Advice on finding the right market for Long-Distance Investing

[Audi Pine]

Hi! We live in Hawaii.. We're new to investing and just trying to get started. With the market being the way it is, we are looking to invest outside of Hawaii and hopefully once we get enough capital purchase something else here.  We have a pre-approval and currently working with an agent and looking in Orlando but with inventory, interest rates, and prices we're having a hard time finding "a good deal".  We committed to this area because we're somewhat familiar with it.  But now I'm second guessing if this is still a good location.  So I'm just wondering if anyone has any advice on if this would still be a good location for us, starting out, or if we should maybe start looking in to other markets.  Any advice is appreciated!

[Shawn McCormick]

@Audi Pine What type of property are you looking for, STR, LTR and what type of property. The most recent figures put out by the Florida Realtors Association are telling a story and hopefully your agent is in tune with whats happening here.

With rates rising yet again, (not just mortgage rates, but rates that will effect buyers DTI, like car loans etc), This is eating into what buyers can afford. 3 months ago they may have been able to afford $400,000, now with the rates jumping and their DTI dropping, they may have to shop in the $325-350 range or worse. That is putting pressure on lower priced homes, which investors are also seeking out.

A "good deal" literally means something different to each buyer/investor, so without knowing what that means to you and your goals and exit strategy, it would be hard to tell you where to look. However, I can tell you there are more properties on the market and, at least here in Orlando, we are seeing sellers becoming more motivated, so keep looking and make your agent dig a littler deeper for you!

Best of luck to you!