Looking to invest $500K in SE Florida

[Ricky B.]

Hello,

I am thinking about cashing out from my house in Los Angeles and take the proceeds to invest in condos/Houses in SE Florida (West Palm Beach to Miami area). I will have about 500K.

Interested in hearing from other investors/locals:

1. Best areas to invest for rentals or flips?

2. Things to look out for?

[Bob Razler]

Hello @Ricky B. .  FLorida is great.  The further north you go from WPB the better your deals will be.  The market here in the Palm Beaches, Boca, Lauderdale and Miami is pretty high priced right now.

Orlando and JAX offer better investment opportunities IMO.  If you want to be further south Vero, Stuart, Palm City aren't bad.

I am actually looking in JAX, Cleveland and the Carolinas to get cash flowing deals.

Flips might be easier to find if you get hooked up with a good agent to find you some deals.

Regarding what to look out for:

1.  Some areas are in flood zones and will require flood insurance.

2.  In the Miami area you would prefer block construction with impact windows.  But many homes have shutters and it's not a deal killer.

3.  Location can be tricky.  Here in FL you can have trailer parks right over the wall from million dollar homes.

4.  If you are looking at a flip where the electricity has been off for a while check for mold.  We have a high humidity environment here and it doesn't take long to start in a vacant home.

Off the top of my head that is what I can think of.

Bob