All Forum Posts by: Bob Ritner

@Bob Ebaugh 

Thanks for the Info. I like the low vacancy rates and growing, vibrant community. It seems everybody's definition of A,B,C,D class rating is different, but I prefer working class neighborhoods where tenants tend to stay longer term. Definitely not a fan of the battle zones, even if they have higher potential return, A little bit lower return, in my opinion is better than the cost of high turnover. I know insurance and property taxes are much higher than I am used to and will definitely be looking in zone "X" as far as FEMA flood zone designations. I really appreciate the offer and will contact you as I narrow my search!

My area, Orange County California, no longer makes sense, that I why I am looking to expand my portfolio elsewhere.   A 200k 1br condo in a "B" to "C" area will rent for $1300 and cash flow $750....a sizzling 4-1/2% return!

Thank you Joe; I've got in in my calendar and will be there.

I am interested in Southern Florida and a planning a scouting trip for a week in January. I was quite active in Southern California between 2009 and 2012, but the pickings here are getting too slim. I have been heavily researching cities on the loop from Orlando to over to the east cost, down to Ft Lauderdale and Miami, west to Cape Coral, to Port Charlotte and up to Clearwater. I know this is kind of like saying I am researching properties somewhere between San Diego and San Francisco, but other than researching demographics, recent listings and sales, current rents and crunching some seemingly favorable numbers (compared to Southern California these days) , I am not very intimately familiar with this area. I am very interested in the thoughts of those who know these various areas.

My general criteria that has served me well in the past is:

1. Buy and hold SFR or condo with 7.5% to 8% minimum NET return after all costs, reserve and property management fees (not interested in vacation rentals)

2. Growing area with comparatively low vacancy rates and potential appreciation

3. Within 8 to 10 miles from the beach

4. Class B or C working class neighborhood, with plenty of kids, but close to areas with educated upper middle class and higher end jobs.

5. Unemployment rate equal or less than the national average (tends to keep people out of mischief and able to pay rent).

6. Buying for cash, less than $150k

My numbers and demographic research tell me one thing, but without boots on the ground and a sense of the neighborhood vibes it is difficult to know where to concentrate my scouting trip. Any suggestions from Florida Vets?

MODERATOR:  NO DEALMAKING IN THIS FORUM, PLEASE. PLEASE DO NOT POST ADS FOR YOUR SERVICES OR PROPERTIES HERE.  SUCH ADS ARE ALLOWED ONLY IN THE MARKETPLACE.

@Joe Homs 

Thanks for the Invite! I will definitely look up the group meeting dates.

@Ali Boone  I am looking in Southeast and Southwest Florida. The foreclosure hangover seems to still be clearing there due to the lengthy foreclosure time so the returns there are looking similar to what I saw in SoCal was in 2009. The devil is in the details, though and they have things to look out for like Chinese drywall, flood zones, high insurance and property tax rates so it is definitely a learning curve....but if it were easy, everyone would do it!

Greetings from Southern California! I have followed BiggerPockets for a couple of years. This is a great site with lots of info, depth and breadth of experience and I have appreciated it as a resource for information. I am an architect, have some development experience, and have been investing in residential rental property for a few years. My first rental purchase was a duplex in 2001, but I started aggressively investing in Southern California in 2009. I have a handful of residential rental properties in Orange County, however Good Cash flow opportunities here have been rare for the last couple of years with prices for condos up 80% to 90% since '09. I am now researching other markets outside of my home turf for investment in SFRs or condos and am looking forward to more actively participating in this unique community.