Please help buying a Investment Property in Florida (Confused)

[City Guy997S]

Originally Posted by MiamiLIFE

You want to check out Palm Beach Gardens and the planned community of Abacoa (Jupiter, FL). There are plenty of condo/townhomes with reasonable HOA fees available for sale in these locations. PBG will be more expensive because it is a more exclusive community. I have spent a lot of time on this analysis and know you can breakeven in terms of rent against holding costs (taxes, mortgage, HOA, insurance, etc.). There is an over-supply of townhomes in Jupiter so you can get a good price today. However, there is strong rental demand so you will be able to easily rent it. I recommend this location also because it is very close to West Palm Beach airport so it is very easy to fly Jetblue or Continental and see your investments. Finally, Palm Beach Gardens has nice amenities, is close to the beach and is near the expanding Scripps Institute(Scripps Research Institute having economic ripple effect on Treasure Coast » TCPalm Mobile). The long-term prospects for Jupiter and PBG are very good. Boca is good but you're money won't go as far. You will have better buying power in Jupiter. Check out Trulia.com for listings in Jupiter in your price range.

Be weary of some "ad valorem" items on the tax bills in these areas. When a developer builds roads/sewers/water he often gets the town to underwrite a bond to pay for it. In Abacoa for example there is a $1400 ad valorem on every unit's tax bill for the bond re-payment. On a tight budget, $1400 extra on the tax bill may take the "investment property" into the red. Abacoa signed up for a 20 year bond, I think there is about 10 years left.

[baiaxaba]

Anyone looking for a realtor to buy investment properties in WPB should talk to Troy (Skylinet is his username here). I had the pleasure to meet him in a recent trip to WPB and would recommend him to anyone looking for good real estate opportunities.

[MiamiLIFE]

Originally Posted by City Guy997S

Be weary of some "ad valorem" items on the tax bills in these areas. When a developer builds roads/sewers/water he often gets the town to underwrite a bond to pay for it. In Abacoa for example there is a $1400 ad valorem on every unit's tax bill for the bond re-payment. On a tight budget, $1400 extra on the tax bill may take the "investment property" into the red. Abacoa signed up for a 20 year bond, I think there is about 10 years left.

Yep. You are correct and make a good point. That's why I steer clear of the newest developments. The CID fees can be through the roof. They include all the costs to fund the infrastructure (roads, sewers, new traffic signal the town wanted, etc.). I only look to buy properties that have several years of history available and in completed developments so I don't have any suprises. Fortuately, I work on the commercial side of real estate and bought numerous commercial properties and developed some real nice apt projects in southeast of FL on behalf of my employer.

[MiamiLIFE]

Originally Posted by MiamiLIFE

Yep. You are correct and make a good point. That's why I steer clear of the newest developments. The CID fees can be through the roof. They include all the costs to fund the infrastructure (roads, sewers, new traffic signal the town wanted, etc.). I only look to buy properties that have several years of history available and in completed developments so I don't have any suprises. Fortuately, I work on the commercial side of real estate and bought numerous commercial properties and developed some real nice apt projects in southeast of FL on behalf of my employer.

I meant CDD fees. Ops.

[UrbanCooke]

I have had a few bangs and bruises from the RE market in Central Fl. It is a strange time when you can buy and reno an existing home for less than you can build. I am a Realtor and have 12 properties of my own. (Just got burned on 2 of them...) I recently joined Central Florida Realty Investors which is a networking and education group. I found this group by word of mouth. Their website is www.cfri.net I think other areas of Fl have similar groups. There is a wealth if info on their website and I was able to read their monthly publication before I joined. I would have nightmares about holding mortgages on these properties especially now, but it is a little tempting to do a little leveraging. In the links section there are several companies that specialize in properties which I like. I am a near-the- bottom feeder, but I wouldn't buy anything that I wouldn't live in myself under different circumstances. Not prime high end locations, but not sec 8 either. I like areas that have employment nearby. Ex Mount Dora is cute, but there aren't really any employers there. Lady Lake, near the Villages has employment. If you're looking at Jupiter, why not look at Anna Maria or Bradenton on the West Coast. The West coast has a different feel and it is close to the Tampa, or Ft Meyers or Sarasota, and Venice airports.

[City Guy997S]

Originally Posted by UrbanCooke

I have had a few bangs and bruises from the RE market in Central Fl. It is a strange time when you can buy and reno an existing home for less than you can build. I am a Realtor and have 12 properties of my own. (Just got burned on 2 of them...) I recently joined Central Florida Realty Investors which is a networking and education group. I found this group by word of mouth. Their website is www.cfri.net I think other areas of Fl have similar groups. There is a wealth if info on their website and I was able to read their monthly publication before I joined. I would have nightmares about holding mortgages on these properties especially now, but it is a little tempting to do a little leveraging. In the links section there are several companies that specialize in properties which I like. I am a near-the- bottom feeder, but I wouldn't buy anything that I wouldn't live in myself under different circumstances. Not prime high end locations, but not sec 8 either. I like areas that have employment nearby. Ex Mount Dora is cute, but there aren't really any employers there. Lady Lake, near the Villages has employment. If you're looking at Jupiter, why not look at Anna Maria or Bradenton on the West Coast. The West coast has a different feel and it is close to the Tampa, or Ft Meyers or Sarasota, and Venice airports.

Not for nothing but you can't compare Jupiter to Bradenton/Tampa/Ft Myers......

[sealizard]

I live Here in WPB and i buy investment properties that i rent out but i work with a group that takes all the headaches out of being a landlord, they take care of the rentals so i don't have to worry about it.