Property Management in the Southwest Florida Area involves investors from throughout the United States as well as international investors. Since moving to the area and becoming a part of the All County Family of Property Management Franchises I have learned a lot about investing in rental properties in the Lee County Area of Southwest Florida. I would like to share some of that knowledge with those who follow this blog.
One of the most crucial factors in investing in Southwest Florida, or anywhere for that matter is to gain as much local knowledge of the market that you plan to invest in, as you are able.
This can be accomplished locating a competent and honest realtor, investor or property manager in the local area. Perhaps a combination of two or more or these would be in your best interest.
Some investors focus only on the price of the property with which they are considering investing. Although the price may seem attractive it is ALWAYS a good idea to get the property inspected in order to uncover any issues that may need addressing prior to placing a tenant in the property. Defects uncovered can drastically affect the overall investment performance of an investor’s property. Many realtors, property managers and local investors know qualified home inspectors that will evaluate a property and make you aware of both seen and unseen defects in a property that you are considering purchasing. I have an international client that was considering the purchase of a condo as a rental property and as an eventual retirement home. Prior to the purchase he asked me to hire an inspector and look over the property myself. He made a very wise decision to do so. The condo was full of mold and according to the next-door neighbors had not been occupied for about 5 years. Needless to say he did not move forward on the purchase.
The next thing that you need to ask yourself is “What am I going to do with the property?” “Or what are my goals purchasing the property?” It could be that you would like to retire to the house or condo at some later date and want to rent it our in the meantime. It could also be that you are looking at a property as strictly an investment or a source of passive income. You may also want to spend some time at the property before you prior to utilizing it on a regular basis. Once you define your goals it is a good idea to consult a property manager for advice on what property and what location may work best for you. Should you look at a turn key furnished property or an unfurnished property? Would a condo meet your needs or a Single family home? These are all questions that need to be addressed before you commit to purchasing a property.
We have assisted buyers in answering these questions and we continue to do so. I am a licensed broker in the State of Florida and a member of the local realty association but do not sell real estate. I focus only on property management. However I am happy to refer you to a competent honest selling realtor in the area. Just email me at Allcountymedallion.com and I would be happy to assist you.
Please bookmark my blog, and if you have any questions feel free to email or call. I are here to assist you with you most important real estate investment decisions.