Should I invest in Tampa, FL??

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Should I invest in Tampa, FL??

Will Cruz
Member since 2020 · 21 posts · 6 votes

Looking to invest on a 2nd home in Tampa. What locations do you recommend with good schools and neighborhood? I have 170k to put down for a down payment of 20%. 

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Kristina Kuba
Tampa, FL · Member since 2021 · 383 posts · 389 votes
4y

@Will Cruz

I’m sure you have done some preliminary research but keep digging! Research on Water Street and “Gas Worx”. These are both game changing developments.

Tampa is ranked in above 20% appreciation rates. Further, large names like Pfizer and Tesla are expanding with hundreds of employees. And of course, Florida in general is extremely tax friendly when it comes to state income tax AND property taxes.

In regards to schools, south Tampa's “Plant High School '' district is one of the leading school systems in the country.

Look for agents that align with your interest. Interview a few and see what is a good fit for your buy and hold aspirations. The greatest set of questions you can ask an agent about investing….. how many homes have they designed and renovated to maximize ARV. Have they had the difficult conversations with a general contractor and held them accountable? How many rentals have they owned? How do they decide if a property will be more profitable as a short term rental vs long term rental?

You’ve chosen a great city! Good luck. Please reach out if you have any questions.

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  • Account Closed
    Investor · Chicago, IL · Member since 2020 · 10 posts · 4 votes
    4y

    If the price is right. It is a Great Market! We own a 2nd home in Tampa!

    2Reply
  • Khaled Morad
    Lender · Tampa, FL · Member since 2018 · 422 posts · 210 votes
    4y

    Tampa 100%!

    2Reply
  • Kristina Kuba
    Tampa, FL · Member since 2021 · 383 posts · 389 votes
    4y

    @Will Cruz

    I’m sure you have done some preliminary research but keep digging! Research on Water Street and “Gas Worx”. These are both game changing developments.

    Tampa is ranked in above 20% appreciation rates. Further, large names like Pfizer and Tesla are expanding with hundreds of employees. And of course, Florida in general is extremely tax friendly when it comes to state income tax AND property taxes.

    In regards to schools, south Tampa's “Plant High School '' district is one of the leading school systems in the country.

    Look for agents that align with your interest. Interview a few and see what is a good fit for your buy and hold aspirations. The greatest set of questions you can ask an agent about investing….. how many homes have they designed and renovated to maximize ARV. Have they had the difficult conversations with a general contractor and held them accountable? How many rentals have they owned? How do they decide if a property will be more profitable as a short term rental vs long term rental?

    You’ve chosen a great city! Good luck. Please reach out if you have any questions.

    6Reply
  • Jason Old
    Real Estate Agent · Tampa, FL · Member since 2022 · 6 posts · 7 votes
    4y

    @Will Cruz, I think you will be hard pressed to find a home that meets that criteria for under $200k in Tampa. Things have gone up exponentially, so finding something at that price point (that does not requires a significant amount of fixing up) is highly unlikely. It also depends on where in Tampa of course, and how flexible you are in terms of location within the "greater" Tampa Bay area. I would be happy to help you try to hunt something down though. Feel free to reach out if you want, and we can see if there is anything that meets your goals and expectations. All the best.

    2Reply
  • Will Cruz
    OP
    Member since 2020 · 21 posts · 6 votes
    4y
    Quote from @Jason Old:

    @Will Cruz, I think you will be hard pressed to find a home that meets that criteria for under $200k in Tampa. Things have gone up exponentially, so finding something at that price point (that does not requires a significant amount of fixing up) is highly unlikely. It also depends on where in Tampa of course, and how flexible you are in terms of location within the "greater" Tampa Bay area. I would be happy to help you try to hunt something down though. Feel free to reach out if you want, and we can see if there is anything that meets your goals and expectations. All the best.


    0Reply
  • Will Cruz
    OP
    Member since 2020 · 21 posts · 6 votes
    4y
    Quote from @Will Cruz: Jason, thank you for taking the time to reply. 170k is for a 20% down payment, I am actually looking for around 850k. To 900k. 

    Quote from @Jason Old:

    @Will Cruz, I think you will be hard pressed to find a home that meets that criteria for under $200k in Tampa. Things have gone up exponentially, so finding something at that price point (that does not requires a significant amount of fixing up) is highly unlikely. It also depends on where in Tampa of course, and how flexible you are in terms of location within the "greater" Tampa Bay area. I would be happy to help you try to hunt something down though. Feel free to reach out if you want, and we can see if there is anything that meets your goals and expectations. All the best.



    0Reply
  • Khaled Morad
    Lender · Tampa, FL · Member since 2018 · 422 posts · 210 votes
    4y
    Quote from @Jason Old:

    @Will Cruz, I think you will be hard pressed to find a home that meets that criteria for under $200k in Tampa. Things have gone up exponentially, so finding something at that price point (that does not requires a significant amount of fixing up) is highly unlikely. It also depends on where in Tampa of course, and how flexible you are in terms of location within the "greater" Tampa Bay area. I would be happy to help you try to hunt something down though. Feel free to reach out if you want, and we can see if there is anything that meets your goals and expectations. All the best.

    He was saying $170k for down payment and closing costs etc. Not as the total price.  
    2Reply
  • Rong Tan
    Member since 2022 · 36 posts · 26 votes
    4y

    @Mya Toohey is this 1.7MIL property return based on STR? Please send more info

    1Reply
  • Christie Speciale
    Member since 2022 · 14 posts · 7 votes
    4y
    Quote from @Mya Toohey:

    @Will Cruz

    Hi Will,

    I specialize in vacation home and STRs in Pinellas County. The beachy areas of Tampa Bay!! Depending on what you are looking to do, I find and analyze the property before even sending it you. I found 9 properties yesterday, ranging between 350-1.7 mill that all produced solid numbers. I look for properties that make more than 10% of their purchase price. So, 900k would gross over 90k a year or I don't even consider them. If you would like to chat, just let me know. I found an amazing property for 1.7 mill that would bring in 350k a year.


     I'd be interested in information as well.. We'd really like to be in Crystal River/Homosassa area but that isn't panning out with our numbers. Thank you!

    1Reply
  • Cole Simpson
    Rental Property Investor · Columbia, SC · Member since 2020 · 302 posts · 186 votes
    4y

    @Will Cruz What's the goal, cash on cash? Appreciation? If the numbers hit your goals I would do it. Best of luck!



    0Reply
  • James Daniel
    Real Estate Agent · San Diego, CA · Member since 2017 · 8 posts · 1 vote
    4y

    Thank you guys for this information. I am in the process of trying to find an investment property in either FL or Texas and was going to start looking in Tampa. Definitely would love to speak with a realtor in the area.

    1Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    Use Niche.com for your research. It provides a summary on specific cities/neighborhoods. 

    I would look for cities that have great schools and low crime rates as they tend to command quality tenants.

    [email protected]832-776-9582Podcast Guest on Show #469
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