If you are considering purchasing investment property in Florida and live out of state I can provide you a few things to consider in the process. I have been contacted by investors after purchase of a property sight unseen and asked to provide estimates to return the property to the rental market. I am amazed that someone could actually buy investment property with limited information and based on pictures provided by someone who may not be aware of the specific information regarding the property. I do understand that at times the property may appear to be such a bargain that the deal is done without all of the information that is available.
I would highly recommend that you contact someone who is local to the area you are considering and someone who has knowledge of what additional factors should be considered prior to entering into a purchase contract. Most realtors I have worked with do a really good job at providing all information but we are seeing more of the realtors from locations hours away who are handling properties for various agencies or banks. I do not intend to knock the realtors but the fact is there is no way they can understand all of the factors of specific areas or neighborhoods outside of their home area.
In most cases you can easily find repair or maintenance companies that provide free estimates and they should also be able to provide you with some information regarding the specific location of the property. There are so many properties available in the Florida market and especially in Sarasota, Charlotte and Lee Counties that very often you may have your choice of multiple properties with the location playing a larger role in your decision to purchase. If the property is destined for the rental market the area or neighborhood will determine the rent potential of the property. It is not uncommon for their to be $100. per month difference in areas within the same city depending on the location of the property.
More and more properties are being purchased by investors for rental income and certain areas seem to contain a larger percentage of rentals which in some cases has a direct connection to the condition of the area and the rent potential.
As the purchaser you will have to determine your budget for the purchase of investment property but considering the potential for return and the renters that will be considering your property. Having a local resource to assist in providing addtional information to guide you in purchasing investment property is extremely valuable and can often provide you with unbiased information that you may not normally have access to.
If you are considering purchasing property in Sarasota, Charlotte or Lee Counties in Florida we can assist you in providing you with specific detailed information concerning the area where the properties are located. We have provided maintenance and repair services to property management companies and real estate agents for many years and our experience will assist you in your decision. Feel free to contact us for additional information at 941-321-6710.
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