Tampa, Florida Multi-family
Hey BP,
I am moving my family over to the Tampa area in the next 18-24 months. I will be looking to invest $200-300K into a multi-family deal at that time and I am open to a variety of deals to include 5 units and up. I will be looking for a value add deal but of decent quality. I would like to keep this in Tampa or it's surrounding areas but I do not have a tremendous amount of experience with the area so I want to avoid the bad areas. Where would you be investing right now and what should I be watching out for?
Most Popular Reply
18-24 months is a lifetime in our real estate market. Our inventory is nearly non-existent. For every new listing, multiple over-list offers - all cash - can be expected within an hour. My investors are lined up to buy - and to buy everything with good bones that they can acquire. The issue is: nothing to buy. This is now. And, here's what you should be celebrating that you missed so far: 51% of all tenants in Florida are delinquent in rent. The demand for housing is off-the-chart as well. My advice to you is simple but not what ready-investors want to hear: Wait. Do Nothing. Plan Nothing. Give it 6 months. I have a feeling that those landlords/owners who suffered through this moratorium mess might be ready to wave the white flag and sell.
Only fools rush in...