Any advice on purchasing a property to rent out in florida. I already had some advice but this is a huge leap?
Sunday, January 3rd, 2010 at
11:20 am
I live in the uk and will have been to florida four times by feb 08. I love the place and also want to invest in a property to rent out. I thought that combinig the two, ie a place that i love and the desire to invest in a propery would be a good idea, also the statistics say that orlando is the tourist capital of the world, having some 42million visitors last year and still rising as they build more parks (Sea Worlds Aquatica and also Harry Potter world). The strong pound against the dollar and also the property market slump in prisec all seemed to add up to a good deal. I would not purchase the property with the dependancy that the rent would cover the mortgage. Any experience and advice would be gretaly received.
Sell House Quick
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Tagged with: Invest • Pound Against The Dollar • Statistics
Filed under: property rental
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Even FL has taken a huge hit in the real estate market recently. This is definitely the time to buy. However you must realize that your Realtor likely gets paid based upon a commission rate, in other words the more you pay the more they make. So don’t get the mistaken notion that they are working for you.
Contact local property managers who are not related to this sale in any way and ask them to evaluate the income potential of this investment.
You are correct in assuming that this may have future upside but only if you do not overpay. Ask agents for comparative analysis information on like properties. Demand that they provide you with RECENT sales data, so that you know that you are not paying more than the guy next door.
The more recent, the more accurate, but you want to see a history of sales that will show trends. Making sure that the property in queston is comparable to the other subjects.
You will need a property manager, find one before you buy, make sure they have been in business for some time and have experience with that property type. Florida has very active property management associations. Property management certifications are the norm. Certifications come from organizations like the Institute of Real Estate Management, the National Apartment Association, the National Association of Residential Property Managers and others.
Having a certifications generally means that your PM has at least gotten some schooling and has made PM a carreer, not just a sideline to their late night job at 7-11.
Not all agents are property managers, but most think they can be. Dont assume your Realtor can do the job, it is a world apart from selling houses.
Florida requires a property manager to be licensed.