YOU WILL LOVE IT!
Considerations for Out of State Buyers
Investing in property in Florida might seem appealing if you live in an area where real estate is expensive. It might also appear attractive if you already own property where you live and you want to diversify your holdings. Or, you may want to own an income generating investment property.
Reasons to Buy
The Florida the market fundamentals are sound, but property costs may be significantly lower than the State or Country where you reside.
Perhaps the main reason people decide to invest in property in Florida is that the return on investment (ROI) may be better here than it is at home.
Prices, appreciation rates, mortgage expenses (if any), taxes, regulations, rental market conditions and more are all factors that might be more favorable in Florida and will contribute to a property's potential ROI. (We will provide you a free investment analysis on any property you may be considering)
Challenges to Consider
When you invest in Florida, you must overcome your lack of familiarity with the local market and with its local economic conditions. You don't have an in-depth understanding of the best locations to invest – or the worst. (Our Team lives and knows all of Tampa Bay and the commercial property values in different geographical locations)
Having a Successful Purchase
The secret to many out-of-state investors' success is to find and hire an excellent property management company. You'll need them to help you fill vacancies, collect rent, make repairs and handle emergencies. (We can help you with Property Management and repairs)
Be aware that even with a property management company on your payroll, you'll still need to make occasional visits to your property to make sure that what managers and tenants tell you matches reality. (We will provide pictures of your property and report any issues)
Also, when purchasing a rental home, (this may not pertain to Commercial Property), you're likely to encounter higher homeowners insurance rates, higher mortgage interest rates and higher down payment requirements because lenders will consider you a riskier borrower than an owner-occupant. You'll also complicate your tax situation by owning rental property and earning income in more than one state. (Our Team includes Attorneys and Tax Advisors)
Also, finding quality tenants is extra important for absentee landlords. You won't be there to keep a close eye on your tenants' behavior or their treatment of the property, nor will you be there to pressure them to pay if the rent is past due. We can assist you with Property Management and help you find “Credit Worthy” Tenants for your Income Property.