Purchasing my home in FL

[Karoly Holczhauser]

Hi all,

So I am quite new in real estate, but I am motivated and dear to dream BIG:)
I live in New Jersey right now, but I would like to move down to Florida in the near future (within 2-3 years).

I am wondering what could be the best strategy to start in order to acquire my next property. 
From the top of my head I have the following ideas:
- buy from market (expensive and I believe there should be a better way)
- auctions
- try to buy directly from the banks
- look for tax deed auctions? 

I would like to ask for your advise, what strategy would you recommend in order to purchase a real estate out of state. 

Thanks,

Karoly

[Gabriel Amedee]

Originally posted by @Karoly Holczhauser:

Dear all,

First of all thanks for your ideas and replies, I am very grateful.

I am considering Tampa area and/or Miami area too. Duplex and the vacation purchase is a great idea, I loved it. 

I am not a handyman myself, but I could afford some minor maintenance on the house after purchase. 

Do you recommend to negotiate on REO with banks? Is it comes with lower price?

Hey Karoly!

REO's and banks are not rampantly letting go of inventory like they were 5+ years ago. Like another poster mentioned, they typically have their number in mind since they pay for a professional to determine the market value of the property before putting it on the market. Very often I've seen better deals negotiated with distressed sellers on the market than foreclosures and short sales. These type of listings tend to bring more traffic since they attract the most entry level investor and even home buyers looking to save a buck.

As for the Miami market, you will need to incur some maintenance and repair costs if you plan to purchase a MFH under $350,000. Nonetheless there are still deals to be found if you know how to be creative and are adamantly surveying the market.

Hope this added some insight, feel free to reach out if you have any future questions. Happy investing!