Areas of Investment in Florida

Indianapolis, IN · Member since 2020 · 33 posts · 8 votes

We wanted to invest in a property in florida where we can visit in winters for a few weeks and use as Airbnb for the rest of the year.

Looking for recommendations for which areas in Florida are worth investing? Have looked into Miami (brickell area), multi family homes in Miami, Tampa, open to other places too like Ft. Lauderdale and Panama beach or any other recommendations.

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Raymond J. RodriguesBusiness Member

Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes

Hi @Niti Bhat, I work with agents in all of the areas that you have mentioned that assist investors with their short term rentals. Reach out to me and I will gladly share their contact info with you! All the best

[email protected]619-456-8311

Helm Mortgage Corp.5126 Reviews

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Karl DentonPro Member
Rental Property Investor · Mansfield, CT · Member since 2021 · 225 posts · 131 votes
3y
Check out the space coast! Plenty of opportunity there!
1 Reply
Niti Bhat
OP
Indianapolis, IN · Member since 2020 · 33 posts · 8 votes
3y
@Karl Denton thank you will look into it
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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
3y
Hi @Niti Bhat, I work with agents in all of the areas that you have mentioned that assist investors with their short term rentals. Reach out to me and I will gladly share their contact info with you! All the best
[email protected]619-456-8311
Helm Mortgage Corp.5126 Reviews
Website View Page
3 Reply
Kerry BairdPro Member
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
3y
Please cross check with the municipality, as it is really hit-or-miss in Florida. Each municipality sets the rules, not at the county or state level. My STRs are in Melbourne Beach, because my own municipality of Indialantic has a very small "tourist" zoned area, where they can be done. Satellite beach is minimum 30 days, unless you are direct ocean, Cocoa Beach is a yes, Indian Harbour Beach has a lot of hoops to jump through and is a "yes with conditions" and so forth.
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Kerry BairdPro Member
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
3y
Posted too soon, as I immediately thought to tell you
To be compliant...I am licensed at the State with a hospitality license, and then pay states to the county via AirBnb.
1 Reply
Nader Shariff
Detroit, MI · Member since 2020 · 150 posts · 68 votes
3y
We've been having a lot of success in terms of investing in Palm Bay, Ft Lauderdale and Orlando Florida.
However, if you are looking for a place to just use as an Airbnb when you are not there, I would pick Brickell from the list you provided (thinking from the perspective of you utilizing it for your personal use).
Another good note to keep in mind - I truly believe it's a good time to invest in downtown Miami. I do not believe the area has appreciated to its full potential yet. I see property values continuing to rise in the future.
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Patricia Steiner
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
3y
You may have seen that Time Magazine has ranked Tampa as one of the world's greatest places to vacation. On Thursday, Tampa Bay was on the list of Time's 2023 list of the World’s Greatest Places. (click on blue text to go to an article on this designation). Tampa is one of six locations in the continental U.S. that made Time’s list. Others include: Yosemite National Park, California; Willamette Valley, Oregon; Bozeman, Montana; Tucson, Arizona; and Washington, D.C.

And, "no market is doing better than Tampa Bay when it comes to net migration. The region rose from second to first in attracting new residents, with a population growth of nearly 2.9%, outpacing Austin, Phoenix and Jacksonville."
Florida isn't a cheap state for investing in the best and largest markets. What it does provide is year-over-year property appreciation AND rent price, high tenant demand - demand just exceeds supply, as well as net migration and being an inflation-proof vacation destination. Like all of Florida, our hotel lobby is strong so zoning for vacation rentals is tight (and not worth doing if not legally zoned).
Just the facts here - and just the ones that investors can't get enough of...
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Ricardo Hidalgo
Real Estate Agent · Member since 2019 · 569 posts · 257 votes
3y
Quote from @Niti Bhat:

We wanted to invest in a property in florida where we can visit in winters for a few weeks and use as Airbnb for the rest of the year.
Looking for recommendations for which areas in Florida are worth investing? Have looked into Miami (brickell area), multi family homes in Miami, Tampa, open to other places too like Ft. Lauderdale and Panama beach or any other recommendations.

Panama City Beach is my go to since it's very affordable and a good rental market. You can STR during the season and then rent to a snowbird in the offseason. In addition, our area is growing rapidly with tons of commercial developments and job opportunities.
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Lucie Tighe
Property Manager · Tampa, FL · Member since 2022 · 147 posts · 66 votes
3y
Tampa is well balanced year round, great market.

@Steve Lovelace would be an amazing resource for you if you're considering Panama City Beach!
2 Reply
Joseph Stern
Investor · Tampa, FL · Member since 2020 · 287 posts · 152 votes
3y
@Niti Bhat Hey Niti, check out the Seminole Heights neighborhood of Tampa. Not only is it a great centrally located area with a lot of young professionals, restaurants, coffee shops etc the city allows you to Airbnb ADU's there. So you can purchase a SFH with an ADU or add one, and you should be able to cash flow well on that investment with both the income from the main house and ADU.
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Aaron ScottPro Member
Investor · Huntsville, AL · Member since 2013 · 29 posts · 5 votes
3y
@Joseph Stern Re: Seminole Heights, do you know anything about the requirements for the main house to be owner Occupied? It appears that is at least the intent, know if they are enforcing this?
https://www.tampa.gov/city-planning/accessory-dwelling-units#:~:text=Tampa's%20code%20allows%20ADUs%20to,residence%20must%20be%20owner%2Doccupied.
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Kristina Kuba
Tampa, FL · Member since 2021 · 383 posts · 389 votes
3y
@Niti Bhat
Tampa has a strong STR market and LTR rents are still rising in most neighborhoods. Like another poster stated, TIME magazine just rated Tampa on the list of World's Greatest Places 2023. I am also seeing multiple offers come back in the Tampa urban core and there are no STR restrictions in Tampa city limits.

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Joseph Stern
Investor · Tampa, FL · Member since 2020 · 287 posts · 152 votes
3y
Quote from @Aaron Scott:

@Joseph Stern Re: Seminole Heights, do you know anything about the requirements for the main house to be owner Occupied? It appears that is at least the intent, know if they are enforcing this?
https://www.tampa.gov/city-planning/accessory-dwelling-units#:~:text=Tampa's%20code%20allows%20ADUs%20to,residence%20must%20be%20owner%2Doccupied.

Hey Aaron, I believe for Seminole Heights and Lowry park it does not have to be owner occupied but the rest of the city it does have too.
Tampa’s code allows ADUs to be constructed in Seminole Heights and the area around Lowry Park. Everywhere else in the City, ADUs may only be created for a family member and are called Extended Family Residences (EFR). The main residence must be owner-occupied.
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John O'LearyPro Member
Lender · Winter Park, FL · Member since 2021 · 737 posts · 412 votes
3y
Daytona Beach, St Augustine, Kissimmee (near the theme parks), are all great for STRs and you can't go wrong with the Tampa/St Pete Market
[email protected]800-663-4122
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