Florida is the largest state in the Southeast and the third largest state in the country. Its booming tourist industry, fashionable cities, and peaceful retirement communities make Florida a great place to invest in real estate. One of the best reasons for choosing to invest in Florida real estate is the tremendous amount of growth in this prosperous state and the wide range of opportunities it presents. Once you’ve chosen your investment, it’s a good idea to work with an experienced Florida real estate attorney to help you structure the deal to your advantage. Here are some tips that can help you get started with investing in Florida real estate.
Define Your Investment Goal
The first question to ask is whether you’re planning to hold the property long term or flip it quickly? If you’re planning to hold the property, do you want to invest in a luxury home or condo to rent out now and retire in later? Are you interested in income properties such as blocks of apartments or a strip mall that rents to store owners? It’s smart to have a clear idea of your investment goal before looking into properties to consider. You don’t have to do this alone. Real estate attorneys and investment professionals can help you understand the tax implications and other legal issues for different types of real estate deals. This information can help determine your investment goal.
Location, Location, Location
If you’re looking to “fix and flip” Miami, Delray Beach, Orlando, and other trendy areas are the place to start. See if you can find a property that is structurally sound, but with dated fixtures. If you’re creative, a facelift can sometimes double the value of this type of property. The walkable neighborhood trend has reached Florida, making properties within walking distance to shops and restaurants very desirable. If you want to hold onto a property long term, it’s wise to seek out up and coming cities where prices haven’t yet peaked such as Ft. Meyers, Miramar, Port St. Lucie and Cape Coral. Once you choose your location, it’s a good idea to consult with a real estate attorney in that area who’s familiar with the local laws and ordinances that might impact your investment.
Define Your Buyer or Renter
Florida is known for its “snowbirds,” a population of people that fly to Florida for the Winter. Investing in a condo that would appeal to snowbirds might be an excellent investment. You can either sell after it appreciates in value or hold it to use for yourself as you get older. Once you know you’re targeting “snowbirds,” you’ll need to look at places that have golf, tennis and other amenities that appeal to this group. The same approach should be taken if you are considering renting apartments to young professionals, vacation properties to families, or studio apartments to students. If you buy the right property for the buyer or renter you’re seeking to attract, your likelihood of success increases.
Work With An Experienced Florida Real Estate Attorney
Before you sign any documents for the sale of a property, it’s a good idea to speak to an experienced Florida real estate attorney to make sure that your legal interests are protected.
