Moving to the Sunshine State and investing your precious savings in real estate is certainly an option. You don't actually have to live here to use Florida real estate as a vehicle to grow your wealth.
Fort Lauderdale Market Report
The Fort Lauderdale market is stable, with only small changes when you compare the June 2019 data with the same data points a year ago. According to the June 2019 report from FloridaRealtors.org, these are some important statistics:
- The median sales price of a single family home was $270,000. This represents an increase of $10,000 per transaction since June 2018.
- There were 90,193 listings in the single family home inventory, which is an increase of 2 percent since last year.
- New pending sales increased by 4.9 percent.
While the number of closed sales was down by 1.9 percent and the median number of days to close a sale increased by 3 days, the market feels stable. There were no major fluctuations, but the total dollar value of the Fort Lauderdale market decreased by $0.3 billion. If you think about it, there were 29,000 new listings that appeared on the market in June. None of the properties listed in our private inventory of fully leased single family homes is included in that number. We manage or list these off-market properties for private homeowners, whether they are living here in Broward or are absentee landlords. Our tenants tend to stay in their Broward rental properties because of stable rents and because we maintain good relationships with them through efficient property management.
Why Choose Building Wealth Through Real Estate Investment
At Renters Warehouse, we believe that a buy and hold investment strategy will help you - a potential investor - acquire real estate properties and enjoy the rents produced on a monthly basis. That's income in your pocket every month! If you choose each property because it's fully leased, then you can quickly estimate its potential income. Your profits are calculated after subtracting the cost of the mortgage, property taxes, insurance, and upkeep of the property. If you pay cash at the closing, then you just subtract the costs of property taxes and upkeep, which can be handled by a property manager. Our clients love this service because they never have to deal with tenants.
What to Look for in a Property
The features that are desirable in an investment property are similar to what renters look for:
- Affordable monthly rent. How does this rental compare to similar properties in the neighborhood? If the rent seems higher, then ask why. Sometimes, rent is slightly higher because the owners use property management services. The electric and water bills should also be affordable for families with average income.
- Location. Examine how renters can easily commute to work, school, and recreational venues. If a property is close to a large public park or the beach, it is very attractive in this market. If it is located in a gated community, it will appeal to renters who want privacy and don't mind paying association fees.
- Access to public transportation. Where the nearest bus stop is can be very important to households including kids, disabled persons, and seniors. People who earn a low income or don't own a car also use this amenity.
- Clean and well-maintained. There should be no peeling paint or mildew, air quality problems, or lack of working appliances. The home exterior should be pressure washed, the grass cut each week, and the driveway and landscaping features in decent shape. Tenants should easily enter and leave the property and feel that their home is secure.
Get Started Today
We want to share our listings of off-market single family homes to investors just like you! Each property has been vetted as suitable for renters and will likely keep paying off over time. We target properties in areas of Fort Lauderdale where people will continue to need rental housing in the years to come. For more details on building wealth through fully leased rental properties, contact us today!
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