Recent College Graduate Moving Down (Orlando, Fort Lauderdale: for sale, real estate, rentals)

[johndoe8280]

Hi, everyone.
I recently graduated from college, and came here for a job offer. When I was checking the rent down here, they were much higher than I expected (considering I came from Orlando, lived with my parents. So I figured since the housing market is still decent, maybe I should buy a house instead. My salary currently is 64000, Since I want to pay 20 percent down to avoid mortgage insurance, I would like to look for something that's around 160,000 (so i can afford the 20 percent). Anyone has any suggestions regarding which areas to look? I saw there are some cheap properties in North Lauderdale, but also have heard it's not a good neighborhood. I have a realtor, but he hasn't been giving me that many shows, so I wanted to look on my own as well. I dont mind if it's townhouses, condos, or houses, just want to make sure that it's a good investment, and potentially renting out spare bedroom. I am really thankful of all the help.
Thanks

[dp4616]

160k is pretty low. I have been following the market like crazy for the past 6 months. Prices are on the rise, so act quick if you see something. 160k gets you most likely EAST of the Turnpike, which can get scary fast. Lauderhill, and Tamarac have some that might be in that price range. General rule of thumb: "West is best" Im sure a lot of people will grief me on that, but I have been living down here for almost 20 years and see it, east located neighborhoods are much older and tend to be run down. That being said I have lived east of the turnpike in the Miramar/Hallandale area and never had a problem. Areas along 595 such as Pine Ridge condos can be decently affordable (I have 2 family members living there now). Villas are abundant in Pembroke Pines and Sunrise/Plantation and are usually under 200k. I have yet to see anything real for under 180k though.

[fsu00]

I agree with the above posted. 160k won't get you much. Maybe a townhouse or condo? Since you just moved down here, you might want to rent for a while and see what areas you like best. If I were to buy a house, it would be a place like where I grew up (Parkland); however, there is nothing fun to do and say goodbye to your social life. I live in Fort Lauderdale now and there's much more do to, but buying something might be out of your budget.

[johndoe8280]

Thank you guys so much for the quick replies!

[Mr. Lee]

Maybe look on Realtor.com at Coconut Creek, some townhouses in your price range,
look at the link above or check out some below that I quickly found.
Also a single family villa that looks nice, at least online
http://www.realtor.com/realestateand...5-31854?row=45

http://www.realtor.com/realestateand...8-36712?row=26
http://www.realtor.com/realestateand...1-47472?row=27

I am not a realtor, so just trying to help.

[Papillons2]

Here's a link to some condos for sale in your price range in northeast Fort Lauderdale (good neighborhood, 10 minutes to beach, 15 minutes to downtown Fort Lauderdale.

The complex isn't from from where I live -- units aren't big or upscale, but the development has a decent reputation in these parts (there are a few other similar developments nearby, so a call to a real estate agent might unearth something else in the area).

Full disclosure: I also am not a Realtor.

Cross Fox, Fort Lauderdale :: 5 Condos for Sale :: Cross Fox Condos for Sale :: Fort Lauderdale, Florida

[johndoe8280]

I really appreciate all the help!

[Nolefan34]

$64K salary is plenty for a single guy w/o kids to rent in Broward County. You can find decent rentals in the $1100-1300 range. If you rent, I would advise to live as far east as possible, close to the beach, where there are other young singles. The western suburbs are generally better to buy a house in, but less young people and more family oriented.

Renting vs. Buying is a tricky topic. Renting is much cheaper, but buying is the better long term option. Prices are rising quickly and there is potential that interest rates could rise soon. However, your budget of $160K is very low for this area. You will need to up your budget substantially to afford something decent even if that means putting a lower % down and accepting mortgage insurance. Also, I'm not sure how you would secure financing since you have no employment history. The lenders usually want 2 years employment, good credit history, and no debt.

The bottom line: Buy now if you can afford something decent and can secure financing. Otherwise, renting 1-2 years to save $ and figure out which specific area to buy in may be your best and only option.

[johndoe8280]

Originally Posted by Nolefan34

$64K salary is plenty for a single guy w/o kids to rent in Broward County. You can find decent rentals in the $1100-1300 range. If you rent, I would advise to live as far east as possible, close to the beach, where there are other young singles. The western suburbs are generally better to buy a house in, but less young people and more family oriented.

Renting vs. Buying is a tricky topic. Renting is much cheaper, but buying is the better long term option. Prices are rising quickly and there is potential that interest rates could rise soon. However, your budget of $160K is very low for this area. You will need to up your budget substantially to afford something decent even if that means putting a lower % down and accepting mortgage insurance. Also, I'm not sure how you would secure financing since you have no employment history. The lenders usually want 2 years employment, good credit history, and no debt.

The bottom line: Buy now if you can afford something decent and can secure financing. Otherwise, renting 1-2 years to save $ and figure out which specific area to buy in may be your best and only option.

My parents are willing to help me with the down payment, and the budget is about 35kish (35k/.2=175k). I am more focused on making an investment, and not purchasing a permanent residency, since my job might require a lot of relocations.. I was able to secure financing history since I had internships before getting this job, even though still not 2 year worth of history, but my lender said it was fine. And my credit score/history is also pretty good. I thought when purchasing a more expensive property, the rent doesn't increase as much as the house price increases. Like a 150k property could be rented out for 1500 a month, but a 200k property is really unlikely to be rented out for 2000. I am not sure on that, it's just my observation. So with all those reasons, I decided on around 160k. Like you said, the house marking is still rising, I really want to make an investment before it's too late. I will definitely be careful before i buy, since I dont know the area it's just really hard for me to know which areas are good. Thank you and everyone else so much for the advices!

[johndoe8280]

I have found two potential properties, one is asking 149950 for
https://www.google.com/url?sa=t&rct=...99804247,d.dmo

and the other is asking 159000
7085 Nova Drive #212, Davie, FL For Sale | Trulia.com

I know the second one is right next to Nova university, so it's easy to rent out and in a good location, but I like the first one since it's a townhouse instead of condo like the 1st one, and it has a lake view. Which one is a better investment? Or neither? Thank you.