Looking into getting into the Multi-family space in Tampa, FL

9 Replies

Hey everyone! I'm just really starting to dip my toes into the Real Estate arena. I joined back in November but it took me some time to decide if I truly wanted to get into the game. Fast forward and two weeks ago I decided to immerse myself and really get into Real Estate. I've attended some of the free webinars and also invested into the Pro membership to replay some of the older webinars. 

Can anyone else give me some good advice on how to start in the Multi-family unit area? I have decided this is going to be my focus at first and just get good at it before I give focus to other aspects. I live in the Tampa area so I would greatly appreciate any ones help in this area or elsewhere! I would also love to connect with anyone and network as well. Thanks in advance!

Originally posted by @Michael Kammer :

Hey everyone! I'm just really starting to dip my toes into the Real Estate arena. I joined back in November but it took me some time to decide if I truly wanted to get into the game. Fast forward and two weeks ago I decided to immerse myself and really get into Real Estate. I've attended some of the free webinars and also invested into the Pro membership to replay some of the older webinars. 

Can anyone else give me some good advice on how to start in the Multi-family unit area? I have decided this is going to be my focus at first and just get good at it before I give focus to other aspects. I live in the Tampa area so I would greatly appreciate any ones help in this area or elsewhere! I would also love to connect with anyone and network as well. Thanks in advance!



@Michael Kammer:

Hey Mike, sounds like you are dedicating to real estate. Good strategy to study up.

Are you looking to buy a place to move into? Like say a duplex and live in 1 side, or are you looking at a pure rental? Multi-family properties don't really come around too much in Central Florida. If you want to get your hands on one, you have to pay a premium, which for investors like us makes it not worth it.

Your best bet is to go into the Single Family Arena at first. Also (what I do), you could try buying a single family home, and building an in-law suite into it. Which is effectively a duplex.

Happy Housing,

-Matt

 

@Michael Kammer

Welcome to BP and congrats on deciding what your niche is going to be! 

Spend some time educating yourself through books and podcasts. The two good books to start with are of David Lindahl. Once you read those, I can recommend a bunch more or IM me for my library link. 

@Michael Kammer Welcome and congrats on getting started. I would educate yourself with podcasts, audible, BP and other groups.

Once you get more comfortable with the basics you can really focus and get some traction.

You are located in a great area and right in the middle of a few prime markets. Let’s talk!

I'm also just beginning in RE and looking to house hack in the Tampa area. From what I've seen so far, a lot of the multi-family households available are in bad areas (Sulpher Springs & around 275), or they're priced very high. Starting to think a SFH and renting out the other rooms in the house for a year may be the more likely option.


I'm still trying to analyze deals and stay sharp so when one comes up I am prepared to move quickly. Interested in advice that seasoned Tampa investors have on the area.

@Matt Nico  

I have thought about doing that buying a duplex and living in one and renting the other. The good news is my wife is on board if we did decide to move into one half of a duplex should we buy it and decide on that. But I am leaning towards just pure rental of the unit. 

As for SFH's I had looked and saw that there are a lot more options here. In your experience how easy is it to rent out SFH's? And generally speaking are you able to get the same rent value you could get from a duplex with two units? I know location is an obvious factor as well.

Appreciate your help and insight!

@Andrew Connor

Yeah I have also seen that too. Looked at a few online and a lot of them do need some work and are in bad areas. 

I'm wondering how well renting individual rooms out in a SFH would work in this area. I know I've heard of people doing that but also living there with their tenants. That is definitely not something I want to do.

Originally posted by @Michael Kammer :

@Matt Nico 

I have thought about doing that buying a duplex and living in one and renting the other. The good news is my wife is on board if we did decide to move into one half of a duplex should we buy it and decide on that. But I am leaning towards just pure rental of the unit. 

As for SFH's I had looked and saw that there are a lot more options here. In your experience how easy is it to rent out SFH's? And generally speaking are you able to get the same rent value you could get from a duplex with two units? I know location is an obvious factor as well.

Appreciate your help and insight!



@Michael Kammer:

I am not super familiar with the Tampa area, but I know a few brokers in the area, and they do not seem to have a problem renting anything. What I see a lot of today is the SFH that has been renovated get rent out, but Im not sure of the rents that they command. Tampa is a growing city, so I am assuming you should be able to get something to cash flow pretty good.

I would suggest staying away from high HOA's too, even if your numbers work with that added cost. HOA's are like paying money to be yelled at and restricted. A lot of HOA's restrict short term rental or monthly leases or things like that. Its better to have 2-3 options with renters than just the 1 that they usually allow, which is a yearly lease.

I'm in a place called Championsgate, which is up I-4 from Tampa. I rent places out here no problem.


Good luck!

-Matt

 

Originally posted by @Matt Nico :
Originally posted by @Michael Kammer:

@Matt Nico 

I have thought about doing that buying a duplex and living in one and renting the other. The good news is my wife is on board if we did decide to move into one half of a duplex should we buy it and decide on that. But I am leaning towards just pure rental of the unit. 

As for SFH's I had looked and saw that there are a lot more options here. In your experience how easy is it to rent out SFH's? And generally speaking are you able to get the same rent value you could get from a duplex with two units? I know location is an obvious factor as well.

Appreciate your help and insight!



@Michael Kammer:

I am not super familiar with the Tampa area, but I know a few brokers in the area, and they do not seem to have a problem renting anything. What I see a lot of today is the SFH that has been renovated get rent out, but Im not sure of the rents that they command. Tampa is a growing city, so I am assuming you should be able to get something to cash flow pretty good.

I would suggest staying away from high HOA's too, even if your numbers work with that added cost. HOA's are like paying money to be yelled at and restricted. A lot of HOA's restrict short term rental or monthly leases or things like that. Its better to have 2-3 options with renters than just the 1 that they usually allow, which is a yearly lease.

I'm in a place called Championsgate, which is up I-4 from Tampa. I rent places out here no problem.

Good luck!

-Matt

 

Thanks Matt for the information! Helps me out for sure! Definitely am trying to stay away from HOA fees.