Best Markets for Florida Real Estate Investing
Best Markets for Florida Real Estate Investing
Although plenty of Florida real estate investing opportunities exists, most investors are uncertain of market conditions within the Sunshine State. Prior to the banking crisis, Florida was a mecca for investors due to the abundance of tourism and number of people who relocated to the state.
Many investors find Florida real estate investing enticing because the state still ranks at the top of desirable vacation destinations. However, many tourists opt for RV rentals and spend vacation dollars at campgrounds instead of renting vacation homes.
One consideration of investing in Florida properties is the high rate of foreclosure. A recent report states 18-percent of properties in Orange County are vacant due to extensive foreclosure. This has left thousands of homeowners in need of a place to live.
Investors can capitalize on this market by investing in residential homes and offering owner will carry financing options. Doing so allows investors to obtain positive cash flow and grants foreclosed homeowners the opportunity to buy a house while restoring credit.
There is still a need for vacation rentals; however, much of the market is flooded. Those who wish to invest in vacation properties may find it beneficial to work with experienced realtors familiar with the state. Doing so can help investors minimize risks of being unable to keep properties rented.
Some of the more popular vacation destinations include Daytona Beach, Orlando, and Key West. Daytona is home to numerous motorsports events including NASCAR, Formula One, and Grand Am racing, while Orlando is home to family fun destinations such as Sea World and Walt Disney World Resort. Key West tends to attract vacationers with larger amounts of disposable income.
Home to the "World's Most Famous Beach", Daytona is located in Volusia County. In addition to beautiful beaches, Daytona is notable for racing venues. The motorsports racetrack is located just a few blocks from Daytona Beach International Airport.
Several residential communities are positioned within a 5-mile radius of the track; making an ideal location for vacation rentals. Investors will need to determine if houses are located in communities governed by homeowner's associations as HOAs often prohibit leasing homes on short-term basis.
A few popular housing communities include those located on Tomoka Farms Road, Williamson Boulevard, and Clyde Morris Boulevard. Homes in this area have a median price of $185,500 for a 3 bedroom/2 bath home.
Orlando offers numerous home buying opportunities, but certain areas have a high crime rate and aren't conducive for investing. These include: Orange Blossom Trail and International Drive where the majority of major tourist attractions are located. Instead, consider buying investment homes located in Winter Park, Baldwin Park, Dr. Phillips, Altamonte Springs, and Oviedo.
Investors often bypass investing in Key West real estate for fear properties are too expensive. While it is true this area consists of higher priced properties, those who visit the area are willing to pay higher rental rates to vacation in paradise.
Locating good deals in Key West requires investors to keep a close eye of property listings. With patience and persistent investors can buy property on this desirable island. Presently, the median cost of a 2 bedroom/1 bath seaside villa is $185,500.
Due to the number of foreclosures, many investors scout out distressed properties for sale. One good source for locating residential properties for sale is Fannie Mae Homepath. In addition to offering reduced prices, many of these homes qualify for grants offered through HUDs Neighborhood Stabilization Program.
Investors can obtain up to 5 NSP grants when buying houses in communities hit hard by foreclosure. Combining NSP grants with Fannie Mae Homepath properties and applying for financing through Home Path Mortgage can save investors a substantial sum of money.
There is plenty of Florida real estate investing opportunities available to investors regardless of their budget. In addition to residential properties, investors can also find superb deals on commercial real estate or even invest in a private island.
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