100k saved - Looking to buy a long term multi family rental

Tampa, Florida
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100k saved - Looking to buy a long term multi family rental

Zakary Fellows
Member since 2024 · 1 post · 1 vote

Hi,

As the title states, I have  around 100k saved up and am looking to buy a long term rental property (preferably a multi family). My goal is to have enough properties to where I can make 150k a year and have more free time. I have a few questions:

1. Are multi-family rentals a strong investment in the Tampa area compared to condos/apartments?

2. There are a lot of condos for sale: are condos an investment to stay away from due to HOA fees and other fees?

3. What areas in or near Tampa, are a good place to purchase an investment property? 

4. It seems as though houses in Tampa are at an all time high. Would it be smart to hold off on investing until prices drop?

Thanks in advance. 

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Most Popular Reply

Jason Allen
Attorney · Columbus, OH · Member since 2023 · 193 posts · 145 votes
2y

Hi Zakary,

Have you considered investing out of state? There are many markets that offer a better cash on cash return. The HOA fees from condos will likely eat up most of your potential for cash flow.

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  • Joseph Bui
    Lender · Nationwide · Member since 2023 · 362 posts · 237 votes
    2y

    Hi Zakary, I'm not too familiar with the Tampa area, but I do have multi family properties in Detroit and happy to share my experience there and in Memphis. Would be happy to connect and help answer any questions.

    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    2y

    Hi @Zakary Fellows,

    It's a pleasure to meet you. I have a few investors buying in the local Tampa Bay area for around 400k that are renting properties out for around $4200-4400 per month based on long term rents. 

    Most people seem to stay away from condos, as HOA's can be unpredictable. If you'd like to connect further, I'd be happy to share some resources with you to help get you going in the right direction.

    [email protected]619-456-8311
    Helm Mortgage Corp.5119 Reviews
    WebsiteView Page
    0Reply
  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 700 votes
    2y

    Hi Zakary,

    Congrats on saving up $100k! Multi-family properties are a much stronger investment in Tampa compared to condos, especially because of the headaches with condo HOA fees—out of the 3,500 transactions I've done over the past 20 years, the only long-term losses I've had were with condos. For good areas to invest, check out Seminole Heights, University Area, Town 'N Country, and East Tampa, to mention a few. As for waiting on prices to drop, I wouldn't hold off—if the numbers work, jump in. Tampa's rental demand is strong, and timing the market is always tricky. Feel free to reach out if you need any help!

    Best,
    Jorge Vazquez
    CEO, Graystone Investment Group

    Graystone Investment Group519 Reviews
    WebsiteView Page
    0Reply
  • Jason Allen
    Attorney · Columbus, OH · Member since 2023 · 193 posts · 145 votes
    2y

    Hi Zakary,

    Have you considered investing out of state? There are many markets that offer a better cash on cash return. The HOA fees from condos will likely eat up most of your potential for cash flow.

    2Reply
  • David Garcia
    Financial Advisor · Tampa, FL · Member since 2022 · 61 posts · 33 votes
    2y

    Hi @Zakary Fellows - I am a fellow investor of small multi-family properties and can cash flow is possible. Id like to talk to you more about your goals and provide any help I can. Feel free to DM me. I do agree with the others on the condos, HOA and other factors make it hard to cash flow.

    0Reply
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