Florida Realestsate
05-23-2017, 10:46 AM
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11 hours ago · #1
Florida property folks
I live in Hawaii...My sister lives in Brevard county Florida.
Shes swearing that I should buy some property there.
I had my heart set on Vegas property..
BUT...
All my research is kinda pointing to this..
A 100k Vegas property rents for around 900 a month
A 100k Florida property rents for around 1150 a month
It "seems" like Florida is a better ROI
So I have around 140k to play with..Im a pretty simple guy. I was thinking to just buy a 140k house in cash ( surprisingly pretty decent 1600 sg ft homes in Florida for this price) and then rent out said home for aprox 1300 a month.
Seems like a quick easy way to put another 1000 bucks in my pocket each month.
Im figuring property taxes, rental agency, maybe slight HOA fees will eat up 300 a month of that 1300 passive income..
BUT...
People are telling me Id be better off buying 2 or 3 properties at 80k each...
Putting 20k down on each...
So financing 60k x3 properties
550 a month each after property taxes and rental agency are added on top of the 300 a month mortguages
550x3 is 1650 a month owed on properties
Each property rents for 1000
1000x3= 3000 a month
3000 minus 1650 = 1350 passive income in my pocket each month...
Also since I only invested 20k into each of the properties, I still have 80k in my account
I have only owned a home that I lived at. I have never purchased a rental property.
Any insight would be greatly appreciated.
05-24-2017, 06:25 AM
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Sorry to burst your bubble on this but you being in another state and needing to rely on a property manager will make this a less than desirable situation for you.
1. The numbers only make sense on paper they are more fiction than reality. A couple years ago this was true you could buy nice houses for 30-50K and put 10K in and have a nice rental now those houses are 100K, and still need 10-20K of work.
2. The contractors know you are in a rising real estate market and are over charging for everything, do not do good work unless you can supervise and call them on this, and are slow.
3. You are pretty correct with the $300 going out a month for tax/insurance/property management if you get one to manage at 5%, but it is usually 10% so probably closer to $350 a month, but you fail to factor in maintenance tack on at least $100 more a month. My business model over the past year has changed to what I call accidental land lords property people that did what you are trying to do that do not understand differed maintenance they bout for 70K-80K put 5 to 10K in rented the house for a year or so and are going this is not for me, now since they did not keep up with the house (renters are hard on houses they do not keep the house like an owner most of the time) I am buying the house for less then they have in.
4. The property manager does not care you pay them 10% to collect rent and call someone if something breaks all that just gets passed on to you they also only care that someone passes the screening process and if they really cannot afford the house they do not loose anything.
5. The $1300 a month can occur, but that is not the norm for a 140K house it is more like $1000 to $1100 a month to get $1300 you need the right finishing and tenant (someone that does not know the area and just need a place that falls in love with the house) this means the house sits for months costing you money, the neighborhood I live in and am selling my house is 3:2:2 1300sqft houses gated community they are selling for 160K to 170K and they only get 1300 to 1400.
The one way that you can make money on this is if you are very disciplined buy a livable house in the 80 to 100K range, rent it out one year, hope the market keeps going up over this next year, then sale. Take the profit from the rental money and property appreciation and be happy with that.
If you have questions PM me I would be happy to talk, but unless you are in the area to DYI the management this is going to be more trouble for you than it is worth, and a good chance you can loose money. If this was your idea 3 years ago that would have been different and you could not loose, not now the market has moved to much.
1. The numbers only make sense on paper they are more fiction than reality. A couple years ago this was true you could buy nice houses for 30-50K and put 10K in and have a nice rental now those houses are 100K, and still need 10-20K of work.
2. The contractors know you are in a rising real estate market and are over charging for everything, do not do good work unless you can supervise and call them on this, and are slow.
3. You are pretty correct with the $300 going out a month for tax/insurance/property management if you get one to manage at 5%, but it is usually 10% so probably closer to $350 a month, but you fail to factor in maintenance tack on at least $100 more a month. My business model over the past year has changed to what I call accidental land lords property people that did what you are trying to do that do not understand differed maintenance they bout for 70K-80K put 5 to 10K in rented the house for a year or so and are going this is not for me, now since they did not keep up with the house (renters are hard on houses they do not keep the house like an owner most of the time) I am buying the house for less then they have in.
4. The property manager does not care you pay them 10% to collect rent and call someone if something breaks all that just gets passed on to you they also only care that someone passes the screening process and if they really cannot afford the house they do not loose anything.
5. The $1300 a month can occur, but that is not the norm for a 140K house it is more like $1000 to $1100 a month to get $1300 you need the right finishing and tenant (someone that does not know the area and just need a place that falls in love with the house) this means the house sits for months costing you money, the neighborhood I live in and am selling my house is 3:2:2 1300sqft houses gated community they are selling for 160K to 170K and they only get 1300 to 1400.
The one way that you can make money on this is if you are very disciplined buy a livable house in the 80 to 100K range, rent it out one year, hope the market keeps going up over this next year, then sale. Take the profit from the rental money and property appreciation and be happy with that.
If you have questions PM me I would be happy to talk, but unless you are in the area to DYI the management this is going to be more trouble for you than it is worth, and a good chance you can loose money. If this was your idea 3 years ago that would have been different and you could not loose, not now the market has moved to much.
05-24-2017, 11:41 PM
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Sorry to burst your bubble on this but you being in another state and needing to rely on a property manager will make this a less than desirable situation for you.
1. The numbers only make sense on paper they are more fiction than reality. A couple years ago this was true you could buy nice houses for 30-50K and put 10K in and have a nice rental now those houses are 100K, and still need 10-20K of work.
2. The contractors know you are in a rising real estate market and are over charging for everything, do not do good work unless you can supervise and call them on this, and are slow.
3. You are pretty correct with the $300 going out a month for tax/insurance/property management if you get one to manage at 5%, but it is usually 10% so probably closer to $350 a month, but you fail to factor in maintenance tack on at least $100 more a month. My business model over the past year has changed to what I call accidental land lords property people that did what you are trying to do that do not understand differed maintenance they bout for 70K-80K put 5 to 10K in rented the house for a year or so and are going this is not for me, now since they did not keep up with the house (renters are hard on houses they do not keep the house like an owner most of the time) I am buying the house for less then they have in.
4. The property manager does not care you pay them 10% to collect rent and call someone if something breaks all that just gets passed on to you they also only care that someone passes the screening process and if they really cannot afford the house they do not loose anything.
5. The $1300 a month can occur, but that is not the norm for a 140K house it is more like $1000 to $1100 a month to get $1300 you need the right finishing and tenant (someone that does not know the area and just need a place that falls in love with the house) this means the house sits for months costing you money, the neighborhood I live in and am selling my house is 3:2:2 1300sqft houses gated community they are selling for 160K to 170K and they only get 1300 to 1400.
The one way that you can make money on this is if you are very disciplined buy a livable house in the 80 to 100K range, rent it out one year, hope the market keeps going up over this next year, then sale. Take the profit from the rental money and property appreciation and be happy with that.
If you have questions PM me I would be happy to talk, but unless you are in the area to DYI the management this is going to be more trouble for you than it is worth, and a good chance you can loose money. If this was your idea 3 years ago that would have been different and you could not loose, not now the market has moved to much.
1. The numbers only make sense on paper they are more fiction than reality. A couple years ago this was true you could buy nice houses for 30-50K and put 10K in and have a nice rental now those houses are 100K, and still need 10-20K of work.
2. The contractors know you are in a rising real estate market and are over charging for everything, do not do good work unless you can supervise and call them on this, and are slow.
3. You are pretty correct with the $300 going out a month for tax/insurance/property management if you get one to manage at 5%, but it is usually 10% so probably closer to $350 a month, but you fail to factor in maintenance tack on at least $100 more a month. My business model over the past year has changed to what I call accidental land lords property people that did what you are trying to do that do not understand differed maintenance they bout for 70K-80K put 5 to 10K in rented the house for a year or so and are going this is not for me, now since they did not keep up with the house (renters are hard on houses they do not keep the house like an owner most of the time) I am buying the house for less then they have in.
4. The property manager does not care you pay them 10% to collect rent and call someone if something breaks all that just gets passed on to you they also only care that someone passes the screening process and if they really cannot afford the house they do not loose anything.
5. The $1300 a month can occur, but that is not the norm for a 140K house it is more like $1000 to $1100 a month to get $1300 you need the right finishing and tenant (someone that does not know the area and just need a place that falls in love with the house) this means the house sits for months costing you money, the neighborhood I live in and am selling my house is 3:2:2 1300sqft houses gated community they are selling for 160K to 170K and they only get 1300 to 1400.
The one way that you can make money on this is if you are very disciplined buy a livable house in the 80 to 100K range, rent it out one year, hope the market keeps going up over this next year, then sale. Take the profit from the rental money and property appreciation and be happy with that.
If you have questions PM me I would be happy to talk, but unless you are in the area to DYI the management this is going to be more trouble for you than it is worth, and a good chance you can loose money. If this was your idea 3 years ago that would have been different and you could not loose, not now the market has moved to much.
Thank you VERY much. Very informative
05-25-2017, 12:06 AM
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Never owned a rental that didn't need a total refurb after every tenant, and believe me you can not rent to a person because you don't like the way they look. save your money put some in a good brokers hands and you should be good.
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05-25-2017, 03:30 PM
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Well I can't help you very much on advice, but a good personal friend of mine is a real estate agent and I am sure he would be happy to help you out. http://www.liveflnow.com/
His name is Vince, tell him Justin referred you to him. I have known him since middle school and his wife even longer. By the way, your username is awesome! I am going to see Metallica here in Orlando and Miami in July, which will be my 5th and 6th time seeing them live.
His name is Vince, tell him Justin referred you to him. I have known him since middle school and his wife even longer. By the way, your username is awesome! I am going to see Metallica here in Orlando and Miami in July, which will be my 5th and 6th time seeing them live.
05-25-2017, 06:17 PM
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Well I can't help you very much on advice, but a good personal friend of mine is a real estate agent and I am sure he would be happy to help you out. http://www.liveflnow.com/
His name is Vince, tell him Justin referred you to him. I have known him since middle school and his wife even longer. By the way, your username is awesome! I am going to see Metallica here in Orlando and Miami in July, which will be my 5th and 6th time seeing them live.
His name is Vince, tell him Justin referred you to him. I have known him since middle school and his wife even longer. By the way, your username is awesome! I am going to see Metallica here in Orlando and Miami in July, which will be my 5th and 6th time seeing them live.
Thank you!!!!!
Whats the diff between cocoa and cocoa beach???
05-26-2017, 09:14 AM
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05-26-2017, 11:41 AM
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I'm from Titusville/Port St. John and yes its too much up and down. Primarily because the Government's Space Shuttle program was retired in '12 and it went to Space-X an independent based company. My wife worked for the United Space Alliance and was laid off with ten thousand plus other people in the "Spacecoast" area. We moved not long after Space-X took over.
05-31-2017, 07:27 AM
#13
I am buying up everything I can down here. I moved from MD 5 years ago and it was a great decision.
Cocoa is for the most part a big ghetto. Cocoa beach is very nice and on the other side opposite of Merritt Island
Shame rail got shot down for the port....it would have helped PSJ and Titusville come back after shuttle progam ended.
Cocoa is for the most part a big ghetto. Cocoa beach is very nice and on the other side opposite of Merritt Island
Shame rail got shot down for the port....it would have helped PSJ and Titusville come back after shuttle progam ended.
06-04-2017, 07:51 PM
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Sorry to burst your bubble on this but you being in another state and needing to rely on a property manager will make this a less than desirable situation for you.
1. The numbers only make sense on paper they are more fiction than reality. A couple years ago this was true you could buy nice houses for 30-50K and put 10K in and have a nice rental now those houses are 100K, and still need 10-20K of work.
2. The contractors know you are in a rising real estate market and are over charging for everything, do not do good work unless you can supervise and call them on this, and are slow.
3. You are pretty correct with the $300 going out a month for tax/insurance/property management if you get one to manage at 5%, but it is usually 10% so probably closer to $350 a month, but you fail to factor in maintenance tack on at least $100 more a month. My business model over the past year has changed to what I call accidental land lords property people that did what you are trying to do that do not understand differed maintenance they bout for 70K-80K put 5 to 10K in rented the house for a year or so and are going this is not for me, now since they did not keep up with the house (renters are hard on houses they do not keep the house like an owner most of the time) I am buying the house for less then they have in.
4. The property manager does not care you pay them 10% to collect rent and call someone if something breaks all that just gets passed on to you they also only care that someone passes the screening process and if they really cannot afford the house they do not loose anything.
5. The $1300 a month can occur, but that is not the norm for a 140K house it is more like $1000 to $1100 a month to get $1300 you need the right finishing and tenant (someone that does not know the area and just need a place that falls in love with the house) this means the house sits for months costing you money, the neighborhood I live in and am selling my house is 3:2:2 1300sqft houses gated community they are selling for 160K to 170K and they only get 1300 to 1400.
The one way that you can make money on this is if you are very disciplined buy a livable house in the 80 to 100K range, rent it out one year, hope the market keeps going up over this next year, then sale. Take the profit from the rental money and property appreciation and be happy with that.
If you have questions PM me I would be happy to talk, but unless you are in the area to DYI the management this is going to be more trouble for you than it is worth, and a good chance you can loose money. If this was your idea 3 years ago that would have been different and you could not loose, not now the market has moved to much.
1. The numbers only make sense on paper they are more fiction than reality. A couple years ago this was true you could buy nice houses for 30-50K and put 10K in and have a nice rental now those houses are 100K, and still need 10-20K of work.
2. The contractors know you are in a rising real estate market and are over charging for everything, do not do good work unless you can supervise and call them on this, and are slow.
3. You are pretty correct with the $300 going out a month for tax/insurance/property management if you get one to manage at 5%, but it is usually 10% so probably closer to $350 a month, but you fail to factor in maintenance tack on at least $100 more a month. My business model over the past year has changed to what I call accidental land lords property people that did what you are trying to do that do not understand differed maintenance they bout for 70K-80K put 5 to 10K in rented the house for a year or so and are going this is not for me, now since they did not keep up with the house (renters are hard on houses they do not keep the house like an owner most of the time) I am buying the house for less then they have in.
4. The property manager does not care you pay them 10% to collect rent and call someone if something breaks all that just gets passed on to you they also only care that someone passes the screening process and if they really cannot afford the house they do not loose anything.
5. The $1300 a month can occur, but that is not the norm for a 140K house it is more like $1000 to $1100 a month to get $1300 you need the right finishing and tenant (someone that does not know the area and just need a place that falls in love with the house) this means the house sits for months costing you money, the neighborhood I live in and am selling my house is 3:2:2 1300sqft houses gated community they are selling for 160K to 170K and they only get 1300 to 1400.
The one way that you can make money on this is if you are very disciplined buy a livable house in the 80 to 100K range, rent it out one year, hope the market keeps going up over this next year, then sale. Take the profit from the rental money and property appreciation and be happy with that.
If you have questions PM me I would be happy to talk, but unless you are in the area to DYI the management this is going to be more trouble for you than it is worth, and a good chance you can loose money. If this was your idea 3 years ago that would have been different and you could not loose, not now the market has moved to much.
Still buying what I can on the east side of Orlando. Near the college always rents. And the parents usually pay for damages with out question.
06-07-2017, 03:43 PM
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I was born in Fort Lauderdale,Fl (broward county).Still live here near Ft.lauderdale beach,I can't take living and working down here anymore.I've seen a lot of changes in 43 years.I will be moving to North Carolina or Arizona when i retire in a few years,If you move anywhere in florida the Daytona beach area is pretty cool I'm up that way a lot.
The property values are going up really fast near Fort Lauderdale so I would buy something pretty quick.Good Luck
The property values are going up really fast near Fort Lauderdale so I would buy something pretty quick.Good Luck
