As the real estate market in Florida continues to make a comeback, you may be considering the purchase of your first investment property. But with single family homes, condos, duplexes, and larger apartment buildings to choose from, it may be difficult to determine which of these property types will be best for you.
The reality is that investing in any of these types of properties could potentially be a good decision – depending on what your specific goals are. So, looking at your goals and developing a plan for the investment is a good place to begin when considering which type of investment real estate is best for you. Otherwise, without having a good, solid plan in place, you could end up losing a great deal of money.
When doing so, you will want to consider what you want to accomplish from the investment. For example, are you seeking regular income and / or appreciation, yearly rentals or weekly (such as with vacation homes), and long or short-term opportunities?
It is also imperative that you factor in your experience in a particular niche. For example, even experienced real estate investors in one niche, such as single family homes, may need to study up on other property types before moving forward with making an investment.
If you opt to go with rental property, but you don’t have the time (or the desire) to manage the unit(s) yourself, it is smart to partner with an experienced property manager – and one that is ideally located in a close proximity to your property. In doing so, you will be able to free up your own time from the regular maintenance and tenant management that rental real estate can require.
For more details on how you can profit by working with a property management company for your real estate investments in Orlando and the Central Florida area, contact us.