All Forum Posts by: Chris Adams

I am currently also looking into the various markets in FL. I personally am from SoFla and know certain areas very well, and I can't say the same for the rest of the state. The thing about Florida, as some other states can also relate to, is that every sub-geographic area will completely change the feel/vibe/cost, etc, which in turn will change the demographic/income ratio/quality/value, etc. 

For the price point in which you are bringing to the table, I would search the outskirt towns of Tampa (booming sister-city to Miami/Ft Lauderdale), Jacksonville (currently going through massive overhaul), Tallahassee (state capital with a large state college, great for college focused rentals), Gainesville (University of Florida, large medical employer, and lots of natural geographic attractions such as springs), and I would swap Lakeland for Ocala (Lakeland is notorious for sinkholes which insurance will not cover, and Ocala is currently a big focus for development and tech moving in such as Amazon). 

Tampa proper, Orlando, Miami/Ft Lauderdale are three of the largest markets in the US currently - with rental rates that are keeping up with insane growth rates - but it will be hard to find something that will not require months and months of searching and being beaten out by cash investors with higher than appraised offers. And you will most likely have to do some updates/renos to get it in prime rental status, so more 

That being said, I am from SoFla and currently own a fix-in-flip condo where the HOA fees keep going up. Luckily I purchased off market just before the boom and have rode the inflation up, so my cashflow after we move on will still be well positive. We too are looking to purchase our next rental next year, and what I am mentioned is a rough breakdown of our findings so far for FL. If you were to ask me what smaller town will go through the largest growth in a decade or so from now, I will say Ocala.

But as all things RE, do your due diligence. Review the growth statistics of the cities mentioned, look at the development incentives the cities are offering to developers, review the average income/job growth rates, and pair that up with rental rates/increases. 

Hope my coffee-fueled ramblings helped!

I too purchased a 2/1 condo in 33311 right in the middle of the redevelopment zone off market and undervalue. Currently a live and flip that will be turned into either a long term rental or short term traveling nurses. 33311 has buildings being knocked down and built right back up month to month. If you drive through it once a month you can see a decent time lapse of it changing. Not the safest neighborhood - yet. But it's definitely going through a growing pain that if the opportunity presents itself, your portfolio will love. Don't rule it out with the current crime stats. 

First time home buyer here under contract for a 2/2 split masters condo right down the street from 4 colleges/universities. I plan on living in the property for a couple years and then rent out eventually. We close in 20 days and I'm trying to build up my remodel itinerary and timeline. Reaching out to the more experienced rehabbers/remodelers, what materials did you guys choose that had a longer use and/or were more resistant to wear n' tear?

The discussion is open to all ideas and materials, but so far I've learned to paint with mildew primer in the bathrooms followed with semi-gloss paint, go with American Standard Cadet 3 style toilets, install commercial grid drains, still on the fence about high end laminate flooring or wood style tile, etc. etc. 

@Ben F. yea my credit score is 780+. He was saying that it was something about the condo associations needing at minimum 25% down and that most people don't have that amount so he was recommending someone he knows that provides lending. Not trying to be too cautious, but this sounds like one of those "in-house lenders". I'm going to be following up with another realtor that a REI co-worker of mine is recommending with 25+ years of experience just to cross reference.

Anything in the REI's handbook that says that it's unethical to use more than one RE Agent? Just curious...

@Ben F. Thank you for the response. Rentals usually come in anywhere between 1600-1700 a month, but I'm sure I can rent it to grad students for $950 each and generate more monthly, although that would mean turnover every 2-3 years, which with the steady flow of students would mean a good thing. 

When I got with the realtor, he told me that most condo associations require that the buyer put 25% down. Is this normal? I wasn't planning on putting that much down. He said it had something to do with the bank not approving it, and then recommend a mortgage broker that he knew that would do a 75/15/10% loan or something like that. Was a bit confused even when I asked him to explain further..

First time home buyer, about to get pre-approved letter within the hour and going to go look at a property that I've had my eye on that's been on the market for 60+ days (not uncommon in my area). Long story short, I've been defaulted into analysis paralysis for over a year now due to my soon to be wife in grad school - but she's about to graduate at the end of the year and I've cranked my gauge from passively watching to actively hunting now.

The property in question is a 2/2 condo 1180 sqft (large for my area) listed for $184,900. Another exact unit in a sister building was listed for $192,900 and an offer was accepted yesterday (in the 80's says the broker I spoke to who is also representing this unit). Now, the units are just a mile from my job, a mile from three major colleges/universities, and a mile from a major highway intersection, but still tucked away in a quiet golf community. Funny enough, the golf course is the host of the major university's golf club. The rental has been owned by one guy for 20 years (lived in it a bit and rented it out the rest and is looking to unload). He has recently renovated it and quite frankly, they look nice enough for me to be considered turn key. HOA is $319, covering exterior, insurance, water and club. High for the national average, but average for SoFla area.

How low should I place my first offer? I like the property, I'm not going to cry if a lose out on it, but I would like to place an offer that is lower but not offending the seller so they take me seriously. I feel like this property due to its location would be an amazing future rental due to the expanding university in such close proximity. Thoughts?