Mortgage Investors Network provides fully packaged and fully vetted mortgage investments from the state of Florida to our investors all over the United States. But we often hear the question why should I invest in a mortgage in Florida? Well, the answer is quite simple and it’s not just because the sunshine state has an abundance of sunshine.
In this post, we’re sharing our top three reasons why a conservative, high yield mortgage investment in the beautiful state of Florida is a smart investment opportunity.
#1 We Have Over 30 Years Experience in the Market
At Mortgage Investors Network, we have over 30 years of mortgage experience in the Florida market. We have first hand knowledge of the market because we visit thousands of different potential investment properties in the marketplace. We are in tune with both Florida’s real estate market and Florida’s business industry and that gives us a unique first-hand perspective on both real estate and investing in Flor
#2 More People are Moving to Florida than any Other State
We continue to see an influx of people moving into the state of Florida. According to the United States Census Bureau, Florida received the most movers from other states. As of April 2019, Florida had the most domestic in-movers, with 566,476 people moving from another state within the past year. The South also continued a pattern of net population gains from domestic migration. The region has experienced statistically significant net gains from domestic migration most years since 1981. This means that in Florida the demand for real estate property or rental properties will continue to grow.
#3 Florida is One of the Top Tax-Friendly States
One of the major reasons that so many people are moving to Florida is because of the tax advantages it has for its residents. According to the Kiplinger Tax Map Report Florida is one of the “Top 10 Tax Friendly States in the United States.” Here are a few of the tax benefits for Florida residents:
- Florida has no income tax, which keeps the overall state and local tax burden down.
- Property Taxes, residents pay an average of $1,041 in taxes per $100,000 of assessed home value
- Permanent residents are entitled to a homestead exemption of up to $50,000, regardless of age, and seniors may qualify for an additional exemption.
- Florida residents ages 65 and older who meet certain income limits can receive an extra homestead exemption of up to $50,000 from some city and county governments and/or an exemption equal to the assessed value of the property, as long as the real estate has a fair market value of less than $250,000, the homeowner has maintained permanent residence at the location for at least 25 years, and household income does not exceed $29,454 in 2018. Any widow or widower who is a Florida resident may claim an additional $500 exemption.
- Social Security Benefits are not taxed.
- Retirement income is not taxed.
- No Inheritance and No Estate Taxes
The bottom line is that aside from being beautiful and having amazing weather, the state of Florida is one of the most tax friendly states in the United States.
It is for these three reasons, our experience, the real estate market and how tax friendly the state is that Florida proves to be such a great place to diversify your portfolio with a conservative, high yield mortgage investment.