In a nutshell, the last two years we've seen an uptick in out of state investors. The issue I've seen is some of the properties they purchased were in awful condition. Warped roofs, wood rot and area selection among other things. So, in my view it seems they are unloading properties they shouldn't have bought in the first place (or should have had more info about).
As a local realtor who works with investors from all over I will say this. If you are an out of state investor, these things will save you money, time, and make your investments sound. Make sure your realtor can solidify these for you.
1. Property construction- CONCRETE BLOCK, this is what you want here (if it's not a primary residence). We are a very wet humid state that can wreak havoc on wood framed properties (wood rot, termites, storm damage). Most states in America have a majority of framed housing. But in Florida it simply does not do well from an investment standpoint.
2.Flood zones- If you are in a flood zone (or if the house has flooded previosuly) be aware not only will you incur new flooring, drywall costs etc. but if you want to flip the home, NO LOCALS are wanting a home that previously flooded. Thats why some homes are sitting on the market for months...
Those are some big ones for sure. Feel free to message or connect if you have any other questions. But insurance if your property is solid and not in a flood zone still isn't that bad. Hope this helps!
