Looking to start investing in Flordia
I currently have 46 doors in Wisconsin and I'm looking to get into investing in SWF. Looking to get into multifamily family space. What type of issues do you find in Florida that are not in the Mid west. ISO of realtor, lender, property manager. There is nothing for sale in my area right now so I would like to buy 10 plus doors this year. More if we can find some deals.
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I am a active Realtor (and Investor) in the SE Florida south tri-county area (Miami-Dade, Broward and Palm Beach Counties). Not sure what the issues are in the Mid-West as you did not list any. I will share with you a few of issues that I find noteworthy.............
1)probably will not get the 1% rental rule(more for a SFR investment)
2)cap rates be pretty low compared to other parts of the country
3)property taxes are re-assessed on the new purchase price and can increase significantly (we don't have a state tax). Never use the current taxes to analyze a property
4)Insurance costs are thru the roof
5)multifamily inspections and appraisals can be pretty expensive
6)building codes this far south is very stringent and permits for reno work are to quick to get
6)one major plus is Florida is a pro-landlord state, evictions are pretty straight forward