Hey all! I am super new to real estate investing as I bought my first house in Southern Pines, NC end of 2016 that I currently live in. It has a good rental market being close to golf courses and Fort Bragg but now I want to buy another as I am stationed in Tampa, FL temporarily. While I would love to buy here in Tampa, I will be back to NC very soon (and only for about 2 years).
So, should I try to buy in the Tampa market and manage it from NC or just stay in the Raleigh Area?
I want to have passive rental income and plan to hold on to the property.
I appreciate any and all advice!
I would continue buying in the market of your first rental
@Danny Herrera I would 100% stay in the Ft Bragg area. Rdu is great, but it’s very expensive. You have a captive audience with your fellow soldiers and would be easy to hire a property manager to look after both of your properties, if you so choose. I’m looking in the Ft Bragg area from advice from friends in the military.
Hi @Danny Herrera ,
I'm going to say go with what you know. If you have a goal return in mind, and you can meet or exceed that goal in NC, go for it. You know the area and probably have more connections than you do in Tampa. Living local will save you money in management and repairs/inspections. Your tenants would appreciate it more.
The only thing I can think of that would convince you to be in Tampa would be a scenario where you could buy a second home with a VA loan. You will have an entitlement limit of let's say $450k, you could in theory buy two homes in different areas if your total loans between 2 homes are under that $450k. You'd have to buy the home with the intent to occupy the property.
@Danny Herrera I'd invest in Pass-a-Grille and give myself a reason to go down there and eat at the Wharf!!!!! I'd take a powerboat tour, and write it all off! Way more fun than checking out your property in NC.....just sayin'
@Adam Schneider Man I just went fishing on the Pass-A-Grille last weekend and dreamed about having property there. The only thing is I need to learn more about the Flood Insurance process and need more education about purchasing in flood zones. But I agree it would be amazing to buy there. Do you have experience investing in St Pete Area?
@Danny Herrera I wish I did. We happened to have just come back from a vacation there. It's a hidden gem....we were talking with a lady at the Wharf and she bought her house sight unseen 6 years ago. Grabbed a fixer upper....so, how hard can it be????
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.