Florida real estate investing opportunities are plentiful, but succeeding in this market today requires careful consideration of location. Investors often buy houses within the Sunshine State for use as vacation rentals, but offering long-term rental homes may be a better option for now.
Those considering Florida real estate investing may find it beneficial to work with realtors familiar with the state. Many realtors specialize in selling bank short sales and foreclosure homes and can assist investors with locating discounted properties.
Due to the fact that many Florida residents have lost their home to foreclosure there is ample opportunity for investors to generate income by offering long-term rentals. Once homeowners lose property to foreclosure they are usually forced to become tenants until they can qualify for another mortgage loan.
Although Florida has been hit hard by foreclosure there are still plenty of opportunities to generate cash flow with investment property. Since Florida is one of the world's most popular vacation destinations many investors seek out beachfront homes. However, it can be beneficial to scout out homes in Orlando and Daytona as these areas are home to tourist attractions such as theme parks and motorsports racing.
Orange County, home of Orlando, offers a multitude of good real estate deals. Orlando has gotten a bad rap of having high incidences of crime. There are a few areas which fall into the high-crime area and should probably be avoided. These include Kissimmee and Pine Hills, along with homes located on Orange Blossom Trail or International Drive where most of the major tourist attractions are located.
Safe areas around Orlando metro include: Oviedo, Dr. Phillips, Altamonte Springs, Baldwin Park, and Winter Park.
Central East Florida
Volusia County is positioned on Florida's central east coast and encompasses a variety of beach towns, including Daytona Beach. Daytona offers nearly year-round racing excitation with NASCAR, Formula One, Grand Am, and motorcycle races hosted at Daytona International Speedway.
The racetrack is nearly within walking distance to Daytona Beach International Airport. The immediate area consists primarily of retail stores and hotels, but several residential communities are positioned within a 5-mile radius.
It is important to first determine if properties are located in communities governed by homeowner's associations as HOAs often prohibit short-term vacation rentals. It can be advantageous to work with a realtor when seeking investment properties in this area. Popular locations include Williamson Boulevard, Clyde Morris Boulevard, and Tomoka Farms Road.
Investors often shy away from the Florida Keys for fear these properties are cost-prohibitive. Although some homes are priced higher than other locations within the state, there are still good deals to be found. Investors should plan on keeping a watchful eye over property listings within the Florida Keys because these homes tend to sell quickly.
Key West is a favorite location for many investors because visitors are willing to pay higher rental rates when escaping to paradise. Homes in this region can be a bit pricey, but with patience and perseverance, investors can locate discount properties.
The median cost of a 2 bedroom / 1 bath seaside cottage in Key West is $ 185,500, while a 3 bedroom / 2 bath pool home hovers around $ 500,000. Investors who purchase property in Key West tend to generate a higher level of cash flow because people who rent beach homes in the Florida Keys tend to have higher income.
Regardless of your budget, there is plenty of Florida real estate investing opportunities. In addition to residential homes, condos, and townhouses, investors can find great deals on commercial realty or even buy a private island.Immobilienmakler Heidelberg Makler Heidelberg
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Source by Simon Volkov