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NOTES: I have lived in both places so I know the areas well.
It would be SW Florida, Lee, Charlotte or Collier counties
Low priced condo townhouses - 90K to 120K
For Vegas it would be SW or South Henderson / Silverado area.
Vegas looks much, much better as far as homes and I can handle 100 degree days easier.
Florida and Vegas both appreciate well but FL has financing restrictions on condo investments by lenders and Vegas too on some complexes. I will not actively manage it. Ideally, I want to live within a hour or one state over from the property though even if I am not the active manager.
are there more repairs in Florida than a Vegas property?
Each seems to yield the same when it comes to return. so, with factors being relatively equal?
What would an experienced investor do?
We can't park this money at .5% forever, it has to at least get 8 to 10% and potential appreciation.
NOTES: I have lived in both places so I know the areas well.
It would be SW Florida, Lee, Charlotte or Collier counties
Low priced condo townhouses - 90K to 120K
For Vegas it would be SW or South Henderson / Silverado area.
Vegas looks much, much better as far as homes and I can handle 100 degree days easier.
Florida and Vegas both appreciate well but FL has financing restrictions on condo investments by lenders and Vegas too on some complexes.
If you're looking to finance, you can pretty much forget about Vegas. Not because of lender restrictions, but because almost everything in that price range is bought by investors and others making all cash offers. Come on over to the Las Vegas forum and you'll get an earful from people who have been trying unsuccessfully for quite some time to purchase a home with traditional financing.
So you favor Florida's market then over Vegas?
The condo assn finances do worry me for sure in Florida. The economy is better in FL and than transient Vegas from just guessing.
C'mon guys, Property that sold for $250k in the boom years is selling for 90K now and recently built? except for the chinese drywall structures of course.
Is that not a deal if CashOnCash is 9%+?
I will not actively manage it.
Ideally, I want to live within a hour or one state over from the property though...
Onesie twosie property buying is about as retail as it gets.
You need to be able to say "let me get my shoes and shirts on... I'll be there in 10 minutes"
If you won't (or can't) do even the basics of active managing that small owning requires
(let alone be available and helpful if/when a 2AM problem crops up)
then find something else to do with your money.
Vegas is a 'city', while Florida is a large, dynamic state with about 8 markets comparable to Vegas. You are not making an apples-to-apples comparison. For one thing, the entire Vegas RE market REALLY went into the 'tank' ... while different areas of Florida experienced ups and downs in both property declines and recovery ... at the same time.
In many respects, asking 'What's the weather and RE market in Florida like?' ... is like asking, 'What's the weather and RE market in California or Texas like?' -- In Vegas, however, one answer can cover the whole thing.
Onesie twosie property buying is about as retail as it gets.
You need to be able to say "let me get my shoes and shirts on... I'll be there in 10 minutes"
If you won't (or can't) do even the basics of active managing that small owning requires
(let alone be available and helpful if/when a 2AM problem crops up)
then find something else to do with your money.
This makes little sense. According to you every real estate small investor should be hands-on?
or not invest. Is everyone hands-on managing their money in the stock market every day? No.
What difference does that make, proft is smaller with investor B from investor A
Last time I checked, HOA, mgmt are tax-write-offs too.
Some people prefer to raise and manage their kids and let professionals evict, change garbage disposals, cut the grass and so forth.
People have other careers, lifestyles and want to diversify investments. Even realtors don't all actively manage all their properties! Jeez
Vegas is a 'city', while Florida is a large, dynamic state with about 8 markets comparable to Vegas. You are not making an apples-to-apples comparison. For one thing, the entire Vegas RE market REALLY went into the 'tank' ... while different areas of Florida experienced ups and downs in both property declines and recovery ... at the same time.
In many respects, asking 'What's the weather and RE market in Florida like?' ... is like asking, 'What's the weather and RE market in California or Texas like?' -- In Vegas, however, one answer can cover the whole thing.
I did mention SW Florida originally (Naples, Collier, Lee ad Charlotte county and Vegas (Clark county).
According to you... small real estate investors should (expect to) be hands-on?
Correct.
Quote:
Some people prefer to (pay a 2nd party out of already thin or non-existent margins to contract
a 3rd party to) change garbage disposals, cut the grass and (pay others to do the actual management functions).
And then there are people who prefer to actually produce a profit from their investments.
YMMV
Last edited by MrRational; 08-01-2013 at 11:38 AM..
I disagree and some will agree with your side. To each his own. One's mans cup of tea (or beer). If you have the time, then do what works for you. I managed units and SFRs before and didn't like it. My time is better spent elsewhere making money or helping to raise a child.
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