Don't know where to buy first investment property in Florida

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Don't know where to buy first investment property in Florida

Certain Carl
Member since 2021 · 9 posts · 0 votes

Hello community!

I'm a complete newbie in real estate investing. I own a home in south Florida and recently got some equity cash out to start investing in my first rental property. The issue is, prices here are through the sky. Houses built in 1946 mildly renovated are going for 300k. I thought about looking at nearby cities like Naples, Fort Myers etc but I'm not sure these places will grow fast enough so I can get some equity and do it all over again.

Anyways, I'm open to suggestions on investment locations in Florida. 

Thank you in advance! Carl

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  • Stetson MillerBusiness Member
    Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
    5y

    Hi @Certain Carl,

    If fast potential equity gain is what you're looking for, possibly in place of cash flow, Cape Coral will be your best bet. Looking towards the Northern side where houses are still pretty reasonable I think would be your best bet, let me know if there's anything I can do to help!

    [email protected]850-259-2910
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  • Patricia Steiner
    Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
    5y

    I don't recommend going into a market simply based on affordability. The reason your market has the prices it does is because of demand and market growth.  You know it.  As a newbie, staying close to what you know and own is a key success driver.  It may be worth getting a partner to join you on the first one or exploring alternative property types.  

    Also, in the following months, foreclosures are expected to surface and exhausted landlords who endured non-paying tenants are expected to sell.  Do your homework (quietly) and boost your market knowledge before making any decisions.

    Hope this helps.

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  • Certain Carl
    OP
    Member since 2021 · 9 posts · 0 votes
    5y

    @Patricia Steiner, thank you for your pointers. What sources do you recommend I use to boost my market knowledge?

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  • Certain Carl
    OP
    Member since 2021 · 9 posts · 0 votes
    5y

    @Stetson Miller, many thanks. If i were to consider cashflow as opposed to equity, which area(s) would you recommend and why?

    I just might end up needing your realty services around these areas. Thanks again.

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  • Stetson MillerBusiness Member
    Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
    5y

    @Certain Carl Duplexes in Lehigh Acres would then be your best bet for cash flow purposes as these provide a great balance between maximizing cash flow, and not purchasing in lower C class areas. In addition to that, you could still reasonably expect 4-6% appreciation, without having to deal with things like flood zones or separate taxing municipalities

    [email protected]850-259-2910
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