Looking for advice on where to start

[Mary Schlabach]

Fellow Investors; I'm looking to invest in Sarasota FL. Do any of you have any advice? Like, whats the best time of year to buy property? Do you buy turnkey? Or rehab?

[Jed Haslam-Walker]

Hi @Mary Schlabach,

It sounds like maybe you are looking for a condo or a short term-rental that you can rent/lease out during off-season?

To respond to your queries directly:

Like, whats the best time of year to buy property? 

You have probably noticed that the market heats up coming into season..Nov/Dec - April/May when we get a huge influx of Snowbirds and visitors who want to enjoy the climate and the amenities ( not nearly as intensive this year fyi due to COVID but still pretty noticeable increase in population) - many of them are looking for a property to buy or are looking to sell and downsize if they own already. There is a slight rise in listing prices and in inventory around this time due to increase in demand but not a huge increase in sold price to list price ratios - this is because the market here is so healthy all year round that the pricing remains consistent - we have a steady influx of population year round and not just in season so my advice is just make sure you buy well. Ensure you know the market or your Realtor does so that you are very clear about the actual market value of the property and you will need to strategise around multiple offer situations - know when to bid and when to walk away. The pitfall of trying to 'wait out' the snowbird market is that inventory increases in snowbird season which not only offers you far more properties to choose from than if you were to wait but also makes negotiating on a lower price easier for the buyer..;)

Do you buy turnkey? Or rehab?

If you buy turnkey you won't make as much money when you refinance or resell potentially but it will be easier to manage logistically - if you rehab you'll make more money and need to do a bit more legwork but it will improve your ability to scale up and grow. As always, you'll just need a good team if you're out of state - out of state investors rehab here every day of the week - if it's something you would like to do it is eminently possible.

Hope that helps.