Kevin, Home Buyer in Frisco, TX

How is the investment property/rental market in the Ft Myers area?

Asked by Kevin, Frisco, TX Thu Feb 12, 2009

I live in Texas, but after seeing how low some of the prices are in the SW Florida area, I was toying with the idea of buying a 2-3 bedroom home or duplex in the Ft Myers area and using it as a rental. I would use a property management service since I live out of the area.

I have excellent credit, but only about $15-20K as a down payment, so I was primarily looking in the $70-$100K price range. Are landlords with properties in this range getting a positive cash flow?? Would you recommend a single-family home, duplex, or condo? I have no interest in buying anything that would need much work other than flooring, paint, and landscaping.

Does anyone recommend this, or is it a good way to lose a lot of money fast?

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Answers

5
We are selling many duplexes in the Fort Myers, Cape Coral and Lehigh Acres areas that are a positive cash flow, in good condition you are looking at spending 70k to 100K

http://www.fortmyersnaplescapecoral.com/TodaysForeclosures
0 votes Thank Flag Link Sun Sep 12, 2010
A big part of the answer to this question is your confidence level in attracting good quality tenants. Being a couple thousand miles away is in my opinion a negative. Local landlords have an edge on you as they can personally be more involved in the process. A good source to gauge the market is the local rental section of Craig's List. Your competition is advertising here: http://fortmyers.craigslist.org/apa/
Web Reference: http://www.gulfreturns.com/
0 votes Thank Flag Link Thu Feb 12, 2009
Hi Kevin,
You would do fine if you purchase a foreclosure for example. My wife Karen does property management and has been very successful filing up her listings.You would need a deal to have a positive cash flow, something which I have been able to find but which needs work and luck. I would keep away from condos at this point because of the fees unless you get a supper deal with low fees. I would recommend a single home or a duplex. I am not crazy about duplexes because they are tougher to sale when the times comes but if the location is decent its ok. Yes you can get apositive cash flow, but lets be real here, the price range you are suggesting will not offer you a large cash flow.Due to the enormous amount of foreclosures and short sales you will get a terrific deal but on the other side you will not get lots of $ for rent. Its all about home work and its an exciting time to purchasein SW FL Ft myers.
It will be a case per case situation and I can figure out then what you will be your net with 15K-$20K.

and happy hunting!

LLoyd Nichols Right Choice Realty LLC
cell: 239-810-2980
office: 239-463-5217
Activerain Local Blog: http://localism.com/neighbor/lloydn
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Website: http://www.mlsouthwestfloridahomes.com
Search the MLS in Southwest Florida
0 votes Thank Flag Link Thu Feb 12, 2009
Well, Kevin since they have one of (if not the highest) foreclosure rate in the country you ought to be able to pick up some deals. The only thing to think of is if the economy that bad there who is going to rent it?

I use to live about 30 minutes away at Burnt Store Marina and CC. Ft. Myers was the closest small city that you could go to for something to do. Cape Coral is right across the river and if you go down a little farther you find Sanibel and then Naples. So these are nice areas.

I would say your best bet is to go ahead and find a buyers agent there in Ft. Myers. I can put you in touch with one of our top agents in the area if you like. Feel free to contact me through my profile here on Trulia.

Hope this helps,
0 votes Thank Flag Link Thu Feb 12, 2009
Kevin, If you haven't already done it, you might try these sites for a look at rental trends and price comparables.....http://www.zilpy.com/ ................. http://www.rentometer.com/
Good luck, Dunes
0 votes Thank Flag Link Thu Feb 12, 2009
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