New to BP - Looking at Florida to reenter REI - Help!

[Chris Aall]

Hi BP community!

I joined BP a few months ago and have primarily spent my time listening to podcasts. What a resource! I was building and rehabbing homes in the Boston area 2002-05 and luckily got out before the meltdown. Still, my life would have been so much easier had I had access to these resources then!

Now we are living in Switzerland but our plan, once I sell my business here, is to move to Florida (somewhere warm for a change) in 1-2 years. Our intent is to reenter the real estate business, probably focusing on mid- to up-market rehabs and teardowns. We would target to buy and sell two $500-750k homes per year for at least 5 years and reinvest 50% of the profits into maybe 20 cash-flowing rental properties (single family homes and multiplexes) to generate $5k in monthly passive income.

I will get a Florida construction supervisor license (my Massachusetts one has expired) and my wife will get a realtor's license. She is an interior designer.

What we need to decide is WHERE in Florida? Our criteria for the surroundings are:

• Proximity to a substantial airport
• Established community with good schools, growing employment, low crime
• A resort destination that offers potential for vacation rentals
• Older and newer homes in mid- to upper class neighborhoods
• Improving real estate prices, but not yet over-heated

We are taking the month of November to visit and research the southeast (Miami - West Palm Beach) and southwest (Naples - Tampa). We hope to catch a few REIA meetings and talk to various RE specialists (agents, funders, asset managers, etc.) during our tour.

What tips can BP members give us regarding locations? We hear that Naples has been growing strongly - is it getting overheated? Friends of ours recommend Sarasota because it is more relaxed and less pricey but is employment and the economy growing there? Is the Southeast really as rushed and "New Yorky" as people say? What is your take on vacation rentals versus long term rentals? Are teardowns a good business proposition or is the existing inventory still so high that new construction does not sell?

All input is appreciated. Thank you!

ciao,

Chris Aall

Einsiedeln, Switzerland (moving to Florida in 1-2 years)

[Elizabeth Colegrove]

Welcome to Biggerpockets!

This is a great site because there are tons of different "Strategies". We are buy and hold, others are wholesalers, bird dog, flippers etc. Look around the blogs, forums and listen to the podcasts. If you see a post you enjoy check out the persons signature. Many of us including myself talk about our strategies, styles, niches and business model on our website. So definitely check that out as it is an amazing additional resource. For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away. Definitely list your blog in your signature. Its a great additional networking source.

I would use the search button at top so you can find old topics. This community is awesome so don't hesitate to pm people any questions and to connect.

Look forward to seeing you around! PM me if I can help! :) The key is to find you niche and speciality based on your skills.