I need help to invest 40K

[gigant]

Hi,

Im a ny resident currently unemployed with about 40K saved;

I want to buy and hold a condo or home in South Florida that will produce cash flow that could be, eventually a place where I can go and live in myself;

I looked at Tampa and Miami dade and it seems that Miami has a better job market but higher HOA fees;

On a financing point of view, I tried to see if I can borrow an additional 20K and buy a better property but it seems that, for unemployed people, it will be hard to borrow hard money;

Can anyone suggest what is the best move in this situation?
Should I buy a condo in cash in Tampa or Miami area?
Will the distance (ny - florida) be a major obstacle for investing?

Pls advice

thanks

[Toby Lane]

I can tell you Miami has been hit harder with foreclosures, so you may find a better deal there. I love the Tampa area though. I think that market is really up and coming. I was just there last month. As far as borrowing money when you are not employed, it is nearly impossible these days with the way things are in lending industry.

[judithscott]

I think it depends on what you will be doing with the property. If you are looking to purchase a property to use as a rental, then I would say, yes its a great time.

[nitinjain]

Investment on property is not a big deal but the requirements depends. I don't think so that you can get a house in South Florida for just 40 k..

[Mitch]

I'm located in Brevard County, Cocoa Beach area near the Space Center. It would be tough to find a condo or house in that price range, but we have sold some condos this year as low as that price.

Brevard County is a great area. It's not as built up as the rest of the waterfront areas of Florida. That's why I moved here from Boston 10 years ago. We are still the least expensive waterfront area in the state.

[escapeso]

Personally I perfer to own property close to where I live. Have you looked in upstate New York. I remember thinking stuff up there was pretty cheap.

[AnnAnderson1015]

I agreed that borrowing with no employment will be very tough now. Maybe you should look at setting up a franchise or something instead with that money.

[maryd]

go they have condo's that cheap