I am close to finally get my hands on some of my equity. 500k to be exact.
I want to invest in a multifamily building in Florida. I want 10 doors value add building.
I hope here is someone who is familiar with FL market, who can point me to a good location.
I'm looking for central or gulf coast where hurricanes are less dangerous, a place with rising population where 500k will get me a value ad 10 door.
Your opinion is sincerely appreciated.
I know you mentioned central and gulf coast as a target area, however, I am familiar with Broward and Palm Beach County and can be feet on the ground, if needed.
I'm not sure who told you hurricanes are less dangerous on the gulf coast. Since 1990 the west coast has seen more direct hits from hurricanes than the east coast. https://www.sun-sentinel.com/news/fl-xpm-2013-05-29-fl-hurricane-season-start-20130523-story.html The water is warmer in the gulf so there is a good chance the storms will be stronger. And if you look at FL topographically, after Titusville it leans in and often hurricanes skirt the coast or head more north. I would consider Volusia, Flagler, St Johns, Duval counties. Of course I'm also partial to the area.
You open my eyes.
I should ask another question :
What are the safe places in FL?
Ideally, I want to avoid risks of property damage by hurricanes.
In my opinion there is no state on the East coast or Gulf coast of the US that are "safe" from hurricanes. I live in Central Florida and have seen my share of the damage one can cause here.
How about this question :
What areas of Florida get affected less?
All parts are affected fairly equally.....locations far inland just see maybe 20 mile an hour less winds.
More importantly, $50k/door properties are going to be in rough areas....not a desirable class of properties.
Wayne, what is a realistic price per door for a "b" class neighborhoods ?
Glad to hear you are looking in Florida. I am local to the Greater Tampa area. If you would like a consultation and to possibly give you some insights, let me know!
In terms of your question, as stated previously, most areas that are 50k a door are going to be in rougher, less attractive areas. What I would recommend is possibly getting into some smaller multifamilies and leveraging your cash by getting loans on them if possible. It all depends on your goals! Good luck!