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Updated over 2 years ago,
After first property
Hi everyone,
I am a new investor who decided to start by moving into a townhouse that I knew would cash flow pretty well. To the point that it meets and exceeds the 1% rule by a little. (I got fortunate by getting in contact with the seller before he put it on the market.) I want to capitalize on this but I have to move out first!
I want to move into my next property but with this crazy market that is in South Florida, I don't know if I should keep waiting to see what this market does or if I should invest out of the State of Florida. I would love to get a multi-family but the insane asking prices with the rate of rental income it provides just makes no sense to me to take the time to invest in so I have been mostly looking at townhomes and single-family as the current path I want to go down.
I currently am a firefighter/paramedic so I have a steady income, I got my real estate license so that I can do my own deals now, and I am actually flipping a house soon with some people that I partnered up with so I cannot keep this property to use as a rental, unfortunately.
So I guess what am I asking is there any South Florida investors here that have any insight about what they are doing in this current market and have any advice for a new investor?
Also, for anyone that does not live in South Florida what would be some good places to invest right now outside of Florida? With these interest rates going up there must be some deals that are starting to pop up a lot more in other states.
Thank you for your time and for reading a little about me.