Newbie in Miami looking to purchase a property in Tampa

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Newbie in Miami looking to purchase a property in Tampa

Moises Alcala
Member since 2020 · 5 posts · 1 vote

Hello there! I’m looking to purchase my first investment property in Tampa but I currently live in Miami, do you have any recommendations?

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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
5y

@Moises Alcala, let me know if you need help with financing. I have a few clients financing in the Tampa Bay area. 

I was born in Tampa but reside in Miami currently. 

[email protected]619-456-8311
Helm Mortgage Corp.5126 Reviews
WebsiteView Page
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  • Edgar Rodriguez
    Real Estate Agent · Tampa, FL · Member since 2017 · 191 posts · 98 votes
    5y

    Hey Moises,

    What kind of properties are you looking to invest in?

    0Reply
  • Luke Rorech
    Real Estate Agent · Greater Tampa Bay · Member since 2017 · 392 posts · 290 votes
    5y

    I agree with @Edgar Rodriguez, Tampa is a great market but to get the best answer to your question, giving some guidelines on what types of properties you're looking to acquire will help get you the responses you're looking for.

    1Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    @Moises Alcala, let me know if you need help with financing. I have a few clients financing in the Tampa Bay area. 

    I was born in Tampa but reside in Miami currently. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5126 Reviews
    WebsiteView Page
    2Reply
  • Moises Alcala
    OP
    Member since 2020 · 5 posts · 1 vote
    5y

    @Edgar Rodriguez I’m looking to invest in residential

    0Reply
  • Moises Alcala
    OP
    Member since 2020 · 5 posts · 1 vote
    5y

    @Luke Rorech I’m looking for a residential property, I’m also trying to keep it for at least 5 months and then sell it

    0Reply
  • Moises Alcala
    OP
    Member since 2020 · 5 posts · 1 vote
    5y

    @Raymond J. Rodrigues hello! Thank you for reaching out, I’m really interested

    0Reply
  • Edgar Rodriguez
    Real Estate Agent · Tampa, FL · Member since 2017 · 191 posts · 98 votes
    5y

    @Moises Alcala  Are you looking to do flips, long term buy and holds, fix and rents? 

    0Reply
  • Nick C.
    Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
    5y

    Why not buy in Miami where you live? Investing is difficult enough without the 4 hour drive. 

    0Reply
  • Moises Alcala
    OP
    Member since 2020 · 5 posts · 1 vote
    5y

    @Edgar Rodriguez I’m looking for an investment property i have around 7k

    0Reply
  • Shawn Bhatti
    Investor · Miami, FL · Member since 2020 · 80 posts · 66 votes
    5y

    7k won’t get you too much, even in the cheaper areas. Your barrier of entry will likely only allow for Ybor and sulphur springs areas, both of which are not known to be the nicest. Similar to you I live near Miami and recently purchased in Tampa (Ybor heights) but I got pretty lucky. Not to mention I needed about 27k total to close on a 15% down conventional loan. I would save up more capital and house hack with the funds you have available for now. Little Havana is a good house hack area within Miami from what I’ve heard.

    0Reply
  • John Saible
    Rental Property Investor · Tampa, FL · Member since 2017 · 6 posts · 4 votes
    5y

    Hey Moises, 

    I agree with Shawn on this one. I live in the Tampa area and can tell you 7k will not get you much. Yes, Tampa is cheaper than Miami, but Tampa is not cheap. Even in the suburbs with only 10.0% down, you will be looking at some pretty rough areas. Not saying it cant be down, but it will be hard.

    @Shawn Bhatti I am curious as to why you say Ybor is rough? I am new to the Tampa area but many investors have mentioned that its a decent area that is up and coming. 

    John

    1Reply
  • Shawn Bhatti
    Investor · Miami, FL · Member since 2020 · 80 posts · 66 votes
    5y

    @John Saible

    I personally don’t believe it’s a rough area, however this is what I’ve heard from a few people who have lived in Hillsborough County. There are some rough patches much like any urban neighborhood, but I think Ybor has great growth potential. Also the crime statistics weren’t that bad compared to other areas I’ve been scoping out. The property I recently bought is in Ybor Heights and I agree the area as a whole is up-and-coming compared to other neighborhoods.

    0Reply
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