07-05-2011 06:16 AM
I am a Canadian and am looking to invest in some real estate in Florida, possibly Orlando. I would like to know if anyone can reccomend a good area to start lookign in which would allow a modest price (under 70,000) and would allow some long-term rental opportunities.
Any suggestions are welcome. Thanks in advance,
07-05-2011 02:57 PM
For the price point, and looking for long term rental, I would recommend Davenport, Claremont, Kissimmee and Orlando. Poinciana may also be a possibility.
07-06-2011 05:21 AM
I specialize in helping second home/investment buyers like yourself. For long term cash returns I would have some additional suggestions. What are you goals on cash return ? Are you considering cash purchase? With the 70k I have a few scenarios I could share with you. Location and carrying cost will be key. I can identify properties by area that are historically better performers. About how long are you looking to hold the property?
07-06-2011 05:52 AM
Hi John and Lisa,
Thank you very much for the info. Much appreciated.
Lisa, in answer to your questions, I could put about 40K down cash, and borrow the remainder. In a few months time, this woud be closer to 50K. I would like to be as close to these figures as possible in terms of price. As long as there was income coming in, I would not be interested in selling the property before 10 years or so.
In terms of cash return, I am looking to generate in the neighborhood of 500$/month net.
Do you think these are reasonable goals, and can they be sustained both int eh short and medium term?
07-07-2011 09:42 AM
The answer is YES. I am doing that now with TWO properties in Davenport.
I only put 20% down on each and each was about $100,000. I rent them both for $1000/month.
If you put down $40K on a $100K property you WILL net $450+ monthly AFTER ALL expenses.
I have a great property manager if you're interested. I live in CT so this was a necessity
07-07-2011 04:04 PM
Well, if You are looking for Investment - do NOT pick Clermont ,
Davenport and Poinciana - no potential, no good communities - prices are
falling down day by day. Houses might be nice, but driving ONE 2-lane traffic
road , which is always full – no pleasure, that’s why people are leaving the
area – no roads, no jobs.
The most reliable areas with potential would be Maitland, Winter
Park and possibly Casselberry .
You may pick Kissimmee, if You don’t mind Spanish community and
plenty tourists on every step.
07-07-2011 05:24 PM
Thanks for the opinons. I would like to know more about why people are anti-Davenport. There seem to be big differences in areas with Davenport, would people suggest to avoid all of Davenport?
I do not plan to use the property for myself as a residence. All the same, I want to avoid run-down areas.
In terms of Winter Park, what are the major advantages over Davenport?
Thanks again for your time,
07-07-2011 05:28 PM
Not much jobs,
not well established communities
rent would be cheap, HOA - pretty high,
so HOA and Tax will "eat" all Your investments
07-08-2011 03:00 AM
Thanks again for the reply. In terms of Winter Garden, would you say that the rental market is relatively strong?
Also, are there any streets/areas to target, and others to stay away from?