Newbie here, dual purpose real estate - investment/second home?

Tampa, Florida
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Newbie here, dual purpose real estate - investment/second home?

Serge Serge
Member since 2022 · 2 posts · 0 votes

Hello dear forum users,

I just came across biggerpockets and would like to see your opinion on the subject.

I am California based (San Francisco Bay area) and can't buy here (more than I already have) since the prices are over the head.

In the meantime I am looking to get some dual purpose real estate on the East Coast - to rent it out for covering expenses and to live in for a couple weeks a year.

Looking for the areas near ocean/beaches with good weather, so possible FL, NC or TX.

Budget caps for $240K with conventional loan for 15years.

I am now at the very beginning of looking around and I see the prices start falling so I can wait until the exact moment.

I greatly appreciate all your expert suggestions!

Thanks in advance!

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y

Welcome to the BiggerPockets forums!

Look at South Carolina, Myrtle Beack or Hilton's Head. The Florida coast is also attractive around Destin, Pensacola, Tampa, Jacksonville, and many other areas. Just depends on what you're looking for.

Prices are crazy in California, but they're crazy in other states, as well. Property in Florida or South Carolina is selling for double what it was five years ago, so don't expect many amazing deals.

The DIY Landlord Book4.7247 Reviews
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  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    4y

    Hi Serge! Welcome to Bigger Pockets! If you are exploring investing out of state, you should definitely look in turnkey companies and investing in midwest states. The appreciation and cash flow is really good and its a great way to scale your portfolio. Feel free to reach out. 

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y

    Welcome to the BiggerPockets forums!

    Look at South Carolina, Myrtle Beack or Hilton's Head. The Florida coast is also attractive around Destin, Pensacola, Tampa, Jacksonville, and many other areas. Just depends on what you're looking for.

    Prices are crazy in California, but they're crazy in other states, as well. Property in Florida or South Carolina is selling for double what it was five years ago, so don't expect many amazing deals.

    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    1Reply
  • Osazee Edebiri
    Realtor · San Jose, CA · Member since 2015 · 318 posts · 154 votes
    4y
    Quote from @Serge Serge:

    Hello dear forum users,

    I just came across biggerpockets and would like to see your opinion on the subject.

    I am California based (San Francisco Bay area) and can't buy here (more than I already have) since the prices are over the head.

    In the meantime I am looking to get some dual purpose real estate on the East Coast - to rent it out for covering expenses and to live in for a couple weeks a year.

    Looking for the areas near ocean/beaches with good weather, so possible FL, NC or TX.

    Budget caps for $240K with conventional loan for 15years.

    I am now at the very beginning of looking around and I see the prices start falling so I can wait until the exact moment.

    I greatly appreciate all your expert suggestions!

    Thanks in advance!

    Since you mentioned timing the market, I would look at the markets that you are looking to invest in. See if the prices are actually down year over year or if list price is an actually down.

    Many think because they see listing price drops that makes sales l price down. This is not necessarily the case.

    0Reply
  • Serge Serge
    OP
    Member since 2022 · 2 posts · 0 votes
    4y

    Thank you all for replays. I did some homework and now focusing on Tampa area. Tampa has airport with some direct flights from West Coast and area from Dunedin to Hudson looks nice and some affordable. Any insights on the area and local property management much appreciated. 

    0Reply
  • Michael Haynes
    Investor · Tampa, FL · Member since 2016 · 681 posts · 288 votes
    4y

    Hello Serge Serge in California, Your looking for an "Investment Home" near a beach, where you could stay a couple weeks a year and hope to make some money in the long run? Does that really make sense to you? I grew up in Palo Alto and left there during the Viet Nam War. I ended up in Miami, which is a real mess now and moved to Tampa where I bought my Rentals 35 years ago. Rental Houses really do not make any Money except in the long run with holding for ten to twenty years and selling at the top of the next Market. You could try to get a Short Term Rental House, near, but, not on a beach area, because Flood and Home Owner's Insurance rates are going through the roof in Florida. You would need a Manager and there are Agents in St. Petersburg who have some listings that work for STR's and will manage them for you to have a couple weeks a year on the beach in Florida. The BP guys will have Agents like this to get in contact with.

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