Florida first investment property

[Denisse Romero]

I would appreciate some advice. I've been looking for a potential remodel project I can purchase in cash (budget around 200k). The areas I've focused on are Pompano, Lake Worth, Vero Beach, Orlando/Kissimmee/Deltona, and areas in between. I had previously bought and sold a townhouse in Arlington, Virginia for a nice profit, so I have a bit of experience, but Florida is a different market, and my situation is also different now. I'm a US citizen based out of Davie, FL, but I also spend months in other countries for family and business. I don't have a traditional income (just started a digital company with international clients, and most of my equity is based on stocks), so I don't qualify for regular loans. I've been looking into hard money lenders, and it seems like a potential solution to increase my purchase/remodel budget, but it seems most of them take a long time to fund the project, so that puts me at a disadvantage (most South Florida buyers seem to be cash buyers now). As plan B, I've been thinking about purchasing a large land lot in the Orlando/Kissimmee area in cash and later on build a house or two. Because my search is broad (and flexible) and I don't like wasting my realtors' time, I'd rather focus on an area and a strategy first. What areas do you recommend? Do you recommend I stick to my cash purchase strategy or approach a hard money lender? Small remodel or buy lot and build (and later sell)?  I know these are lots of questions. I've been doing my research, but the more I research, the more questions and options I seem to have. I'd rather hear from experienced investors who can provide some insights. Thanks in advance. 

[Derek Stalhut]

@Denisse Romero

Denise! Welcome to the forum and congratulations on your citizenship! My wife Laura and I were born and raised here. Laura in Vero Beach and I in Fort Pierce. We are investors and full time real estate agents. If you’d like to message me we’d be happy to help you with your business plan. We work with lenders who can fund flips up to 90% and have personally closed deals with them lately. Also, we can share market data for specific counties, cities, and neighborhoods all valuable to your business decisions moving forward. Finally, I highly recommend that you visit some local real estate investors meetings in the areas you are interested in… talk to the people doing deals there and you will gain great insight into what’s happing and what type of deals are getting done ✔️ Hopefully you find this helpful and I look forward to your message! Sincerely Derek Stalhut