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Investing in Florida Rental Homes?

Aug 4th 2014 at 12:34 AM

Investing in residential rental property is often a good idea, especially if you buy one in states with large short- and long-term rental markets, such as Florida. Having a rental property can provide you additional income while offering great tax benefits, which is why many real estate investors are being attracted to this type of investment. Many people also buy Florida rental homes to diversify their portfolios, and in anticipation of retirement, when they will need a reliable source of passive income.

In order to take full advantage of the profitability and other benefits of owning a rental property in Florida or in any other part of the country—you need to keep some of these tips in mind:

•    Buying at the right price – Buy at bargain prices so you have a buffer when property values fluctuate. ‘Buying low’ will also bring you good profit when you eventually sell the property. Before you sign a deal, check the rental prices in the area. How much do people pay to rent a similar-sized property as the one you are thinking of buying? Get a feel for the level of demand for comparable units in the same neighbourhood. Are those rentals occupied most of the year?

•    Finding the best neighbourhood – Working with a local realtor can help find the best nrighborhood for you and your family.  Whether school districts, access to major highways or waterfront locations are important a locat real estate sale agent can help you find the best neighborhood for you.

•    Knowing local rental regulations – Getting into the rental business naturally requires a good understanding of how the industry works. Know your local rental regulations to make sure you are not violating any rules as you begin renting out your rental property.  Using a realtor to handle the management of your property is highly recommended.

•    Finding the best properties – Look online at listings that feature properties to invest in the fastest growing areas in your city. Florida is currently enjoying a growing real estate market, providing investors with plenty of choices—whether you are looking for rental properties, buy and sell investments, or your own second home in the most pleasant neighbourhoods in the state.

About The Author:

Advantage One Realty is a trusted source for all your real estate property needs. Being the best real estate team in Jacksonville, Advantage One Realty helps their clients in buying and selling properties in the top areas including Ponte Vedra, Julington Creek, Jacksonville Beach, Mandarin, St. Johns and Nocatee.

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