Florida vs. Northeast

[David Tower]

Hello BP,

I'm looking for some sagely advice. I'm still getting started and looking to break in to the wholesaling business very soon (also rehabbing and buy+hold).

I plan on wholesaling while keeping my 9-5 job at least until I have built cash reserves of $50k.

My dilemma though is that my girlfriend really wants to move to Florida (I enjoy it there also) but I'm from the Mass/Rhode Island area and I don't know anything about Florida real estate. I just got back from Clearwater beach and we drove all around the tampa/clearwater area and I gotta say.....a lot of neighborhoods are run down with closed businesses all over the place.

Does anyone have any insight on starting somewhere brand new vs. your hometown area as a brand new investor OR Florida real estate investing in general?

Maybe it's just a confidence thing being brand new, quitting the J.O.B, but my heart tells me that Rhode Island is where I should start until I'm established in this business.

Thanks!

[Rene Coleman]

There is definatley a great market in Florida especially Central Florida. There is a common minsconception about the income levels in Florida. Many pocket communities are in the lower bracket making affordable housing a hot spot! In addition, there are may tourist attractions from the beach to theme parks so rental housing and summer vacation homes make for great investment properties. The housing market is on the lower end right now and properties are going for great prices.

All in all investing or wholesaling is what you make it and it pays off by the amount of work you put into it. I have seen people make 5k in a year to millions so it all depends on how much work you put into it. To get your feet wet you can start in your current market and branch out into the Florida market aftewards.

I say just start networking with other Florida investors and research the market. Never underestimate the power of Google!

Good Luck!