Newbie looking to invest in Multi-Family in Tampa area

9 Replies

Hey everyone!

My boyfriend and I live in Queens, NY and are looking to make our first real estate investment purchase. My parents own a home in Lakewood Ranch (near Bradenton) but most of the properties there do not meet the 1% rule. We are now looking in the broader Tampa area and are trying to decide which areas are the best to both generate a positive cash flow and hopefully see some appreciation.

We are looking for a multi-family and to stay under $150,000. All advice is highly appreciated!

Melissa

you will only find multifamily in bad areas for that amount of money in the tampa area. Even St Pete would be a tough sell at 150k. Doug Marriott could help you locate MF in St Pete, he is very familiar with that area.

Tampa does not have a large amount of multifamily 2-4 units. The ones they have are either in bad areas or very high priced areas. I am closing on a duplex right now, but its upwards of 300k, in a desirable area.

Originally posted by @Aaron T. :

you will only find multifamily in bad areas for that amount of money in the tampa area. Even St Pete would be a tough sell at 150k. Doug Marriott could help you locate MF in St Pete, he is very familiar with that area.

Tampa does not have a large amount of multifamily 2-4 units. The ones they have are either in bad areas or very high priced areas. I am closing on a duplex right now, but its upwards of 300k, in a desirable area.

 Great! Thanks, how can I get in touch with Doug Marriot?

doug is a bp member here. He should come up on a name search.

welcome to BP!  Make sure you listen to all the Podcast! Look forward to seeing you around here and around local meet ups.  

Originally posted by @Aaron T. :

you will only find multifamily in bad areas for that amount of money in the tampa area. Even St Pete would be a tough sell at 150k. Doug Marriott could help you locate MF in St Pete, he is very familiar with that area.

Tampa does not have a large amount of multifamily 2-4 units. The ones they have are either in bad areas or very high priced areas. I am closing on a duplex right now, but its upwards of 300k, in a desirable area.

 This is spot-on.  I just sold a 6-plex near suitcase city in Tampa for $185k, it was a really rough neighborhood and they weren't many customers for it, only those willing to put up with the headaches that come with that area.

Yup, I´d agree with the comments above. Tampa is a not a place where you can get sub $150k multi families in acceptable areas. As an out of state buyer, I would certainly stay well clear of low income areas, you don´t want to be dealing with those tenant headaches. 

Thanks everyone! Hopefully 150k for a sfh will work better..have to do some more research. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.