Florida is one of many states that has an increasing number of available properties each year. People move away, foreclosures happen, bankruptcies are common and other reasons contribute to the amount of homes available for rent. Some savvy investors realize the potential in the Florida market for long-term real estate success and have learned how to buy rental properties in Florida. Becoming familiar with the process can help any new investor considering buying a rental home.
Steps to Buy Rental Homes in Florida
Learning the way the housing market works in the rental industry is crucial before any investments are made. Becoming a landlord is what you're actually doing when you buy a home that will be rented. Following some key steps will ensure the buying process can be completed smoothly.
1. Choose Your Property
There are mixtures of homes in Florida. These include homes for sale by owner, by realtors and through turnkey investment companies. Choosing the best resource that can help you close on a home quickly can cut out the delays common in the housing acquisitions process. Most turnkey companies have homes available for viewing online as well as the essential details needed for new investors.
2. Perform a Property Search
The state of Florida features 67 counties. Each of these counties has a maintained website that provides property research tools online. A property search using these tools can inform you about the present owner, history of property tax and a current value assessment of the property. This can help you prepare your budget for making an investment home purchase.
3. Finalize Your Budget
The decision that you make in step one of this process will help you to begin finalizing your budget. Reviewing the homes from a turnkey investment company can immediately inform you of the purchase price. This can be used in budget planning to find out how much is needed to buy the entire property or how many partners it would take to reduce the price to match your budget.
4. View Interior and Exterior Property Details
If you're investing out of state, it might not make sense to make a special trip to walk through a property. Most property sellers are willing to provide online videos, pictures and other visual aids that can help you get a better view of the interior and exterior of a home. Viewing the property is one of the last steps to make before the purchase is completed.
5. Choose Your Closing Agent
Going the realtor route will require you to pay for closing expenses. Most turnkey companies will have a policy for closing a home in under 30 days. Choosing your closing agent method has a lot to do with the purchase price of a property. Some companies are willing to absorb some of the closing costs while others are not. Properties that are listed on this investing website are immediately available for purchase. The process is coordinated and simple for first-time or experienced investors.