, hundreds of millions of dollars worth of infrastructure and development is going on and mortgage rates are low.
@Kayla Pronesti I'm on quite a few wholesalers lists locally in Orlando and despite looking at every deal they send, most aren't anything appealing at all. Many times they are wholesaling MLS properties for just about what they weren't selling for on-market and pretending it's an off market deal. Other times the rehab numbers are far too low, ARV is overly optimistic. The 'great rental home' is in a neighborhood you'll get carjacked in or they base the ARV on a straight $/sf sold price of homes that don't compare in size or bedroom count.
I keep looking at their properties hoping to find deals, but honestly motivated sellers on the MLS are more appealing since they aren't inflated by wholesale fees and hounded by flippers who have no business launching bidding wars with each other only to be stuck doing DIY rehab for free labor to avoid losing money.
Some properties do sell over list price, I had buyers outbid on a property recently despite going $11k over list on a mildly distressed house, but I've also closed deals $10-20k below list. It really just depends on how well the list agents did on pricing strategy and how desperate the sellers are. Sellers who started at a list price that was far too high a few months ago are the best when you can find them and get a sense of desperation. I feel like the wholesaler and flipper gurus have driven the distressed housing market to slimmer and slimmer margins aided by hard money rates coming down as well. You're often better off finding a well maintained house that needs basic single trade updates like roof, HVAC, flooring, bathroom remodels, etc. I've seen bank owned properties listed at $70k where there would be decent margins that wind up selling for $121k with easily $60k rehab needed and $195-200k ARV, it's nuts... I walked an identical house to the one I mentioned above that we're closing on for $175,500. It was the same exact house without all of the upgrades. Old electrical, old roof, needed a full cosmetic rehab of at least $25-30k and it was listed at $174k. Passed on it to offer on a better deal and saw it went pending the next day. Maybe they accepted an offer below list, but it would have needed to be $135k to make it worthwhile to rehab it compared to the fully rehabbed one able to be rented on Day 1 for $175,500 across the street.
@Matt Banahan Florida鈥檚 a great market! @Russell Holmes knows his stuff and would be a great resource for you. He regularly attends meetup (how I鈥檝e known him for the last 9-12 months) and is well connected in the investor market.
Just incase you needed to build a team here :-)
@Kayla Pronesti right, I think it's more of a matter that they price them to the investors right at 70-80% of ARV and so many desperate investors here will take it, with MLS picked so clean.
@Matt Banahan. I鈥檝e been investing here in central Florida for over 20 years. Currently, I stay out of the metros and stay in the smaller more rural areas, Hillsborough, Polk, lake and Marion counties. The numbers are betters. The metros are too expensive.
As far as wholesales go, great deals are rare, but still there. I bought 3 last month along. You just have to know your numbers.
There are a lot of 1% or higher rentals on the Mls. I pull the list of 1% properties yesterday and of 70 properties, nearly half of them were 1% or more.
Gavin
I am a big fan of Florida real estate in the Orlando, Tampa area not so much Jacksonville. The market is hot and properties move extremely quick there. When I say fan I mean I like the value of the properties themselves in other words I like the resale potential.
The only thing I don't like is the rent inflation. Rent prices are being driven up faster than wages are increasing. Florida jobs just don't pay well for the average joe. Of coarse everything falls on tenant screen anyways.
Manny, how are the landlord tenant laws in Florida (Tampa)? How long does the average eviction take?
They are pretty good if you follow the timelines closely you can get an order from the county within the same month that the tenant failed to pay rent.
I am a big fan of Florida real estate in the Orlando, Tampa area not so much Jacksonville. The market is hot and properties move extremely quick there. When I say fan I mean I like the value of the properties themselves in other words I like the resale potential.
The only thing I don't like is the rent inflation. Rent prices are being driven up faster than wages are increasing. Florida jobs just don't pay well for the average joe. Of coarse everything falls on tenant screen anyways.
Manny, how are the landlord tenant laws in Florida (Tampa)? How long does the average eviction take?
Florida is such a free state, the laws there are very straight forward. The tenants of coarse have there rights and properties must meet certain standards, but eviction fairly easy you get a tenant out it about 3-14 days. First its required you give them 3 day Notice to return possession of the property followed by the eviction. And rent control is not a thing there yet.
@Kayla Pronesti I'm on quite a few wholesalers lists locally in Orlando and despite looking at every deal they send, most aren't anything appealing at all. Many times they are wholesaling MLS properties for just about what they weren't selling for on-market and pretending it's an off market deal. Other times the rehab numbers are far too low, ARV is overly optimistic. The 'great rental home' is in a neighborhood you'll get carjacked in or they base the ARV on a straight $/sf sold price of homes that don't compare in size or bedroom count.
I keep looking at their properties hoping to find deals, but honestly motivated sellers on the MLS are more appealing since they aren't inflated by wholesale fees and hounded by flippers who have no business launching bidding wars with each other only to be stuck doing DIY rehab for free labor to avoid losing money.
Some properties do sell over list price, I had buyers outbid on a property recently despite going $11k over list on a mildly distressed house, but I've also closed deals $10-20k below list. It really just depends on how well the list agents did on pricing strategy and how desperate the sellers are. Sellers who started at a list price that was far too high a few months ago are the best when you can find them and get a sense of desperation. I feel like the wholesaler and flipper gurus have driven the distressed housing market to slimmer and slimmer margins aided by hard money rates coming down as well. You're often better off finding a well maintained house that needs basic single trade updates like roof, HVAC, flooring, bathroom remodels, etc. I've seen bank owned properties listed at $70k where there would be decent margins that wind up selling for $121k with easily $60k rehab needed and $195-200k ARV, it's nuts... I walked an identical house to the one I mentioned above that we're closing on for $175,500. It was the same exact house without all of the upgrades. Old electrical, old roof, needed a full cosmetic rehab of at least $25-30k and it was listed at $174k. Passed on it to offer on a better deal and saw it went pending the next day. Maybe they accepted an offer below list, but it would have needed to be $135k to make it worthwhile to rehab it compared to the fully rehabbed one able to be rented on Day 1 for $175,500 across the street.
Sounds very similar to the Long Island NY market. Wholesale calculations literally leave no profit margin....but they sell. Anything else just doesnt make sense from an investment stand point.
@Gavin Welch I didn't realize you were on Bigger Pockets, just sent a colleague request. I guess I'm not surprised to find you here since I first connected on BP with the investor/client who referred you to me for Lakeland.
Anyone on this thread looking in Gavin's market around Lakeland, I've heard he's a great go-to Realtor for the market there. Too far a drive for me to know the market as a Realtor, but Lakeland is seeing a lot of positive growth and development not to mention being located right between Orlando and Tampa. I know several Orlando area investors who also keep tabs on and invest in Lakeland... It's somewhat of a secondary market to the larger metros, but I'd imagine in 20+ years Orlando/Lakeland/Tampa will pretty much be a solid spread of dense population.
I agree with everything Russell stated about the Orlando market. Some of the numbers made my eyes bleed. That's why I am sticking to Marion County right now. There are a lot of development opportunities since it is strategically situated between what I call the opportunity triangle: Orlando, Tampa and Gainesville. With a new equestrian center slated for 2021 and two large distribution centers scheduled for development, the rental market is a potential goldmine....as long as the numbers make sense.
@Craig Gaydas are you finding some good deals in Ocala? Where is the equestrian center going, and is it going to have any residential/commercial growth around it as well? I'm not incredibly familiar with Ocala but it is intriguing.
Marion Co was just recently added to the ORRA MLS network I'm a part of. My in-laws live in the Lake Co side of Umatilla and I see a lot of potential there, that little town is growing like crazy and is only a short way from Ocala to the North with Eustis and Mt. Dora just to the South. I'm just beginning to research areas in Marion north of Umatilla now that I've got access to Marion County MLS Data and Ocala is just over an hour from me in Apopka. Umatilla rents are still a bit low to cash flow well on some deals, partially because home prices have swelled faster than rents for now, home prices rivaling areas much closer to Orlando. I've seen several entry level new construction 3/2 homes sell in Umatilla for $230-240k on small in-fill lots, not too far behind prices in Apopka/Longwood at all. Plop the same house on a lakefront acre off a back road in Umatilla and it's $320k+. As recently as 2016 my in-laws bought 10 acres in Umatilla for $69k and then picked up a 1900sf house nearby on 14.5 acres for $200k. Now 4 years later their house and land is worth over $400k and the 10 acre parcel likely north of $200k, and their purchase was years after the 'bottom' of the market.
The SR 453 toll road that currently splits from 429 in Sorrento and ends at SR46 in Mt. Dora is slated to run up through Umatilla and to Ocala connecting with I-75....that could be 15 years before we see it come to fruition, but I can definitely see Ocala continuing to grow preceding that much needed thoroughfare. The longtime Umatilla residents have their torches and pitchforks out to protest the 'city folk' and 'greedy developers' spoiling their town, but with proper planning I think it's a positive, allowing more people to enjoy FL without seeing California style prices. I'd rather see outward growth of the metros than a geographically confined area forcing prices sky high. Definitely interested to hear more on the Ocala developments
@Craig Gaydas are you finding some good deals in Ocala? Where is the equestrian center going, and is it going to have any residential/commercial growth around it as well? I'm not incredibly familiar with Ocala but it is intriguing.
Marion Co was just recently added to the ORRA MLS network I'm a part of. My in-laws live in the Lake Co side of Umatilla and I see a lot of potential there, that little town is growing like crazy and is only a short way from Ocala to the North with Eustis and Mt. Dora just to the South. I'm just beginning to research areas in Marion north of Umatilla now that I've got access to Marion County MLS Data and Ocala is just over an hour from me in Apopka. Umatilla rents are still a bit low to cash flow well on some deals, partially because home prices have swelled faster than rents for now, home prices rivaling areas much closer to Orlando. I've seen several entry level new construction 3/2 homes sell in Umatilla for $230-240k on small in-fill lots, not too far behind prices in Apopka/Longwood at all. Plop the same house on a lakefront acre off a back road in Umatilla and it's $320k+. As recently as 2016 my in-laws bought 10 acres in Umatilla for $69k and then picked up a 1900sf house nearby on 14.5 acres for $200k. Now 4 years later their house and land is worth over $400k and the 10 acre parcel likely north of $200k, and their purchase was years after the 'bottom' of the market.
The SR 453 toll road that currently splits from 429 in Sorrento and ends at SR46 in Mt. Dora is slated to run up through Umatilla and to Ocala connecting with I-75....that could be 15 years before we see it come to fruition, but I can definitely see Ocala continuing to grow preceding that much needed thoroughfare. The longtime Umatilla residents have their torches and pitchforks out to protest the 'city folk' and 'greedy developers' spoiling their town, but with proper planning I think it's a positive, allowing more people to enjoy FL without seeing California style prices. I'd rather see outward growth of the metros than a geographically confined area forcing prices sky high. Definitely interested to hear more on the Ocala developments
Russell, I just got started in REI in Ocala while my wife was getting her real estate license so we just started exploring the area and we are indeed finding some pretty nice deals. Ocala is really becoming a hot spot for development. The Equestrian Center is scheduled to open January 2021, just west of I-75 and north of the Marion Oaks district. Currently there isn't much commercial development in the area but plenty of opportunity. Marion Oaks right now is exploding with residential development. I live just north of central Ocala and their historic district is currently undergoing renovation with ongoing discussions with the city to designate Wyomina Park as a potential fifth historic district. There are a lot of moving parts but they seem to be coming together nicely to set up Ocala as a landing spot for all those folks who cannot afford housing in Orlando, Gainesville or Tampa areas. We are seeing the average 3 bed 2 bath with minimal rehab running in the 150K-200K range and property taxes are currently low, creating a good opportunity here to prop up the rental market which is slowly running out of supply to the increased demand.
@Craig Gaydas that's very interesting, thanks or the info! Are there large/stable employers in the Ocala area or do many folks commute to Gainesville, Umatilla/Eustis, The Villages, etc for work?
I think it's somewhat of a 'stigma' that I'm trying to shake personally, but I feel that Ocala is still a bit removed from the employment market as a whole. If you're saying tenant demand is increasing there must be jobs for these tenants.
@Craig Gaydas that's very interesting, thanks or the info! Are there large/stable employers in the Ocala area or do many folks commute to Gainesville, Umatilla/Eustis, The Villages, etc for work?
I think it's somewhat of a 'stigma' that I'm trying to shake personally, but I feel that Ocala is still a bit removed from the employment market as a whole. If you're saying tenant demand is increasing there must be jobs for these tenants.
I guess it depends on the industry. People still choose to live in Ocala and commute to Gainesville (myself included) because property values in that area are higher than average. As for Ocala proper, Chewy opened a large distribution center not long ago. Coca Cola and Dollar Tree plan to expand their distribution footprint in Ocala. Advent Health just recently took over Florida Hospital and is in the process of improving service and renovating, so coupled with West Marion and Ocala Regional there is a good demand for doctor's and nurses which UF just keeps pumping out every year :) As for manufacturing, E-One (Fire and Emergency equipment) is still a big player in town, Signature Brands has a presence (Betty Crocker). Lockheed Martin has a facility in Ocala, so the jobs are here, but I-75 allows people to live in a less expensive location and commute in either direction for bigger employers like Pepsi, Disney, Siemens, Johnson and Johnson, etc. But like any other RE market, you just need to find the right numbers and opportunities and be ready to pounce when they present themselves.
@Craig Gaydas that's great, I can definitely see the potential there. I'll have to look into Ocala more now too!
@Russell Holmes @Craig Gaydas @Erik B. @Gavin Welch and everyone else -- very grateful for the conversation / insight everyone has / is providing. Hope this forum continues to gather feedback on the Florida market.
A lot of information above that I'm currently digesting / researching. Will keep everyone posted on my progress!
I know there's a lot of Agents above -- does anyone own their own rental properties? If so, where and how is it going?
@Craig Gaydas @Russell Holmes @Matt Banahan
Ocala is decent (its my hometown and I manage properties there) the prices are lower (compared to lakeland) but so is the rents, so I guess its all relative. While the economy there is also stong, it's not 1-4 corridor storng. Our propulation in lakeland is going to double in the next 10 years. So appreciation is going to be a factor..
@Gavin Welch Will definitely start looking at Ocala per the comments above. Lakeland has been on my list as well.
Are they mainly SFH or Multi-family?
@Matt Banahan I don't understand your question? They what? managed properties?