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Updated over 1 year ago on . Most recent reply

User Stats

28
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26
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Trace Adams
  • Rental Property Investor
  • Denver, CO
26
Votes |
28
Posts

Tampa rental market

Trace Adams
  • Rental Property Investor
  • Denver, CO
Posted

Hi all, I recently posted about buying a rental in Tampa and got a lot of good replies. Since then I figured out since I meet the income threshold I could consider it a "second home" vs. rental investment so I could put 10% down, which has me even more interested. I wanted to do a follow up post to get everyone's thoughts on the other things I am thinking about currently as I crunch my numbers and look for properties:

-Trying to decide on whether I would want to rent on a short term or a long term basis. Leaning toward a turn-key property and renting it out long term - easier to manage, don't have to furnish, reasonable property management fees (~10% of monthly rent income from what I've read), and more stable income. Seems like short term would likely generate more revenue but not really sure about profit when you consider vacancy and property management fees of ~30% (I would consider remote management but I would think cleaning fees would still be ~$400/mo. which is high). Thoughts?

-On that point, what are the best areas/neighborhoods for short term rentals and the best areas/neighborhoods for long term rentals in the Tampa metro (willing to go outside of Tampa city limits to areas like St Pete/Clearwater/etc.)?

-Touched on it a bit above but what are everyone's thoughts on hiring a property manager for a long term rental? And for a short term rental? 

-Lastly, any areas I should avoid that have had flooding issues in the past? I have heard the St Pete area can be bad...

-Any other specific tips for the Tampa market would be welcomed!

Thanks!

Trace Adams

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