Buying Florida Investment Properties
http://www.housebook.ca/articles/8355/1/Buying-Florida-Investment-Properties/Page1.html
Dan Carson
Article by Dan Carson, Specializing in Miami Beach Real Estate & Miami Beach Waterfront Homes in Florida. By Dan Carson
Published on February 23, 2010
Whether you are interested in investing in properties in Miami, or somewhere else in Florida, now would be an excellent opportunity While you may not think about moving to Florida for whatever reason, it would be a good idea to buy properties to rent out as vacation homes
Whether you are interested in investing in properties in Miami, or somewhere else in Florida, now would be an excellent opportunity. While you may not think about moving to Florida for whatever reason, it would be a good idea to buy properties to rent out as vacation homes. More and more people these days are looking for alternatives to hotel lodgings, and the appeal of renting an apartment, condo or villa instead is growing more and more popular.
Why is this you may ask? There are a number of reasons. For one thing, not everyone has a lot of money to spend these days, whether it is for a hotel, or even dining out all the time. Let's say for example that someone is visiting for Spring Break in Miami. Hotels here can cost a fortune, especially during this part of the year. An average hotel here can be as much as $100 a night. Many of these hotels also don't include meals, so there is another $50-$60 a day, at the bare minimum.
Spring break usually lasts a week, so these costs add up. A vacation rental is much less expensive for many people, especially those that are coming in a group. You can charge $1,000 or more for letting people rent your investment property, and they will flock to your rental. Some of the added things you should look for when buying investment real estate are extra bathrooms, a pool or jacuzzi, and modern kitchens. It is up to you to allow pets, but this can be a bad idea. Make sure that you ask for a deposit, not only to keep a booking, but also for a cleaning deposit as well. This should be at least a third of your weekly rates, because it is important that people who rent from you leave the place like they found it.
No matter what kind of property you buy, you need to make sure that it is ready to move in, or one that requires little out of pocket expenses to get ready to rent. Superficial problems like dirty or worn out carpets are not that hard to replace quickly, but having to remodel a kitchen, or replace a lot of fixtures is going to cost you money. Before you buy any investment real estate, hire a qualified home inspector to come in and go over the building. If you are buying any on the East coast of Florida, make sure they are thoroughly inspected for water damage. You should also get extra insurance for each of your properties, covering hurricane damage especially.
It is a good idea to start out with one property, and build from there. Your best bet is to find one that will bring in the most on your investment, one that will keep a steady income. Orlando and the surrounding area is a good idea, since there are amusement parks, but anywhere there is a good beach access can also be a good investment. Do your homework, and research areas that are going to be the best.
Why is this you may ask? There are a number of reasons. For one thing, not everyone has a lot of money to spend these days, whether it is for a hotel, or even dining out all the time. Let's say for example that someone is visiting for Spring Break in Miami. Hotels here can cost a fortune, especially during this part of the year. An average hotel here can be as much as $100 a night. Many of these hotels also don't include meals, so there is another $50-$60 a day, at the bare minimum.
Spring break usually lasts a week, so these costs add up. A vacation rental is much less expensive for many people, especially those that are coming in a group. You can charge $1,000 or more for letting people rent your investment property, and they will flock to your rental. Some of the added things you should look for when buying investment real estate are extra bathrooms, a pool or jacuzzi, and modern kitchens. It is up to you to allow pets, but this can be a bad idea. Make sure that you ask for a deposit, not only to keep a booking, but also for a cleaning deposit as well. This should be at least a third of your weekly rates, because it is important that people who rent from you leave the place like they found it.
No matter what kind of property you buy, you need to make sure that it is ready to move in, or one that requires little out of pocket expenses to get ready to rent. Superficial problems like dirty or worn out carpets are not that hard to replace quickly, but having to remodel a kitchen, or replace a lot of fixtures is going to cost you money. Before you buy any investment real estate, hire a qualified home inspector to come in and go over the building. If you are buying any on the East coast of Florida, make sure they are thoroughly inspected for water damage. You should also get extra insurance for each of your properties, covering hurricane damage especially.
It is a good idea to start out with one property, and build from there. Your best bet is to find one that will bring in the most on your investment, one that will keep a steady income. Orlando and the surrounding area is a good idea, since there are amusement parks, but anywhere there is a good beach access can also be a good investment. Do your homework, and research areas that are going to be the best.