buying a rental house in S Fla?

anyone with experience with the market down there? around Ft Lauderdale etc? good? bad?

 

No way man.
Itll be under water in less than a couple years. Don't you watch CNN?

 

Any particular reason why you are looking there? I was born and raised here in Florida and can't think of any particular reason why I would pick Ft. Lauderdale.

 

Miami area...in general

 

Literally or financially?

 

Too expensive to buy for rental although I have never looked in the poorer areas for slum lording.

I have a rental that was originally $169k and rent it cheap at $1500 just to keep the problem-free tenants in year 5.

 

This house screams rental. As you may notice, the problem with rentals in so fla is the renters. You have two families crammed in one house parking 6 cars on the lawn.

https://www.realtor.com/realestateandhomes-detail/1500-N-74th-Ter_Hollywood_FL_33024_M66994-64489?

 

But, why there?

 

There is no way I would consider purchasing a rental home or apartment in Ft. Lauderdale area. The ability to find quality renters even in the nicest area , that being the Narrow outer island area right on the Ocean is impossible.
My brother owns 8 rental units on Seville St , which runs a block and a half between the intercostal and the ocean . This is a very desirable area . But the horror stories I’ve heard over the years about his tenants are unbelievable.

 

Are you an experienced investor?

I manage 30+ units in Fll and don’t want to believe is going under water any time soon.

I’ve studied different markets in Florida and even the South Carolinas. I’m finding that I want to stick with what i know.

 

owning 1 or 2 rentals, far from where you live, is a horrible idea.
One thing to consider is a vacation condo that is managed by a rental company. Fully furnished, short term rentals. Had a couple of family members do this. The rental co. takes a bigger cut, but they have to oversee getting the rental ready for each occupant. This frees up the unit from time to time for you to use as a vacation.. still.. i can't see how it's a good idea if you didn't buy years ago at lower prices.
Money in almost any well diversified mutual fund would have netted a tidy +-20% this past year. can't say that will continue.

 

basically its an area where people tend to want to move to (vs say Nebraska lol). it is my GF thinking of the investment, and we have been there a few times.

anyone have any thoughts on vegas as an alternative. its certainly closer (3hr drive), but cant be rented on A B&B....

 

If you're looking at Florida, I'd look anywhere between Tampa and Fort Meyers before I ever considered SE Florida.

 

My neighbor in Lake Mary made a killing with Air BnB. Still reasonable property in that area.

 

We've been looking in marathon

 

No. They all want to move where I live. Sarasota county. Look there. East coast is slum coast.

 

This!!!!!

 

I don’t know Florida, but have thought I could end up there someday, why is this a good area and the other area bad?