Hey all - I am US-based. I already have one business but am looking to diversify. We travel to Florida quite a bit as it is and I am thinking about killing two birds with one stone and starting an LLC or something and purchasing a place with it. I want to walk before I run and take our time with it so as a worst-case, it would be somewhere we’re using ourselves and testing out with rentals along the way. Best case, we like doing it and expand it. I figure it gives us a vacation spot, tax advantages, and a business opportunity.
I am looking for general advice on the startup, best practices, pitfalls to avoid, etc. from anyone who has ventured down the same road. Thanks in advance.
Florida is business friendly and our economy is robust.
Consequently, it is relatively easy to start up a business but it is not inexpensive to do so.
Near the beach or coastline, the cost of commercial property, rent, and insurance are usually prohibitive of mom and pop.
In suburbs and urban areas, a good retail site might go for $1.0 million per acre so rents are high.
Time to market is taking longer because everyone is so busy.
I haven’t purchased a property in Florida myself but I specialize in accounting for real estate clients and have quiet a few who use a Florida property as their vacation home.
I would be conscious of the tax laws in your current state. There are certainly tax and business opportunities to take advantage of