Chasing Success - Our Florida Real Estate Experience
We were in Florida last month attempting to purchase some real estate we could cash flow. It was interesting, and good learning process for a market we hadn't visited before. We were actually poised to pick up as many as 1000 houses - and didn't end up buying a thing. I hope some insights from our trip may help you in the Florida market - or any other southern US market during this troubled time.
I'll be putting up several posts about our experience, but here's a few highlights of what we encountered:
The Florida market was still in a massive slide with the bottom a long ways off. Many brokers, asset managers, and other investors kept talking about "what a great time to buy". This was at best wishful thinking and at worst complete lies.
Exit strategies are king - ignore at your peril. For example, if you are renting, get your renters and costs lined up immediately and know it all before you buy. With housing prices, rental prices are also crashing. We were surprise witnesses to another investor's "moment of truth" after he purchased 2 homes.
In Lee County (Fort Myers, Cape Coral, part of Boca Grande, Lehigh Acres) property taxes were out of this world, from our perspective. Average tax costs for a 3 bed/2 bath were around 400 to 500 per month. There there were special assessments.
Some areas have greater potential than others - Orlando is a far better place to be than Jacksonville or Cape Coral. Having said that, I would rather be in Arizona or Calgary. There's a bunch more that we could say - and that will come out in the next few days and weeks. Keep posted.
The Ozone Man Opens Office in S. Florida; Offers Course for ... - MarketWatch
So now it's Jackie Mason's turn to sell Florida Jews on McCain, it ... - Los Angeles Times
BBC News So now it's Jackie Mason's turn to sell Florida Jews on McCain, it ... Los Angeles Times, CA - The freshman Illinois Democrat is not doing as well among older Florida Jews as even Bostonian John Kerry in 2004. And they are a crucial voting bloc. ... Video: Changing Minds In Florida The Great Schlep The Great American Guilt Trip -Florida Gators linebacker Brandon Spikes named SEC Defensive ... - MiamiHerald.com
New York Times Florida Gators linebacker Brandon Spikes named SEC Defensive ... MiamiHerald.com, FL - Spikes, a junior, made the first two interceptions of his college career in the game, and he returned the second 52 yards for a touchdown to put Florida ... Tigers trying to put Florida behind them SEC Fastball: Florida has the speed to beat anyone Florida loss casts shadow of doubt at LSU -