Southwest Florida/Keys condo investment

[getofftheporch]

I am an investor in real estate and broker in St Louis. I found this site while trying to find information on investing in a condo in southwest Florida or in the Keys.

I have followed prices for a while and have seen some significant price depreciation in the past year. I am trying to figure out if condo's in rental programs come close to paying their expense (including an 80% mortgage). I would not invest now with significant annual cash out of pocket.

I love Florida and would like to retire there in about 10 years and also hope to enjoy the condo on vactions. I was thinking of a two bedroom, two bath, waterfront condo priced in the $350 to 600k price range (a boat dock would be an extra bonus). Most of my research has been in the keys, naples, marco island, sanibel and fort myers.

Sorry about the long winded question...so, can I buy a condo that can be mostly paid for out of rent?:confused::)

[REbuyersgroup]

I deal in wholesale properties all across FL. There are deals where you have positive cashflow with 20% deposit or less, but don't expect too much + numbers.
Even bank foreclosures and short sales are not necessarily good deals.

Take a look at the following link to a cash flow calculator. Very helpful.

http://www.reinusa.com/listings/mortgage_calculator.php

Remember there are management costs + broker commissions that will erode any profits as well as any extended vacancy.

[getofftheporch]

Thanks for the link. I like it better than the calculator that I have been using.

Please pass along any suggestion on properties I should be looking at in the areas I have an interest in buying or where I should find them on my own.

Brian:)