Buying investment property in Florida -out of state

[Account Closed]

Currently living in California, but I have my sights on South West Florida, the Gulf coast exclusively. I flew there twice last year and looked at properties with some agents. I'm looking in the $100 K price range but cannot decide which area. I am interested in a desirable for renters area, near the waterways. Somebody gave a good description of what is like in Georgia, wish a Floridian would answer me and be frank about where/what to stay away from.. (I could do the same for somebody that is looking at the San Diego area

[Aly W.]

Hi Alina,

My husband and I live in NJ and have rental properties here and in FL. We got involved in FL when a fellow realtor here told me about a contractor and realtor he has there. I spoke with them on the phone and eventually met them in person. My contractor handles all repairs, and does inspections on the properties prior to purchase. I handle all tenant issues, other than serving any notices of evictions (happened once). My contractor will post any notices at the properties.

I advertise my rentals online and my contractor shows the properties. I speak with the potential tenants, do the background, employment, and credit checks. Leases are emailed to the tenants, reviewed with a phone call, then signed when my contractor meets them at the property to collect the deposit and do the walkthrough.

Rents are either paid online through erentpayment.com, or the tenants go to the bank with the account number I give them. I don't take checks from any tenants, local or otherwise.

As long as you have someone you can trust to do the physical work, a realtor that knows the area, and an attorney to draft a lease specific for that state, out of state rentals are no different than in state (we have 2 of those as well). Of course, finding trustworthy people is the key, so go with referrals.

Good luck!