Forbes magazine says Tampa is now the top market in the US for excessive houses for sale pushing prices down. I plan to check this out more, but if true, what would be a good way to buy a rental with: at a price where can get prop mgr and still pos. cash flow; min rehab costs. I live in Colorado so my thought is to find a realtor who is OK with low offers and then leave a clause that gives me an out if the rehab costs are too high once I look at it after doing a contract. Your thoughts on how to best do a remote buy for a rental?
You need to do a LOT more research about the FL rental market before jumping in. There are people down there with PITI over the market rent and they are losing their shirts. Rents are very low, taxes are very high, insurance is very high and climbling, and the values though dropping are high enough to make the mortgage costs far to high to cashflow without a TON of cash down. You’d probably be better off in your own backyard finding good rentals and removing those remote operation costs will most likely improve your chances of finding something that cashflows.
You need to check out these properties before you put them under contract! Get your realtor or wholesaler to line up several properties over a period of a few days. Then head down there.