If you are a new real estate investor looking for rental income, Florida is a great place to purchase real estate! The market is booming here, and there are many different opportunities and affordable homes available for those who want to get into the game.
Keep reading to learn more about what new real estate investors need to know about how to buy rental property in Florida!
Buying Rental Property With No Money
The buy, rehab, rent, refinance, repeat strategy, or the BRRR Strategy is a great way to buy rental property with no money. The strategy goes like this: buy a property, rehab it, rent it out, refinance the loan, and repeat the process.
The key is to find a property that you can buy at a reasonable price and then add value through rehabilitation. Once the property is repaired and rented out, you can refinance the loan and use the money from the refinancing to make a down payment on another property.
You can repeat this strategy over again, allowing you to build up a portfolio of rental properties with very little money out of your own pocket. If you’re looking for a way to get started in the world of real estate investing, this is a great option.
Is There a Sales Tax On Rental Property In Florida?
The Florida 6% state sales tax, plus any applicable discretionary surtaxes, applies to rental charges or room rates paid for the right to use living quarters and sleeping accommodations. This includes hotel rooms, condominiums with more than two bedrooms (such as apartments), timeshare resorts where you rent out your home when it’s not being used, single-family homes, vacation homes, and campervan parks that provide mobile home spaces alongside other amenities like electricity hookups.
If you plan to create a rental agreement longer than six months, sales tax is exempt. Always check with your local county or city to ensure you follow all applicable sale tax laws.
Are Smoke Detectors Required In Rental Properties In Florida?
As a rental property owner, you are responsible for ensuring the safety of your tenants. One of the most important safety measures you can take is to install smoke detectors. Smoke detectors are required in all single and multifamily houses, motels, rental apartments, dorms, and similar structures in Florida. Smoke alarms must be hardwired with a battery backup, networked, and UL-listed in newly constructed or remodeled residences. By taking this simple step, you can help protect your tenants from the dangers of fire.
Where To Buy Investment Property in the Florida Real Estate Market
Florida is one of the most popular states in the country for real estate investment. An increase in population growth, the warm climate, abundant sunshine, and diverse population make it an ideal place to buy a rental property. And with the best cities to choose from, investors are sure to find a market that meets their needs.
Tampa, Fort Myers, Palm Bay, Sarasota, and Bradenton are all great places to buy an investment property. Each city has unique attractions and amenities, making it easy to find the perfect place to invest.
Another popular location is the Miami Beach or Orlando region and surrounding cities. You can check the Beaches MLS for available properties and listings featuring your specific criteria.
Florida’s economy is booming, making now a great time to buy property in the Sunshine State. With so much to offer, it’s no wonder that Florida is one of the top destinations for real estate investment.
Who Is Responsible For Appliances in a Rental Property in Florida?
Landlords are typically responsible for providing and maintaining any appliances included in the rental agreement. However, there are some situations where the tenant may be responsible for appliances.
For example, if the appliance is damaged due to the tenant’s negligence, the tenant may be required to pay for repairs or replacement. If the appliance is not working correctly due to normal wear and tear, the landlord may be responsible for repairing or replacing it. It is essential to carefully read the rental agreement to determine who is responsible for appliances in a rental property.
Are Fire Extinguishers Required in Rental Properties in Florida?
In the Sunshine State, landlords are not required to provide fire extinguishers for their tenants. This may surprise many, as fires can be a major hazard in any home. However, Florida law does not specifically require landlords to provide fire extinguishers.
For tenants in Florida, it is recommended that you purchase your fire extinguisher and keep it in an easily accessible location. In the event of a fire, having a fire extinguisher could mean the difference between minor damage and a total loss.
Where Can I List My New Florida Investment Properties for Potential Renters?
When it comes to finding tenants for a rental property, time is of the essence. The longer a property sits vacant, the more money the owner stands to lose. That’s where Suncoast Leasing & Management comes in. We are experts at helping real estate investors list their properties and find potential tenants.
We use a variety of marketing channels to reach the right people, and we have a proven track record of matching renters with the perfect property. Using the multiple listing service MLS, you can identify prospective properties consumers search for.
Best of all, we offer our services at competitive rates. So if you’re looking for a hassle-free way to list your rental property, give us a call today. We’ll be happy to help you find the right tenant in no time.
Who Can Help Me Manage My New Property in the Florida Rental Market?
As a property owner, it’s essential to have a reliable partner to help you manage your rental property. At Suncoast Leasing & Management, we offer a wide range of services to property owners, including vetting tenants, collecting rent, repairs, maintenance, legal aspects such as the Fair Housing Act, inspections, and recordkeeping. We’re here to help you every step of the way, so you can focus on your other responsibilities and grow your rental income.
With our help, you can be confident that your property is in good hands. Contact us today to learn more about our services and how we can help you manage your property in the Bradenton and Sarasota area.