Pls help to select the area to invest

**gigant** · 06-16-2009, 10:33 AM

hi,

I ve some 40K in cash saved and I ve been thinking of investing it for about 6 months

they still sit in my saving account and i now Im ready to go ahead and invest it

I know right now the best area would be Florida but where exactely?
im currently living in nyc. im looking to buy a property in cash in SW florida that I can rent , and wont have much of vacancy : maybe FOrt Lauderdale, Fort Myers?

i also Im concerned re the insurance costs: is it true that in FLorida insurance cost will go up to the roof??

pls help

**rentec** · 06-16-2009, 10:56 AM

Is this your first investment property? If so, I would HIGHLY recommend keeping it within 30 minutes of your own residence. Managing a remote rental is a real pain, and property management companies are going to turn something that appears profitable on paper into an unprofitable experience really quick.

**gigant** · 06-17-2009, 08:36 AM

hi rentec,

yes this would be my first investment, i live in nyc but dont feel like investing in Philadelphia, - the only affordable place to invest -(lot of crime areas)

what if i buy a condo in Florida?

**rentec** · 06-17-2009, 08:46 AM

I feel ya. I'm sure property rates in NY are astronomical.

It's all within whatever your risk tolerance is. Myself, I don't think I would own an investment outside of my own area. I was told by a trusted investor friend once "any property you cannot drive by at least once a month is not your property, it belongs to your tenant". And what he means by that, is if you cannot verify the property is remaining in good shape, and if the tenants know you can't just drive by any time, they will most certainly take advantage.

A condo with a homeowners association would definitely be a better choice if you are going for distance. The homeowner's association should keep things in check and will notify you if there's something way out of line with your tenants. Also, most condo's take care of all external maintenance in the HOA dues, and therefore that relieves you of another frequent concern.

**sofia24** · 06-29-2009, 02:37 AM

I will advise you to check with a licensed property broker in Florida, as Real Estate Law in Florida is complicated.

**thesayregroup** · 06-29-2009, 11:22 AM

Florida would not be where I would tell a first time investor to invest especially if they are not from the area. Why don't you look at somewhere north of NYC above White Plains and that area. The prices of real-estate seem to drop once you get above there and it would still be a reasonable drive from most areas. There are many other nearby places that would be about on par with the Ft. Myers/Ft. Lauderdale areas.

**Real estate phoenixville** · 07-01-2009, 12:36 AM

You can invest around or exact in Tampa Bay area due to current situation price cooperatively low and future returns expected very good, about insurance not to worry, insurance cost quite affordable.

**stateboy0** · 07-30-2009, 06:42 PM

I agree with you.. Florida is really one of the best place for investing... If this is your first time, I suggest that you must consider some factors in investing...