Closing on Investment Property
Florida Real Estate Attorney Experienced with Investment Property Closings
Orlando Real Estate Law Firm Focused on Investment Property
Investors from around the world are purchasing property in Florida, particularly South Florida, to diversify their holdings beyond stock and bonds. If you are considering investing in Florida property, do your homework before you take the plunge, and obtain advice from an experienced real estate attorney like Nishad Khan P.L.
Return on Investment Property
According to Time Magazine, Wall Street-backed firms that own thousands of rental properties shoot for a five to seven percent return on an investment home. Individual investors who don’t need money to pay support staff should aim for at least 10 percent.
Some tips to consider when searching for investment property in Florida include:
- Target properties in a neighborhood you are familiar with
- Take a contractor along with you to obtain a realistic estimate of what it will cost to renovate the property, if necessary
- Tack renovation and closing costs onto the purchase price to calculate your total upfront investment
- Check rental markets to ascertain that the potential rent you charge will cover the bills – loan payments, taxes, insurance, fees, repairs, and vacancies
- Run criminal and background checks to screen out problem tenants
- Expect to pay at least a quarter point higher on an investment property mortgage than you would if it were your primary residence
Until you have been investing in property for at least two years, lenders may not count future rental income toward qualifying for a loan.
Get Help with Closings from Your Florida Real Estate Attorney
Are you considering purchasing investment property in Florida and need legal assistance? Orlando attorney Nishad Khan P.L. has many years of experience with Florida real estate, including investment properties. Contact us online or call (407) 228-9711 to schedule your free initial consultation today.