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

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.

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.

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..

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.

__________________
Mitch Ribak
The eHomes Realty Network
www.ehomesrealtynetwork.info
100MPH Real Estate Marketing Book
www.100mphbooks.com
(321) 258-4150

Hi,
I think if you get a home in 40k or less in Miami according to your condition then you should buy this.Lending hard money from market in the condition of unemployment is really critical.Investment on property is not a good option. I don't think you can get a house in South Florida for just 40 k..
So make this decision carefully keeping all conditions in you mind.
Thanks.

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.

__________________
PM me if you are interested in writing a guest blog

Ki Gray - Austin Realtor - Working in Austin his site covers the Austin Real Estate market. If you are considering investing in Austin be sure to check out his Austin Real Estate Blog or look through some of the Austin Homes currently for sale.

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.

__________________
Las Vegas mortgage . Jacksonville Mortgage .Irvine mortgage.

Hi,
I can tell you Miami has been hit harder with foreclosures, so you may find a better deal there.
I think investment on property is not a big deal but the requirements depends.
Thanks.

go they have condo's that cheap

__________________
Mary DeSimone, ABR, GRI
Owner
Real Estate Homes, LLC
Tucson Homes for Sale
Casa Grande Homes
Casa Grande Homes for Sale