Eric Dalius might be thinking to take some money out of your bank account and invest in something worthy. But you are equally confused because there are a lot of things you could invest in. However, if you consider investing your money in Florida real estate, then undoubtedly it’s a good decision.
Due to the availability of easy and affordable real estate, Florida has become an attractive place to invest. But, you need to keep in mind a few points before investing in real estate. If you don’t apply strategies while investing in real estate in Florida, you might end up receiving less amount of money from your home or condo.
Continue reading the article to know 6 tips that could help you to become a successful real estate investor in Florida. There are no guarantees, but it’s better to be safe than sorry.
Always Buy a Property with a Personal Pool
You can buy a home without a golf court. But, a pool in the backyard is mandatory when you are buying real estate in Florida. If you aim to buy a condo, make sure it at least has a community pool. Not everyone enjoys a crowded beach. Instead, they love to relax in their pool and enjoy the summer days.
Focus On Real Estate with Gulf Front
If you have enough budgets, then try to buy a home with a gulf front. When you buy a property with a beautiful gulf front, the valuation of the property will increase rapidly, thinks Eric Dalius. Additionally, they rent out much faster than other properties. Remember that people come to Florida equipped with heavy gear to spend their vacation. So, they won’t like to walk or cross the street to get to the beach.
Always Compare the Cost of Different Real Estate (Per Square Foot)
Unlike many other states, the real estate purchase depends upon square footage in Florida. However, there’s no valid explanation for why other states do not focus on the square footage of real estate. When you know the price of each square foot, you can calculate the real estate cost quickly.
Do Not Neglect the Association Fees
If you face extremely high association fees, then it will decrease your cash flow. Whenever you pay association fees, make sure that the association community is aesthetic, well managed, and also contains lots of amenities. Additionally, prepare a balance sheet, reserve statement, and a recent budget statement to verify the community health.
Eric J Dalius Advises You to Get Information about Rental Rates
Always get an idea about the rental rates of your properties. Thus, you will know how much money you can expect from real estate. If you are a rookie in the Florida real estate market, then try to research some properties with pictures as well as their rental rates and booking.
Give Priority to Furnished Real Estates
Unlike Georgia, you can purchase a furnished home or condos in Florida. This will help the buyer in mortgage financing along with the furnishings. If you purchase a property as your second home, it will provide you additional write-off in taxes.
Conclusion
Here are the 6 tips that can help you to become a successful real estate investor in Florida. Like we said before, real estate is a risky investment. However, a positive and dedicated mindset can help you to tackle any problems, and ultimately, you can secure your way to success.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.