Investment properties in Fort Lauderdale

[Ali Sardar]

Hi guys,

I’m looking to get started with my first investment property. The goal is to most probably finance something by putting 20 % down that is relatively hassle free and start generating cash flow. Been looking at a few area and Fort Lauderdale popped up on the radar. I am looking for advice on whether it’s possible to own something under $200k ( 3 bd 2 bth possibly) and have it be cashflow positive after all expenses including property taxes and property management

What can I get in Fort Lauderdale for that price?

What are the rents like there?

Long term growth trajectory for the area? I hear it’s developing fast

Thanks

[Kevin Koffman]

@Ali Sardar, I live in Fort Lauderdale and have been looking for something similar for the last few months.  I have seen 1 or 2 deals on Zillow that I thought were good.  They were not positive cash flow with 20% down, but were great rental properties otherwise.  I went to see them and they were gone within a few days.  They ranged from One that was a $147k condo and one was a $1.1M apartment building.  They were both purchased with all cash by someone other than me a few days after listing. So it’s a hot market for good deals. But  investors with lots of money are playing here. Also, we are very late in the market cycle. So I would only buy with enough money down payment to have positive cash flow. 

It may be much easier in FTL in a year or 2 when the 4 or 5 buildings with 100’s of units each are finished being built.  If not enough demand, Could cause a slowdown and prices to come down a bit. 

Right now in Ft Lauderdale, we are late in the cycle, prices are very high and the market is still hot.