Home Buying in 33020>Question Details

Quangthuylam, Home Buyer in 92128

i am looking to invest in homes in south florida but i currently live in california.

Asked by Quangthuylam, 92128 Tue Feb 21, 2012

I will have around 100k to invest but i would like to use that money to get as many properties as possible. what should my first step be?

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Answers

5
I have to politely disagree. South Florida is rather large...and has a lot of properties for sale - some under 100K. My partner specializes in working with investors, and his 3 recent closings were way under 100K. All were amazing deals...That said, we all are noticing prices rapidly going up, so you got to jump to get the benefit of the still low prices and low rates (if you would buy with a mortgage).

Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com
0 votes Thank Flag Link Sun Mar 25, 2012
I would keep saving. You can't buy much in south Florida for 100k.
0 votes Thank Flag Link Thu Mar 22, 2012
When investing in out of state properties, you have to ask yourself how you'll be handling the possible rehabbing and if it will be a flip or a long term rental.
Then, you'll have to carefully select the area - looking both at the prices and the rental returns, if you choose to work with rentals. If a flip, you have to invest into the areas with less of a crime rate, or you'll see your appliances "walking away", never to be found.
While there are still a lot of properties to choose from, the good ones - those that are priced competitively, get off the market very quickly.
You have to choose a very good agent, specializing in working with investors, and I'd also suggest you come to visit and drive around to get a good feel for the areas you are considering investing in.

Hope this helps!

For more questions,
Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Mar 22, 2012
Quang, your first step should be to determine your level of risk tolerance and your return on investment rate. For 100K, you can get one, and possibly two properties, but they won't be in the best neighborhood, and likely not in the best condition. You will have fewer headaches, but less returns if you instead choose to purchase a single unit in a better neighborhood. Give me a call if you would like to discuss this further.
0 votes Thank Flag Link Wed Feb 22, 2012
Quangthuylam,

How you proceed with your investments depends on what your investment goals and risk tollerances are, just like the stock market. Do you want to invest in long term rental properties? Do you want to invest in shorter term condo-type properties that you rent out for a week at a time during the tourist season? Are you looking to do any repairs or upgrades or do you want to buy something that is ready to rent out?

These questions, and others are a very important aspect of how you invest in real estate and each has different returns on investment and risks.

I do not handle real estate in Florida, but I have helped several investors in the Dallas, TX area. Our cost of housing is cheap, our rental rates are jumping significantly, and our economy is one of the best in the nation. For 100k, would probably only be able to get 1 good property (most investment homes are costing between 60 and 80k), but it might be a better idea to use that cash for down payments on 2, 3, or even 4 properties and finance the rest. Again, it all depends on your risk tollerance and goals.

If you would consider investing in the Dallas, TX area, give me a call and we can discuss what your needs and objectives are.

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
0 votes Thank Flag Link Wed Feb 22, 2012
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