Hello, Everybody! I'm interested in a 2-4 unit property in the Florida market and would really appreciate referrals to Realtors , and PM's who know their stuff and might be looking for a new client. This would be my first investment/property I've been a renter all my life and decided it's time to make the transition. Thanks
@Robert Olivar what part of Florida? I use a few depending on where
Well in thinking the Clearwater area. Would you recommend another area?
@Robert Olivar I focus on the south east part of the state. Dont have any specialist in the Tampa area. There is potential all over, just have to find the right property.
@Robert Olivar Clearwater is definitely a hot area right now!
Great thank you all for the replies!
I would look into Tampa I have been investing in Tampa for the past 20 years.
Tampa continues to rank as one of the best cities in the U.S. for real estate investing, with a booming economy and strong job growth, along with affordable investment properties featuring generous cash flow and equity growth.
Here are 5 top reasons why Metro Tampa Bay is one of the strongest real estate markets for real estate investing in the country. They include:
Investment Property Affordability
Cash Flow and Equity Growth
Tampa’s growing economy is largely a result of a city government that advocates for economic development that has furthered a real estate investment boom, making Tampa one of the most popular destinations for millennial entrepreneurs. So much so, these entrepreneurs are called “Tampreneurs.”
Tampa has the diversified economy millennials seek, led by financial services, STEM-related occupations, health care, research, education, tourism, retirement, and military bases all making significant contributions to jobs and growth. The local economy is worth about 130 billion dollars, putting Tampa Bay among the fastest-growing metros in the country.
Furthermore, businessmen Jeff Vinik, owner of the Tampa Bay Lightning hockey team, and Bill Gates have partnered to invest in Tampa. Together, they formed Strategic Property Partners, the driving force behind downtown Tampa’s most ambitious redevelopment project, Water Street Tampa. This nine million square foot multi-use project on the Tampa waterfront will consist of commercial, residential, educational, entertainment, cultural, and retail space. The total investment will exceed three billion dollars.
Hi Robert! Are you looking to House hack? Live in a unit while improving other units or are you looking for turnkey properties to purchase? Honestly, the best bang for your buck is in Pasco Co. The New Port Richey and surrounding areas. Prices are still low enough to buy and have ROI. Tampa and Clearwater are great! The problem is everyone is looking in the same areas for all of the reasons stated above. You just have to take into consideration whether you want to live in it or just rent it. Multi's are be listed by the amount of rent they bring in and popularity to the areas. Problem is that, you may want to buy this great building and, yes, the ROI is good, but the listing won't appraise for what they want. Especially in an up and coming area in Tampa. I had two different contracts fall through because the building didn't appraise and my buyer was financing. Banks don't care about how much money the units bring in, they only care about the worth of the property. Just be careful, make sure you someone that can run really good comps for you, even if the numbers work out. I am happy to help! Best of luck to you!
Thank you all for the insight. It gets a little overwhelming being new to all this and being pointed in so many different directions. I'll keep all the recommendations top of mind while I sort out what it is I should do and what makes the most sense for my specific situation.