South Florida is a great place to purchase your next investment property. People are coming from all over the world to purchase investment properties in South Florida.
WSFL Trusted Advisors from Luxury Homes by Patty Da Silva and Chris Green at Green Realty Properties are here to tell you the process.
You need to work your numbers very carefully to make sure it’s a profitable property for you.
Chris mentions the 1% rule. If you’re spending one million dollars on a property, you should be making $10,000 a month. If you have an investment property, you should be making money right away.
Patty explains that you need to consider some very important questions when looking for investment properties such as fixed income, mortgage payments, property taxes, insurance, and HOA fees.
You also need to factor in capital improvements, such as the age of the roof and other improvements you need to budget for.
When you find the property you love, you better move quickly says Patty. “The market is very hot for investment properties. There’s a shortage in the market in general, even on rentals. If you’re getting an investment loan it may require a larger down payment. The lender may be looking for a little bit more security.”
If you have questions for Patty and Chris, visit their website here or call 954-667-7253.