Our Naples Park Investment Properties
If you’re familiar with our blog, you know we love to rave about the benefits of investing in Naples, Florida real estate. From the tax advantages and diversification to the excellent returns and beyond, real estate investor is a must-have title for anyone looking to grow their personal wealth. And because we want to see you succeed, we’re letting you in on our worst kept secret: Naples Park investment properties.
Naples Relocation Experts is a triple threat on the Paradise Coast. We’re real estate agents, relocation consultants, and – you guessed it – real estate investors. We have a proven track record of thriving investment properties that’s provided us with valuable first-hand knowledge of the Naples real estate investment process. We use our expertise to help our clients discover, acquire, and profit off of investment properties that fit their goals and strategies.
Today, we’re using our own experience to show you why you should consider a Naples Park investment property.
Where is Naples Park, Florida?
Naples Park is an unincorporated community in the city of Naples, Florida, located in northwestern Collier County. The area itself is considered part of North Naples, just north of Pelican Bay. Naples Park offers a suburban feel with a unique balance of affordability, prestige, and lifestyle that’s perfect for families and young professionals. Close to Naples’ famous white sand beaches and pristine golf courses, it’s home to a variety of restaurants, coffee shops, and parks. Naples Park also offers upscale shopping experiences, including The Mercato, a popular outdoor shopping mall.
The following 2020 census statistics offer a brief snapshot of life in Naples Park:
- Population: 6,151
- Median Age: 53.9
- Median Household Income: $64,676
- Median Property Value: $398,600
- Homeownership Rate: 59.4%
- Diversity: 80.6% White & 14.8% Hispanic
- Average Commute Time: 17.5 minutes
Why Invest in Naples Park?
Whether you’re interested in spec houses, home renovations, or property rentals, this community perfectly fits the criteria for a profitable investment opportunity. However, Naples Park investment properties perform especially well as short-term rentals.
Roughly half of the homes in Naples Park are rentals. And, unlike the City of Naples (where non-HOA rentals have a minimum requirement of 30 days), Naples Park has no rental restrictions allowing for nightly, weekly, and monthly rentals. This gives landlords the opportunity to rent to a wider range of tenants. Our team has seen rental properties in Naples Park make up to $40,000 at the tail end of peak season on new construction 2,000 square foot homes.
Check out our blog “Naples Park, A Short Term Rental Haven in the Last Frontier” to learn more.
Our Naples Park Investment Experience
Discovering the Properties
Drew and Chanel Josephson, founders of Naples Relocation Experts, began their investment journey in Naples Park back in 2014. Someone had contacted Chanel’s father with an off-market opportunity, and he immediately thought of his son-in-law, Drew. The side-by-side properties were a single-family home (838 101st Ave) and two duplexes (844 101st Ave) that were listed for $425,000.
At that time, Drew was focused on acquiring units. He knew the dirt and impact fees were worth at least the cost of the property, and it offered five units. So, even if there were one or two units vacant, he was confident that he would at least break even. Familiar enough with the local market to know a good investment when he saw it, he immediately took the deal. Drew drove by the properties while the contract was being drafted. He didn’t even have to go inside to know he was making the right call.
Both lots were being sold by the original owner, whose family had been in Naples Park since the 50s. They had built both of the properties themselves, and it was clear how much love and care they had put into them. It was a great foundation to capitalize on.
A Different Approach to Financing
At the time, Drew and Chanel weren’t able to go to the bank and apply for financing through the traditional channels. However, they were determined to make this investment work, so they went about purchasing the properties in a unique way. Drew and Chanel gave the owner a down payment, and the owner agreed to temporarily hold the mortgage note.
After a year, the units had a solid track record of being able to support themselves. Drew was able to take this information to the bank and prove that the properties were profitable and low-risk. Drew refinanced, finished paying off the original owner, and the mortgage notes were now held by the bank.
Drew also took the time to find the right bank for what he needed. The original mortgage note held by the owner was for one property, but Drew had to have the debt spread across the three different properties. While it wasn’t the most straightforward financing process, Drew had the patience, connections, and knowledge to get it done in a way that worked for him.
The Development Process
For years, Drew held onto the properties in their original build and rented them out for a reliable profit. He wanted to knock one of the homes down and develop it, but he knew he needed to wait for the right time. (He also didn’t want to lose the passive income or the depreciation interest expense yet.)
In 2021, the time was finally right. Drew and his business partner Andrew Ventura purchased the land from himself and Chanel, and the developing process began.
Drew and Andrew chose to work with MR Square Construction in Naples, FL for the rebuilds. At the time, Miguel Rivero, owner of MR Square, was just starting out and had done a renovation project on Andrew’s home. They trusted the quality of his work, and were confident they could create a mutually beneficial partnership. Miguel offered them a discount on the construction, and Drew and Andrew were able to help get his new business off the ground.
As seasoned real estate investors, Drew and his team make a point to learn the lessons that come with each new investment property. That way, they can use that experience to establish more successful processes in the future. For example, to save time during construction of the second Naples Park property, deposits were put down on all the long-lead items months before the build even began. Also, after being delayed by the trusses on the first property, they chose to do metal trusses for the second that would arrive in a quicker amount of time.
Selling the Properties
The process of selling the properties was short, sweet, and to the point – every investor’s dream. Drew and Andrew had originally planned to stage the homes once they were on the market, but they never ended up needing to. They put a sign in the yard and the first person that saw it bought it. It was a shining example that high quality construction in the right location can sell itself.
What started as a phone call and an off-market deal turned into the perfect nest egg for Drew and Chanel. As Drew always says, “The best deals are found off-market.”
About Our Naples Park Investment Properties
838 101st Ave
In 2014, the property at 838 101st Ave was a small and well-loved cottage. Now, the lot is home to a newly built 2,229 square feet two-story home with four beautiful bedrooms and three bathrooms. Drew and Andrew decked the home out with all of the amenities usually found in this neighborhood, including a pool, spa, and plenty of natural light from southern exposure. To help the property stand out in an already competitive and high-demand neighborhood, they included a tile roof and upgraded cabinets.
844 101st Ave
When the Josephsons purchased 844 101st Ave, it housed two duplexes on a large lot-and-a-half. At 75 feet wide, the property was a fun project with plenty of space to work with. The size also immediately stands out from the majority of standard lots (50 feet wide) throughout the rest of the neighborhood. Drew and Andrew reenvisioned the lot into a spacious one-level home with four bedrooms, four bathrooms, and a den. With so much land to work with, the 3,000+ square feet of living space still left plenty of room for outdoor space.
Ready to Start Investing in Naples Park?
We want to be your guide to Naples Park investment properties! Contact Naples Relocation Experts today to start your investing journey. Our team can answer questions, help you find properties and contractors, and discover an investment strategy that works for you. Let us show you why Naples is the best place to live and invest in.
To learn more about real estate investing in Naples, check out our blogs “An Expert Look at the Naples Real Estate Investment Process” and “Real Estate Investment in Naples, Florida.”
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