Real Estate: Investing in Florida

The sizzling Sunshine State is full of hot opportunities for real estate investors. Florida is the third most populous state in the United States, and there are many different types of properties that are worthy of investment. Savvy real estate investors can take advantage of the flourishing economy and enjoy a steady stream of tenants looking to rent and buy homes. Here is a short guide to help you invest in Florida real estate.

Why You Should Invest in Florida

According to the U.S. News and World Report, Florida ranks as the 13th overall best state in the nation, and it places 3rd in education and 8th in the economy. With beautiful weather, pristine beaches, and tons of amusement parks, the Sunshine State attracts over 100 million visitors per year. Tourism plays a huge role, and it enables this state to do away with personal income tax. This makes Florida the ideal place for older adults to retire and spend their golden years. Not to mention, the job growth is higher than the national average at 2.4 percent. Unsurprisingly, the leading industry in Florida is tourism. However, healthcare, military, government, international banking, and aerospace are all major players in the economy, which makes relocation to Florida attractive for different types of working professionals.

Narrow Down a City

A lot of investors gravitate towards Orlando and the surrounding areas to cash in on tourism. However, other attractive markets include Jacksonville and Tampa. Jacksonville is home to four Fortune 500 companies and is well connected with fantastic rail and highway systems, four airports, and three seaports. Tampa is a fast-growing metropolitan area with a local economy that is over $169 billion. The job growth outpaces the nation’s average; in fact, there are more than 34,300 new job opportunities per year in the Greater Tampa Bay area.

Different Types of Property Investment

Once you have narrowed down a city, you can delve into the different types of property investment opportunities. Purchasing a commercial property, investing in land, and buying homes for rental purposes are all lucrative options depending on the location. Whatever you decide to do, you need to make sure you have the capital to back your investment. For those who are looking for fast funding, asset based lenders are the most efficient solution. Sachem Lending has vast experience in the property market and are knowledgeable about Florida’s market trends. They provide different types of loans and can cater to your unique needs.

Fix and Flip Opportunities

There are unique buying opportunities to take advantage of in Florida, such as purchasing foreclosed homes at a below market value. Florida has one of the highest foreclosure rates, with one in every 7,920 housing units getting foreclosed. This gives investors the perfect opportunity to implement a fix and flip strategy. Seasoned investors, who know what to look for in foreclosed properties, can essentially buy a house on the cheap, renovate it, and then sell it on for a higher profit margin.