Tampa, Florida or Philadelphia for first time investor with little capital?
Hi guys just reaching out to anyone in Tampa Bay, Florida or Philadelphia area.
I've really been getting into real estate investing lately and am trying to initiate a battle plan here.
I have very little capital and this will be my first investment.I'm interested in doing an owner-occupied duplex/triplex for my very first investment or potentially partnering with someone on a flip, owner-occupied looks more realistic in my current financial situation. These are more short term goals to build up to my long term goals.
Philly:
Pros:
cost of living is dramatically better than Florida
Ummm that's about it
Cons:
Lived in Florida my entire life, dont know Philly neighborhoods at all
Not really accustomed to weather
Florida:
Pros:
Know the entire area schools, shopping districts, etc. (way simpler for me to start studying the market their)
Have plenty of friends and family to potentially help financially or invest in me
Educated in local weather, hurricanes, sink holes etc.
Cons:
Cost of living is much more expensive.
This is pretty much the only con. The cost of living will be so much more expensive very little of my income will go to my savings which will eventually be used for my first and later on investments. It will take me much longer to save that capital.
So I see Philadelphia is a "buyers" market and the Tampa Bay area is primarily a "sellers" market.
So my question is, is there any reason or advantage to either of the two cities and why you would pick that one?
Above with the pros & cons is just my personal evaluation so if anyone has any knowledge that pertains to the real estate market that would make one city better than the other please let me know.
Thanks