New to Orlando: Is Now a Good Time to Buy a Rental Property?

[Victor Del Hierro]

Hello everyone,

I'm feeling a bit indecisive about what to do next and could use some advice.

I recently moved to the United States 7 months ago, specifically to Orlando, FL. I've managed to save up $20,000 and I'm considering investing it in real estate. My idea is to buy a house and rent it out, so it can pay for itself while I live in a family-owned house.

Would you recommend buying a house in Orlando right now? How is the market currently? Every time I look for options, I can't seem to find anything.

Any insights or advice would be greatly appreciated.

Thank you!

[Shawn McCormick]

@Victor Del Hierro Welcome to the US and Florida! Florida is extremly sought after globally. The competition for quality properties is fierce. Pricing has been softening a bit, but values are still appreciating above the National average. Finding a quality property that cash flows (if that is what you are seeking) will be difficult. 

Buying an investment property (non owner occupied) will require at least 20% down and with median prices in the mid $400k range, you have a long way to go to save for your down payment. There are some bond programs both county and state level that you can get the downpayment and some closing costs paid or go new construction and do the same via the builder. Those will be opitons only if you live in the property, so you could house hack if that is a vialble option for you. 

Hope this helps

Best of luck!