Moving to Fort Lauderdale

[Dan Buchta]

I have an opportunity to move to Fort Lauderdale next year and I wanted to get some opinions about the area in terms of REI. I am considering purchasing a SFR as a primary residence and converting it to a rental in a few years or possible house hacking a duplex. However after looking at the market for just a few hours on Redfin/Zillow I'm struggling to understand how to create a positive cash flow with rentals in the area. I'm not looking for a home run but the combined housing prices + HOA fees seem to make breaking even a stretch.

Does anyone with experience in the area care to share what strategies have worked/not worked for them?

[Diane Loveridge]

Hi Dan - I completely understand how it may not look possible, but rents are high, so it can work. You just need to find the right neighborhood, and in my opinion, avoid the HOAs. There are plenty of areas around here in Fort Lauderdale where you can find a house with a cottage in back, or a studio off to the side, etc. I know of one in fact that will be on the market early next year - a large house with an attached apartment with separate entrance. 

I live in the heart of Fort Lauderdale, in an area called Victoria Park. It's a little tough to cash flow here, but I'm down the road from plenty of little neighborhoods where it's a bit better. I call homewoners all day long for various investors. If I can help you find a specific property, please let me know. And as an aside, I love it here. There is (in normal times) plenty to do, lots of events and festivals, nice restaurants, gorgeous beaches... and with our constant influx of people from up north, not a bad place to invest!