Out of state investing in Florida

[Ellie T.]

Hello to the BP community,

(re-posting because my former post didn't meet BP standards)

I am considering out of state investing in Florida. 

I would love to hear regarding experiences of others. Hopefully that will get me over my newbie paralysis (and no matter how much I read I find myself stuck on question after question- there's too much supply/there's too little supply/how do I know there will always be people interesting in renting? how do I remotely buy from banks/auctions in FL? which Florida area? can I find a good PM? should I buy a house I will also want to retire in some day? do I want a Florida LLC, how do I get remote financing? and more questions that just add to the confusion).

Can you share some of your success/horror stories, what worked and didn't work for you? any recommended reading material that focus on remote investing in FL?

Thanks!

[Lelith Walker]

Build your team first.  Get 3 of everybody so that you do not have to scramble at the last minute to look for people when one person gets sick, walks out, or dies.  I have had all of these things happen to me and more.  Its safer to use licensed people.  As far as markets look for multi industrial areas like Jacksonville, Miami, Tampa, Hollywood, Fort Lauderdale, Orlando, Clearwater, Daytona Beach.  If you can not afford these places then go to the closest suburb or city to it.  People like to live near jobs and schools plus tourists and business travelers tend to be in these areas.  Now one property we have is in Kissimmee which is just outside of Orlando. When one person moves out the property manager finds someone within a week and that has been in the family since the 80s. The Fort Lauderdale property took a week to find and the tenant is still there since 2006. 

I have not bought from bank auction.  You can contact auction.com or go to the tax lien bus tours that they offer down there. 

http://www.sba.com/florida/ for starting LLC in FL

For PM look over these sites below.

(IREM), (NAA), (NARPM) and the (CAI).

 All international and national banks offer financing.  You can also go to tools and find local private hard money lenders.