Out of State Investing in Midterm Rental Multifam in FL 2023

[Quiana Berry]

Hi! Im a first time buyer, interested in closing on a multifamily in FL market particularly 1. Orlando 2. Tampa 3. Jacksonville. Strategy: buy and hold.

Florida for lower taxes, sunshine and close proximity to hospitals (travel nurses), universities, parks/attractions and bonus the Caribbean and South America is right in it's backyard. Orlando is a top choice for proximity to Disney /amusement parks, hospitals, growing tech market, inland protection from hurricanes.

I am looking for a house hack investment deal around 700k with short-midterm potential. Willing to do light fixer upper work that doesn't require structural work. Home preference is No less than 4 bdr 2 bath and preferably some land and 40 mins- 1 hr tops from a city, close to hospital and/or university - potential target market.

Questions 

Any investors have stories of what it's like in recent days out there? 

Any recommended contacts or tips to build a team out there? 

Is the insurance situation that bad with the reforms proposed? 

Besides swamp land any other gotchas to be careful of? 

Any guidance appreciated, total newbie here. Thanks so much!

[Joseph Stern]

Hey Quiana, I'm currently sourcing off market multi family property in Florida, primarily Tampa where i live and invest.

1. Taxes have definitely rose which has cut into cash flow, but the market is still extremely hot. Appreciation has continued steadily and there is a very high demand for any decent rental property so finding a quality tenant is not difficult. We also have many hospitals, universities and employment opportunities. 

2. My advice for finding contractors is go on acela citizens access, this is the public portal that shows all the permits in Tampa. From there you can see which licensed professionals have failed many inspections and which were able to do work quickly and up to code. As far as an agent and property manager, BP is a great place to start there are a lot of professional people on here that are great to work with. 

3. I have still been able to get decent rates on policies but it is still definitely something to keep in mind. 

4. Wood frame houses in FL often have termite damage so definitely have that inspected, get your sewer lines inspected that can be an expensive problem that is very avoidable. Also make sure the property you purchase is zoned for what you intend to use it for.