Looking to Invest in Lakeland or Winter Haven, FL

[Fidel Hernandez]

Hi everyone,

I'm a new investor looking to buy a property in either Winter Haven or Lakeland, FL. 

My goals in the near future are the following:

- Buy and hold a rental single family property in an appreciating market such as the mentioned above.

- If possible, consider getting into the short or mid-term markets as long as the property works as a regular rental investment first.

Hurdles:

 - My partner and I have 50k saved up which may not be enough for a conventional 20% down payment in these areas. 

-  I'm an out of state investor. I currently reside in the New York Metro area.

Advantages:

  - My partner and I have good paying jobs and can come up with an extra 20-40k by the end of the year.

  - Even though I'm out of state, I lived in South Florida for over 10 years, and I have family members who I can trust and would be willing to help me manage the property if needed.

My questions are the following:

1. Given that I may not have enough cash for a conventional 20% down payment. What other financing options do I have?

2. Assuming I can come up with an extra 20-40k by the end of the year, should I wait till then?

3. Is there another market I should consider given my criteria and current financial situation?

Thank you for reading this long post and please feel free to challenge any of my assumptions. I welcome the advice.