Looking to invest in SW Florida or Treasure Coast

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Looking to invest in SW Florida or Treasure Coast

Emy Bernardo
Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes

We are looking to invest in SW Florida (Port Charlotte, North Port, Englewood, surrounding areas) or possibly Treasure Coast (Vero Beach, Jupiter) for a buy and hold.   Any agent and property management referrals are appreciated.  I've been looking at new construction turn-key providers but selection is slim right now;  only options on well/septic or in partial flood zones which seem like added headaches to me.  Thinking we might want to try to go it on our own to find the right property.  We are most likely going to end up moving to Florida in 5 years or so looking for something with appreciation potential and/or something that we may want to live in. Condo is not out of the question if in a desirable location. 

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Jed Haslam-Walker
Real Estate Agent · Sarasota, FL · Member since 2020 · 77 posts · 102 votes
5y

Hi @Emy Bernardo,

I'm a Realtor in Sarasota but work North Port, Port Charlotte, Venice, Englewood, Sarasota, Bradenton, Tampa etc. The trouble with new construction normally is as others have mentioned both the HOAs and the lack of control over your investment - special assessments can get levied, your capacity to alter/change/update is restricted and you can - without any say in the matter be liable for special assessments. HOAs eat your profit up as do assessments etc. I would recommend always buying outside a community if you can - we have condos here that are not subject to HOAs but not many - in addition Emy be careful of Lease Restrictions here - there are a variety of different kinds of lease restrictions or occupancy restrictions that have negatively impacted investment properties - just make sure your Realtor doesn't miss those..

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  • Danny Plueddemann
    Rental Property Investor · Charlotte, NC · Member since 2010 · 23 posts · 11 votes
    5y

    Sound like a fun plan Emy!  That's a little outside of our property management range, but we are south of Fort Meyers in Bonita Springs.  

    0Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    We are open to a variety of areas.  Hope to visit the in January or February to get a lay of the land. What is the market like in Bonita Springs for rentals?

    0Reply
  • Danny Plueddemann
    Rental Property Investor · Charlotte, NC · Member since 2010 · 23 posts · 11 votes
    5y

    The HOA's are a pain in the ***. They have to approve every tenant and sometimes take 3 weeks while the tenant is waiting to move in. The HOA fees often throw off the NOI as well as they are often $300-$400 a month.

    Besides that, it's great!  

    0Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    Good to know, thank you!

    0Reply
  • Stetson MillerBusiness Member
    Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
    5y

    @Emy Bernardo You should check out Cape Coral specifically for new construction turnkey builds, seems like it would check off a lot of your boxes. Very large supply of the new construction turnkey builds you're looking for, city water/sewer, flood zones can easily be avoided, and there's huge potential for appreciation. Send me a message if you would be interested in having a few properties sent over!

    [email protected]850-259-2910
    Stetson Miller Realtor545 Reviews
    View Page
    1Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    @Stetson Miller  - yes, definitely interested.  I will PM you..  Thank you! 

    0Reply
  • John BeasleyPro Member
    Investor · North Chesterfiled, VA · Member since 2014 · 21 posts · 22 votes
    5y

    @Emy Bernardo

    I am have the same plan. I have started analyzing properties in SW Florida. I hope to get a foothold there and relocate in 5 to 10 years.

    I am going to drive around and look at duplexes & quads the 2nd week of January.

    I'll keep you posted. I have connected with Stetson on BP and I know a local home inspector.

    1Reply
  • James Strawser
    Sarasota FL · Member since 2018 · 22 posts · 6 votes
    5y

    @Emy Bernardo I am house hacking in North Port Warm Mineral Springs area. My first home, land lording, and dealing with everything you mentioned.

    If you want to discuss specific questions or areas let me know. Been in the Sarasota, SW Fl area for six years watching it develop

    1Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    @John Beasley  - thanks for the post, John.  Keep me posted, interested to see what you end up buying.  

    0Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    @James Strawser  Thanks James! How do you like North port?  Was it easy to find good tenants?

    0Reply
  • James Strawser
    Sarasota FL · Member since 2018 · 22 posts · 6 votes
    5y

    @Emy Bernardo good screening has gone the distance for me. Although I had to reset my criteria levels to lower than what is "normal" country wide.

    0Reply
  • Wesley Davis
    Developer · Tampa, FL · Member since 2020 · 84 posts · 59 votes
    5y

    SW Florida is beautiful up and down the coast. I have grown up in the Punta Gorda area but now live in North Port. There is new construction going on everywhere here and even if you find an empty lot you like there are plenty of trac home builders that operate at a decent price. What I would suggest is to find/search an area that has the amenities that you would like. Such as being close to the beach, shopping, outdoor activities, bars, etc then we can find you a house. 

    Feel free to reach out and we can get you set up in a turn-key/new house.  

    1Reply
  • Darius Ogloza
    Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    We purchased a Gulf front home on Don Pedro Island back in 2001 that we use as a short term rental when not in use by our family.  We have been happy with the investment, though insurance costs with wind and flood (even though the home is high up on stilts) are really high.  If I had to do it all over again, I would have bought on Manasota Key.  

    Still, if investing in Florida, I strongly recommend navigable waterfront if you can swing it.  Those properties promise to hold their value in a market that has been notoriously volatile since the 1920's.  Charlotte County has some good buys relative to Pinellas, Sarasota and Lee counties - it's kind of the Oregon of the SW Florida coast in that prices are bargain compared to their pricier neighbors.    

    1Reply
  • Wesley Davis
    Developer · Tampa, FL · Member since 2020 · 84 posts · 59 votes
    5y
    Originally posted by @Darius Ogloza:

     If I had to do it all over again, I would have bought on Manasota Key.  


    Why would you choose Manasota Key over Don Pedro? Less expensive insurances?

    0Reply
  • Jed Haslam-Walker
    Real Estate Agent · Sarasota, FL · Member since 2020 · 77 posts · 102 votes
    5y

    Hi @Emy Bernardo,

    I'm a Realtor in Sarasota but work North Port, Port Charlotte, Venice, Englewood, Sarasota, Bradenton, Tampa etc. The trouble with new construction normally is as others have mentioned both the HOAs and the lack of control over your investment - special assessments can get levied, your capacity to alter/change/update is restricted and you can - without any say in the matter be liable for special assessments. HOAs eat your profit up as do assessments etc. I would recommend always buying outside a community if you can - we have condos here that are not subject to HOAs but not many - in addition Emy be careful of Lease Restrictions here - there are a variety of different kinds of lease restrictions or occupancy restrictions that have negatively impacted investment properties - just make sure your Realtor doesn't miss those..

    5Reply
  • Darius Ogloza
    Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    Wesley: Purely personal reasons.  Both areas have great deals.  

    1Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    @Jed Haslam-Walker  Great points to consider, thank you!

    0Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    Also, does anyone know if a good property management company in these areas?

    1Reply
  • Jed Haslam-Walker
    Real Estate Agent · Sarasota, FL · Member since 2020 · 77 posts · 102 votes
    5y

    There are a few..depends on which areas you end up choosing - they can be very locale specific...

    0Reply
  • Danny Plueddemann
    Rental Property Investor · Charlotte, NC · Member since 2010 · 23 posts · 11 votes
    5y

    Here's a good one: https://bluebearpropertymanage...

    0Reply
  • Cesar Castillo
    Member since 2020 · 27 posts · 12 votes
    5y

    @Stetson Miller will PM you regarding this.

    1Reply
  • Emy Bernardo
    OP
    Investor · San Diego, CA · Member since 2017 · 112 posts · 92 votes
    5y

    @Danny Plueddemann  - thank you!

    0Reply
  • Cesar Castillo
    Member since 2020 · 27 posts · 12 votes
    5y

    @Emy Bernardo I’m looking to do the same. I currently live in NY but will be retiring next July of 2021 and will be moving to FL. Curious to see how it goes for you. Thanks for starting this thread. Good luck and God bless!

    0Reply
  • Aaron N.
    Punta Gorda, FL · Member since 2013 · 55 posts · 3 votes
    5y

    My partner and I are in process of obtaining large tract on deep water to build several new homes on deep water lots without any hoa or deed restrictions in punta gorda. Get w me in few months. Going to go fast we suspect. Just in process of get bank financing...

    0Reply
  • Allan Gonzaga
    Irvine, CA · Member since 2021 · 7 posts · 0 votes
    5y

    @Emy Bernardo checking in on this thread to see if you decided to move forward with an investment in SW FL. I've been exploring new construction in North Port and Cape Coral. 

    From my preliminary research it seems that Cape Coral has quite a bit of new construction and open vacancies right now. Is this a potential concern for saturation and rental competition that could drive rents to go down? A lot of performas show a $1700 rent -- not sure if this is realistic. Thoughts?

    I have a slight bias towards North Port given that its an upcoming market and nicely located near the 74 with access north and south of FL.  But I do have concerns about sewer/water availability. I have concerns for future assessments that can drive up the property tax 3-4K. 

    0Reply
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