North Richland Hills, TX · Member since 2019 · 156 posts · 80 votes
Hi everyone!
I'm Shai and I'm currently live outside of the US. We have a plan to relocate and Florida seems like a great investment opportunity with great warm weather.
I am already investing in Pittsburgh PA so we will just expend our investments...
I would really appreciate your insights about a good market to do some flips and rentals and at the same time a nice place to live in. It doesn't have to be the same city but close enough...
Any insights, connections and networking will be appreciated!
Real Estate Broker · Lakeland, FL · Member since 2011 · 305 posts · 181 votes
6y
@Shai Flax. All these guys want to sell you properties. Here is what they are not telling you..
South Florida is way over priced.. so is most of of the metros (Tampa and Orlando) so most of the investors or investors are putting their money in the outskirts of the metro areas. Right now there are a lot of deferred mortgages, when these hit the market there will be a lot of foreclosures at a discount to
Real Estate Agent · Ormond Beach, FL · Member since 2017 · 216 posts · 158 votes
6y
The best way to pick a place is to visit it. I would plan a road trip to Florida and visit several areas (South, East, West, North, and Panhandle) and choose some cities/towns in each area to explore. Let me know if you visit Daytona Beach (on the Central East coast) and I'd be happy to show you around!
North Richland Hills, TX · Member since 2019 · 156 posts · 80 votes
6y
@Kristin Kiddy Thank you so much for your answer. I am planning on doing this when all this COVID19 crayzyness will be over (and I can leave my country without comming back for a two weeks quarantine...).
Do you know if your area is s good area to fix&flip?
I will definitely reach out when I'll visit! Thanks!
Real Estate Agent · Ormond Beach, FL · Member since 2017 · 216 posts · 158 votes
6y
@Shai Flax Here is a recent article from the local paper. Our market is crazy. The biggest problem is low inventory. This is causing prices to go up, even for fixer uppers. The rental market is insane too. We are actually one of the most expensive rental markets (in relationship to median income) in the country. https://www.news-journalonline...
Realtor · Orlando, FL · Member since 2020 · 8 posts · 1 vote
6y
Central Florida (Orlando Metro, Kissimmee, Mount Dora) has many opportunities for flips and rentals. Depends on whether you want city, suburbs, or rural.
North Richland Hills, TX · Member since 2019 · 156 posts · 80 votes
6y
@José Reyes I think that I'm more of a city girl:) because I'm OOS investor I need a place that there are a lot of properties, GC's, realtors etc... I would definatly take a look at those places. Thanks!
Real Estate Agent · Tampa, FL · Member since 2017 · 191 posts · 98 votes
6y
Hey Shai! I have lived in both Orlando and Tampa. In Orlando, I was a broke college student so I was not able to experience everything in full. However, real estate and life wise, they both are very nice in my opinion. There are still opportunities in both areas to invest. I really think it is important that you come and actually visit the areas and go more in depth maybe in regards to your lifestyle and investing strategies.
Real Estate Investor · Miami, FL · Member since 2013 · 122 posts · 51 votes
6y
I'll say rent for 6 months and get a sense of the area. South Florida for example is different that the rest of Florida . There are several rural areas vs main cities. Don't commit to anything without being here first.
@Shai Flax I've lived in South Florida (mostly in Miami) and currently live in St. Pete (Tampa Bay area). Although prices tend to be higher in South Florida, contractors there have been mostly shut down due to COVID, so you'll have your choice of contractors to get properties renovated. In the Tampa Bay area, the market has continued to be really hot, but there are still plenty of properties available and more for sale signs have been popping up - either through realtors or FSBOs. Construction has continued to be strong in this area, so it's a bit harder to find responsive (and quality) contractors. Fortunately, I work with a couple of contractors, so I usually have a back-up if the other is busy.
As most have noted, it's best to visit before you focus on a location. However, you can still look at properties through sites like Zillow or Realtor.com to check out properties to get an idea. Other cities throughout Florida that I have seen pop up on the radar have been: Lakeland, Ruskin, Brandenton, Ft. Pierce, Ocala, Gainesville, multiple areas of Orlando and Lehigh Acres.
Hope this helps. Feel free to reach out if you're ever in the Tampa Bay area and I'll be happy to show you some areas. However, I'm more biased to the St. Pete area ... and if you ever visit, then you'll understand why. Stay safe and healthy!
Real Estate Broker · Lakeland, FL · Member since 2011 · 305 posts · 181 votes
6y
@Shai Flax. All these guys want to sell you properties. Here is what they are not telling you..
South Florida is way over priced.. so is most of of the metros (Tampa and Orlando) so most of the investors or investors are putting their money in the outskirts of the metro areas. Right now there are a lot of deferred mortgages, when these hit the market there will be a lot of foreclosures at a discount to
Thank you for your answer! As soon as this crazy COVID will go away I will be able to visit the US. I had a ticket to April but the flight was cancelled so now I'll have to wait...
North Richland Hills, TX · Member since 2019 · 156 posts · 80 votes
6y
@Sergio B. That's the plan. I won't buy anything (to live in at least) until I'll phisically be there... I just wanted to start already to buy investments properties so I'll have something when I'll finelly move there.
North Richland Hills, TX · Member since 2019 · 156 posts · 80 votes
6y
@Gavin Welch Thanks Gavin! So where do you think it will make sense to invest? Outside of big metros? And do you really think the bubble will burst soon? Because it seems like it but on the other hand the market is crazy hot (at least in Pittsburgh where I already work)...
Hello Shai, I live in Miami FL. I started my real estate journey this year. Just bought my first property (Single Family House 2/1, renovated and in great condition for 245k, 10% downpayment) Property is already rented and cash flowing $500 monthly with a cash on cash return of 18% yearly. The property is located in Hollywood Florida which is 30min away from downtown Miami. There are still many deals to find but you need to be ready to make a quick offer for full asking price. Also it might help to have a good real estate agent who understand the area and understands investment properties. I found my agent here in BiggerPockets. @Malgorzata Sadowska is her name. She is AMAZING!
Ormond Beach, FL · Member since 2010 · 2 posts · 0 votes
6y
@Shai Flax I’m a long term buy and hold investor in Daytona.Consider attending this meeting before you make your plans.Sometimes you make more money by not loosing it to begin with! John Schaub & Peter Fortunato
present
Change Happens!
Tampa: October 10 & 11
The Tampa seminar will be held at the Holiday Inn Westshore, 700 N Westshore Blvd, Tampa, FL 33609. Hotel phone 8132898200.
Hello Shai, I live in Miami FL. I started my real estate journey this year. Just bought my first property (Single Family House 2/1, renovated and in great condition for 245k, 10% downpayment) Property is already rented and cash flowing $500 monthly with a cash on cash return of 18% yearly. The property is located in Hollywood Florida which is 30min away from downtown Miami. There are still many deals to find but you need to be ready to make a quick offer for full asking price. Also it might help to have a good real estate agent who understand the area and understands investment properties. I found my agent here in BiggerPockets. @Malgorzata Sadowska is her name. She is AMAZING!
Do you care to share the details here, Omar? I was in Hollywood for over 12 years and I am not aware of any 2/1s in the past half decade that will generate $500 positive cashflow.
Also, how did you get a non owner-occupied loan for only 10% down? I'd like to add that lender to my contacts. Thanks.
Property Manager · Orlando, FL · Member since 2020 · 200 posts · 194 votes
6y
Hi @Shai Flax, it really depends what kind of lifestyle you are looking for. If you are more of a big city person go with Miami or Orlando. If you prefer a more laid back lifestyle then you need to try the west side of Florida. Life runs in a much slower pace there. Good cities to try are Fort Myers Beach, Naples and Cape Coral.
In regards to investment opportunities, there are good deals everywhere! Once you move and get to know the city things will start coming up. As you mentioned above in previous comments, market everywhere is hot right now but if you know the area and you know the right people you can always find something profitable.
North Richland Hills, TX · Member since 2019 · 156 posts · 80 votes
6y
@Alberto Nikodimov I'm definatly not a city girl... More of a laid back person (who likes to work and make money haha). I will take a look at all those places you have mentioned. Thanks!