Topic: Investing in Property in Florida.. need help/advice (Read 1544 times)

Thanks for the vote of confidence

My question to you about investment is : Would you entrust your money to someone else that didn't know anything about what you were giving them money for? Because you're saying that you're gonna invest money in yourself without knowing a thing about the market.

I absolutely, positively LOVE investing in real estate. It by far is the most stable, easiest way to build great long term wealth. The problem is that it isn't simple, and not everyone can do it (Without spending significant sums of research).

I personally know no less than a dozen people that have been in the condo market in Florida. Out of those 12 off the top of my head, 4 have done great, 4 have done average, 4 lost their money. The thing with property is you NEED TO LEARN WHAT YOU ARE DOING! Don't take advice from one person (Even me), take advice from SEVERAL people, talk to agents, talk to investors in the area, try and find a mentor if you can. Don't start spending money on books, seminars, ect. Just get on biggerpockets.com, start reading threads by larger investors (there's a few guys on there that have tens of millions of dollars in their portfolio and they will be quite open about it.)

You NEED to spend time learning about it, otherwise you're a great candidate for your money in some sort of scam, scheme or problem. Spend the next YEAR, maybe even TWO YEARS learning about real estate, your market, how deals work and the like. This isn't something you learn by reading a couple of forum posts and make money.

I can verify from personal experience this is true. We use to own a condo in Florida to rent out. Not only did the condo lose a ton of value, but the management severely fucked us over for several years. They rented out our condo to people, but told us it was vacant so we never got the rent money. On top of that, they constantly replaced stuff and billed us for it, which now I'm certain was more bullshit. It sucks living in another state and being forced to have management take care of your property.

Well I guess if you want to check with someone contact Branny from Rentalstarter he might offer you some advice
https://bitcointalksearch.org/topic/m.2257278

From havelock page
If you have any questions or concerns, feel free to email me directly at [email protected] OR my Skype ID of www.1337ventures.com (lol it's a Skype ID not a website in case someone has the urge to click it)

--
As a sidenote best of luck with repairs in the case of an off hurricane

Do not invest in property, especially in the U.S, the housing market is currently being re-inflated like crazy and I am expecting another crash this year especially in regards to the NASDAQ and S&P, if you want to invest in something real you'd honestly be better off buying gold or silver while it's cheap or sticking with Bitcoin if you don't like precious metals much.

Just stay away from the housing market and stock markets for your own good unless you really know what you're doing, you could maybe invest in Canada perhaps or something which would be less affected by a crash but everyone is going to get hit to some degree by all the inflation.

Note: I'd like to point out I'm from the UK as well which has one of the biggest housing bubbles you'll ever see ( Check out London housing prices ) so trust me when I say houses are stupidly overpriced right now, people are using them as investments when they shouldn't be, they're designed to be lived in, not as a store of value.

Well, you'd probably need the services of a property management company to handle the rental.

Buyer beware, especially when buying condos in FL many a man have been completely screwed over in these shores.

You have $150k but willing to spend $2 of advice? Maybe paid consultation or financial adviser would be more suited. Majority of the threads in this off topic section is for the lulz

Will give out .01 BTC to someone(1) who can set me up with solid advice lol.

Hey everyone!

We currently have a condo we are almost done paying off here and we are looking to buying a condo in Florida by a beach...
We are looking to rent it out most of the year and maybe stay there a month out of the year if possible.

I am completely oblivious when it comes to buying and renting but here are my financials

I want to spend around $100,000 - $150,000 for a 1 or 2 bedroom Condo on any Florida beach or close to one with amenities close by and in a safe area.

I have no idea how I'd rent it out as I won't be able to go to Florida on the spur of the moment.
I don't care if the rental income only covers half the Mortgage / Condo fees since this is just an investment to us.

Has anyone ever done this before and have been successful? Any advice for us?

Thanks guys and I love the bitcoin community!