Florida has so many great locations to live and work. With the beautiful weather, great business climate and tourist attractions Florida is a great place to invest in real estate. The key is to find the best areas with the most potential rental values to buy your investment property. You want to look at the overall area and be certain home prices are increasing and that there is a need for rentals in the area. In addition you want to make sure the local economy is strong and supported by strong businesses in the area. With some proper research you can find a great property that will give you nice income over the years to come. Today I am going to list some potential Areas to look at for investment property. These areas have many of the characteristics that make them an ideal place to invest in. I will review the features of each area below.
- Miami, Florida
Miami is located in Florida’s South eastern tip. It is a popular vacation destination with beautiful beaches, culture and shopping. Many people going on cruises go through Miami to their cruise boat adding to the amount of tourists come through Miami yearly. There are many Universities and colleges in the area including: University of Miami, Florida international University, Miami Dade College, Barry University and Miami International University. Having Universities and Colleges in an area increase the potential for rental properties. Miami boasts a great highlife, beautiful natural scenery, the Everglades, and beautiful beaches.
Miami has many condominium complexes that offer luxury Accommodations for the tenants such as pools, work out areas and a view of the water. These condominiums can cost between $1000 to $4000 a month depending on the size and location. This area was hurt by the drop in home prices in 2008. The values dropped by 35% and now the average home is $206,000. There are many Fortune 500 companies in the Miami area, including World Fuel Services, Royal Caribbean Cruises, Ryder Systems and Lennar. In addition Carnival Cruises and Brightstar make their home in Miami, Florida. Having large businesses like this anchor the Miami community gives a stability to the employment and overall economy. There are many possible reasons potential tenants will want to rent in Miami, including the universities, vacation, and work. This market has great potential for prospective investors.
- Ocala, Florida
It is located in Northern Florida and is part of Marion County. Ocala has attractions including the Ocala National Forest and the Florida Trail. Nearby attractions include the Wild Waters Water park and the Six Gun Territory western themed attraction. It is very close to the silver River State park. There is a dry season in Ocala from October to May and a wet season from June to September. The temperature even in the winter is typically in the 70’s although it can get lows of 40 degrees.
The range throughout the year is 70 degrees to 94 degrees typically. Ocala is headquarters to Emergency one a global manufacturer and designer of rescue vehicles. Other large businesses in the area include AT&T, Lockheed Martin and Walmart. Ocala is the location of the College of Central Florida. This gives the potential of students who will be looking for a rental home during their school year. Ocala’s community offers many fun events for residents and visitors including downtown live concert series which features family friendly musical acts for the community to enjoy. Rental properties in the area range from $750 to $1700 depending on the size of the home or condominium.
Keep an eye out for future posts featuring more areas to explore for your investment property.