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Would it be a terrible idea to buy a bunch of rental properties if I plan to move to Florida in the next 5-10 years?
- Anonymous2 months agoFavourite answer
There is no way I would buy a rental property until all the Covid eviction moratoriums are gone for good.
- Christin KLv 72 months ago
Are you prepared to be a long-distance landlord? That's the question I'd be trying to answer before investing money in a 'bunch' of properties. Yes, you'll be taking advantage of a good property market, no--you won't be able to easily manage all those properties if you move out of state. Besides the fact of not physically being around to look at what your tenants are doing, you'll be subjected to another state's rules and regulations other than your state of residence. That can be a nightmare if some situations arose, such as hostile tenants, damages to your properties, or non-payment of rent for any other reason. This is entirely up to you--but I'd definitely reconsider the idea. You could buy the rentals in Florida when you move.
- curtisports2Lv 72 months ago
A good idea if you see a near-term sharp rise in property values. A bad idea as a long-term investment unless you think you can still be in the black while paying a competent property manager, because managing property from afar is not smart.
- linkus86Lv 72 months ago
Not if you plan to hire a property management company.
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- Landlord365Lv 62 months ago
Yes it would be a really bad dea if you plan on moving out of the area unless you sell it when you move. Wait & buy where you are moving to. Being an absantee landlord is a recepie for disaster.
- yLv 72 months ago
Right now, with covid, housing is in a bubble, prices are artificially high due to large demand, small supply. While that could just be my state, i have heard that is the same around the US right now. All that means is right now, is not the best time to buy or invest in housing/rentals and such. When things chill out, people stop trying to flee from the cities, people can return to the office for work and such. The demand will drop. Many who fled will realize that they like being able to walk to everything. The the quiet of the suburbs is not quite what they wanted. That is the time to start looking.
- Anonymous2 months ago
Might not be great.