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New York Investors Flock to South Florida




There is zero incentive for NY multifamily investors to purchase a building and spend money on renovations if they can't raise rents in these rent-controlled market."


MIAMI—There is a wave of investors who are currently selling their New York-based properties to invest in the South Florida area. Why? Mainly because of the recent rent control law and its negative impact on returns on investments. It has been estimated, for example, apartment property values dropped 20%-30% as soon as the laws went into effect. Some investors are now mainly focused on getting their money out of New York and are looking to invest in properties that will produce better yields—specifically in non-regulated rent control markets, such as South Florida.


Why South Florida

“There is zero incentive for New York multifamily investors to purchase a building and spend money on renovations if they can’t raise rents in these rent-controlled environments. Florida has always been a market with attractive yields. This is why most NY investors are choosing South Florida,” says Rafael Fermoselle, managing partner of Eleventrust Real Estate. “They either have their New York properties under contract to be sold, have already sold them, are in 1031 exchanges, or in some cases looking for diversification.”


If you are looking to invest in multi family properties in South Florida, Insource Funding 30 year No Doc perm loan is a great alternative to hard money loans.


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No Tax Returns.

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Insource Funding

433 Plaza Real, Ste 275

Boca Raton, Fl 33432

Tel: 800-805-3391

Fax: 561-270-6895

Email: info@insourcefunding.net

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Insource Funding, located in Boca Raton, Florida, is a hard money lender providing fast and flexible financing for Non-owner occupied investment properties nationwide with the exception of Tennessee and Ohio.  (Insource Funding. 433 Plaza Real, Ste. 275 Boca Raton, Fl 33432) makes and acquires business purpose loans only, and does not originate or acquire owner-occupied residential mortgage loans. Information, rates, and pricing are subject to change without prior notice. All loans are subject to borrowers and underlying collateral meeting Insource Funding's current underwriting criteria. restrictions apply.

 

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