Have you been thinking about investing in Florida Real Estate? The good news is that you can never be too old to invest in Real Estate because buying an investment property is one of the very best things that anyone can do regardless if they are in their 40’s or 70’s.
In this article, we will provide you with several tips you can use for successfully getting started with buying Florida real estate.
Use Your Existing Capital
The great thing about being an older investor is that you most likely have more money saved than someone who is fresh out of college. Take advantage of this by using that capital that you have set aside for making cash offers on properties or pay a higher down payment on a rental so you can avoid paying mortgage insurance.
Consider “House Hacking”
Although it sounds ominous, “house hacking” is actually the process of buying a rental property like a multifamily property or a single-family home with a casita and you live in one property while renting out the other.
House hacking is a great way to get started with real estate investing and putting yourself in a situation where the rent from your tenant could ultimately pay your monthly mortgage.
Always Look at The Income A Property Will Produce Before Buying It
Another important thing to do before buying an investment property in your 40’s, 50’s, 60’s or 70’s is to always look at the income that property will produce before you purchase it because cash flow is the key to success with real estate investing.
Once you’ve invested in a property and it’s earning you an easy $300 to $500 per month unless that money is going to paying your mortgage you should take that money and reinvest it in ultimately buying another rental property or mortgage notes.
Contact the Bryan Orange Group
Ready to get started with searching for potential rental properties in Florida? Contact Malico Watson and the Bryan Orange Group by calling us at (786) 606-7227 or click here to connect with us online.