I currently have a single family in NYC which i had planned to sell to buy a multifamily in NYC. With all the rent laws in NYC i have been considering taking the money and buying single family homes in Florida. My family currently owns 3 houses in the Southchase area. Based on your experience in the Florida market, do you think this is a smart move?
Hi @Christian Orellana. Florida if viewed as more landlord friendly than tenant. I am not a PM or lawyer, but it is fairly easy process to deal with tenants. Every investor has a different set of criteria and approach, but Florida has always been a great place to have rentals. I have a buyer selling his 8 homes in Buffalo now to come here and buy homes (but the value of his 8 will only buy a few down here).
Values have been increasing by double digits in most of the state for a decade, rents have increased as well, but just couldn't keep pace with appreciation. So the '1% rule' is really a thing of the past.
Other benefits would be no state income tax, surging economy, weather, no basements, no furnaces, almost exclusively block built homes. So lots to consider!
Let me know and we can dive a littler deeper if you like.
Hi @Christian Orellana. Florida if viewed as more landlord friendly than tenant. I am not a PM or lawyer, but it is fairly easy process to deal with tenants. Every investor has a different set of criteria and approach, but Florida has always been a great place to have rentals. I have a buyer selling his 8 homes in Buffalo now to come here and buy homes (but the value of his 8 will only buy a few down here).
Values have been increasing by double digits in most of the state for a decade, rents have increased as well, but just couldn't keep pace with appreciation. So the '1% rule' is really a thing of the past.
Other benefits would be no state income tax, surging economy, weather, no basements, no furnaces, almost exclusively block built homes. So lots to consider!
Let me know and we can dive a littler deeper if you like.
Best of luck!
Currently buying in Buffalo if your client needs to sell anything from his portfolio.