If you’re already familiar with the investment property market in Florida, then you may be well aware that the Sunshine State can provide numerous benefits when it comes to buying rental real estate.
For example, this southeastern locale has maintained steady population growth throughout the years, in part due to its year-round temperate climate, and the long list of things to do and see. In addition, the economy in the state of Florida has also been on the upward swing – which is attracting new residents of all ages.
Because of this, areas like Orlando can offer high occupancy rates for rental units, in turn, ensuring you of ongoing income for both the short- and long-term. Other benefits for real estate investors in this particular area is Florida’s investor-friendly tax base, and its now-again stable housing market.
So, how exactly can you build up a profitable rental property portfolio in the Orlando or Central Florida area?
The first question you need to answer before moving forward here is what type of investment option do you want to focus on? For instance, there are many options available to choose from, such as single family homes, duplexes, four-plexes, and various sized apartment buildings. Here, you could work with tenants who wish to sign an annual lease.
There are also other opportunities, though, such as timeshares and / or vacation rental properties. In this case, your property (or properties) would be rented for a much shorter period of time (per renter), but likely at a much higher rate.
In any case, finding renters for your properties, as well as keeping up with the property maintenance, can be extremely time consuming. Here, in order to truly leverage your investment, it could be a smart move to consider a property manager.
Doing so can allow you to benefit from your real estate investments, and to receive a truly passive income every month. Want more information on how to turn the management responsibility over to someone else, while still profiting from your real estate units? Give us a call today.