Property investors/renters ! step on in

[VenomVeins]

I live in CA, I'm used to paying quadruple for anything and everything LOL. No joke. I have seen the Florida housing prices and they are amazing. The only thing you have to watch out for is hidden HOA fees, some places are $600/month just for the damn HOA.

I ask what part of FL because i lived in South Beach for 2 years in my mid 20’s and thought about buying a rental property either in south beach or destin (really good area) since, like you said, it is dirt ****ing cheap to the point that i could literally pay cash for most 2bd/2bath and easily a 1/1 in a high tourist location like south or miami beach.

 

[nxhappy]

I ask what part of FL because i lived in South Beach for 2 years in my mid 20’s and thought about buying a rental property either in south beach or destin (really good area) since, like you said, it is dirt ****ing cheap to the point that i could literally pay cash for most 2bd/2bath and easily a 1/1 in a high tourist location like south or miami beach.

right now I've been looking at pensacola/fort peierce. But I am open to other states. Also been lurking TX/AZ/ID. I think pensalcola is awesome for the beach scene and it's a short drive to new orleans. Seems like a good vacation spot. Even if the house just sits without rent I am ok with it.

 

[blownstang4.6]

You'll definitely need a management company to do the repairs, cleaning, upkeep, and maybe even listing your property. That is going to eat away at your profits. It would probably be more of a hassle than it's worth if you are only buying 1 unit. If you are buying a larger multi unit property that would completely pay for itself and generate some income for you then it would be worth it.

I disagree with what Klaus said that investment properties are poor investments. I know many individuals who became millionaires prior to retirement by investing in multiple rental properties. They put in the time to upkeep the properties and kept them rented for 20+ years. An investment property is a guaranteed long term positive return if you put in the time.

I have a multi unit investment property 3 miles from my house. I manage it myself. It completely pays for itself and for half the mortgage on my single family house. So I've got $800k worth of house between the two and it's costing me $800 a month out of my own pocket plus any repairs.

 

[Serpent]

You'll definitely need a management company to do the repairs, cleaning, upkeep, and maybe even listing your property. That is going to eat away at your profits. It would probably be more of a hassle than it's worth if you are only buying 1 unit. If you are buying a larger multi unit property that would completely pay for itself and generate some income for you then it would be worth it.

I used to do property management and using a prop management company is 100% worth it, as long as you get a reputable one that looks out for the owner. The prop man company will do a good job at finding a tenant. They cant do a back ground check but they can do a credit check and get input from the previous places they've rented from. This weeds out a good amount of bad renters (people who dont pay on time, trash place, etc)

 

[BlckBox04]

credit check is the most important thing if you're going to rent your place out

 

[nxhappy]

I don't need to rent it out to make money. I would keep it at least 20-30 years. I'm cool with a vacation home lol. Plus my family and friends can use it (for a slight fee of course LOL)