All Forum Posts by: Corazon B.
Corazon B. has started 12 posts and replied 48 times.
Quote from @Nathan Gesner:
1. Don't count on appreciation, even in a seemingly hot market like Florida. Prices are more likely to drop over the next couple of years, meaning you may see five years with little/no appreciation.
2. Even with 20% down, monthly payment is $2,200. Add taxes and insurance and you're looking at closer to $3,000 a month. That house will rent for less than $3,000 a month so you'll have nothing left to set aside for vacancies, property management, etc.
Learn how to crunch numbers, then work with a professional that can help you understand the true costs of a market.
//cash
Yikes, sounds like investing in real estate requires some good math skills. :o maybe I should stick to index funds and crypto :D Also, I'm not planning to pay just 20% down. I want to pay either 75% down or even 100% of it already.
Quote from @Jonathan Greene:
You are hoping for a lot with good appreciation and decent cash flow, but paying cash can get that done for sure. Why Florida? The highest insurance rates in the country are in Florida right now, but I still like the state in general. If you are just looking for a turnkey rental, there are probably better deals out there.
I would also advise that with an unstable job, tying up a big chunk of cash into a property, might not be the wisest play to build a foundation for later.
I thought since my job is not stable, with paying cash and let's say there is another black swan like covid or maybe for some reason the place is not rentable, it will be more difficult to pay the mortgage each month. I thought that maybe paying cash, I won't have to worry about mortgage and just reserve money for property tax, insurance and future home repairs.
Quote from @Adam Bartomeo:
Avoid flood zones? The most lucrative properties in the state of Florida are in flood zones. So, what they are telling you is to stay out of the best and most profitable areas. Don't listen to these two, they are talking about investing based on fear and recent memory as opposed to what makes sense for your goals.
I am telling anyone that will listen to buy in Cape Coral as the SFH's are on sale right now. I am throwing out offers daily. I know the house that you posted and I used to work with the listing agent of this property. I would tell you that there are better deals to be had.
Hmm....I'm thinking about that...because I have a family member who have a rental in the Fort Lauderdale area with a beautiful oceanfront in a flood zone area and her place is in high demand. But then thinking about the future, is there good appreciation to a place that is constantly being bombarded by mother nature disasters.
I'm looking for a property to purchase in the Cape Coral, FL area. I'm looking to pay cash since my job is not stable and move from one job to the next (i'm an artist). I would like the property to have great appreciation and some cash flow to contribute to my retirement in the future. I been looking at some properties online, would you guys say this is a good deal or not? https://www.realtor.com/realestateandhomes-detail/1447-NW-1s...
Originally posted by @Stetson Miller:
@Corazon B. Finding new and good restaurants is as simple as browsing through the nearby restaurant list on Google, but driving the surrounding area is always preferable. Regarding the Cape Coral vs Lehigh Acres debate, this is going to completely come down to what you're looking for in a property, as both have huge pros and very few cons that must be considered against each other. For example, decent cash flow is pretty difficult to find in Cape Coral right now. In Lehigh Acres, the cash flow is still pretty readily available, and appreciation potential can still be forecasted pretty high if purchasing in the right areas. Are you more interested in a long term appreciation hold, or a property that's going to cash flow immediately?
I mean if I can do both long-term appreciation hold AND some good cash flow, that will be great! :) But I'm looking to most likely either pay in cash or pay at least 75% down for the property.
Is Cape Coral still good for investment though? Or Lehigh Acres a better option?
Driving the area to get a feel of the tenant type is a good idea! :) I will definitely do that.
As far as knowing if there are new shopping locations and anything new being built that may impact current tenant quality, what is the best way to find this out? Stetson, I can probably link up with you soon since you live in the Ft Myers area. :)
How do you determine if the area is actually in demand prior to purchasing a house?
I am looking at this property here:
It is located in 2421 NW 29th ST Cape Coral, FL 33993....is there a website that you guys go to, to do research on the demand of a particular area? Do you look for the job opportunities available in the city? Types of schools? How close they are to grocery stores, gyms, etc.?
Post: How NOT to get sued by a tenant?
- Posts 49
- Votes 3
Hi everyone, thanks for your tips. But how do you know if the insurance is solid?
Post: How NOT to get sued by a tenant?
- Posts 49
- Votes 3
Originally posted by @Julie Hartman:
@Corazon B. It's not just a matter of using the proper forms. It is critical that you know how to handle the security deposit. The deposit is where many people get tripped up and tenants threaten to sue.
From your experience, what is the best way to handle security deposit?