Investor · Millburn, NJ · Member since 2018 · 141 posts · 100 votes
Dear BPers:
We are in FL vacationing, and are thinking of investing around Tampa area. We know that these surrounding areas are growing rapidly, but don't know where would be our best bet.
It seems Wesely Chapel has somewhat of a better school, but lacks of employers/industry of it's own. Lakeland, on the other hand, seems to be attracting companies to move in. What's a little concerning to us is that it seems there is just so much undeveloped land around these two towns, if the possibility to build new houses is not confined, what's the likelihood of appreciation? and whether that should be taken into consideration of buying new/existing homes? We are buy and hold investors, and would like some cash flow, but would want to invest something that has appreciation potential.
We are unfamiliar with FL investing. So any pointers would be greatly appreciated.
Rental Property Investor · Tampa, FL · Member since 2020 · 23 posts · 16 votes
5y
I'm going to give my two cents here as somewhat of a newer investor in the southwest Florida area.
I started my search about 8 months or so ago, and as a Tampa resident, of course considered the area. I also spoke with local realtors, investors and loaners. I came to find that the Tampa area, especially in this market right now, is just not the best place to put my capital (financing). Many of the properties I was evaluating both in Tampa and in surrounding neighborhoods, did not prove ROI worthy. The ones that actually had decent numbers, had cash offers above asking price (sometimes 5+ offers). It was like clockwork.
Now this is not to say you won't find an awesome opportunity with solid ROI numbers, but I ran numbers on many, many properties, and they did not even come close to something say the stock market would produce...as someone who dabbles.
In my opinion, there are plenty of other up and coming, low vacancy, high occupancy areas in southwest Florida (such as port charlotte and north port where I am choosing to invest). All of this is my personal opinion, but I'm excited to see where these projects take me.
For my next property, I'd love for it to be in Tampa. House hacking may be on the agenda, and definitely opens up my options a bit more, but for straight rental opportunity, it seems like there are plenty other projects to make actual solid ROI.
Realtor · Tampa Bay · Member since 2019 · 68 posts · 35 votes
5y
With an increasing population in all areas, I think they are all strong options. Personally, I moved to the Wesley Chapel area years ago and have been extremely happy with the growth in the area. Its an easy drive to Tampa, and offer all the amenities you need. Id be happy to talk to you more about the new construction and other developments in the area anytime.
Rental Property Investor · Tampa, FL · Member since 2020 · 23 posts · 16 votes
5y
I'm going to give my two cents here as somewhat of a newer investor in the southwest Florida area.
I started my search about 8 months or so ago, and as a Tampa resident, of course considered the area. I also spoke with local realtors, investors and loaners. I came to find that the Tampa area, especially in this market right now, is just not the best place to put my capital (financing). Many of the properties I was evaluating both in Tampa and in surrounding neighborhoods, did not prove ROI worthy. The ones that actually had decent numbers, had cash offers above asking price (sometimes 5+ offers). It was like clockwork.
Now this is not to say you won't find an awesome opportunity with solid ROI numbers, but I ran numbers on many, many properties, and they did not even come close to something say the stock market would produce...as someone who dabbles.
In my opinion, there are plenty of other up and coming, low vacancy, high occupancy areas in southwest Florida (such as port charlotte and north port where I am choosing to invest). All of this is my personal opinion, but I'm excited to see where these projects take me.
For my next property, I'd love for it to be in Tampa. House hacking may be on the agenda, and definitely opens up my options a bit more, but for straight rental opportunity, it seems like there are plenty other projects to make actual solid ROI.
Investor · Millburn, NJ · Member since 2018 · 141 posts · 100 votes
5y
@Mark Rosenberg thanks for your input. One of my friends who recently bought houses in Wesely Chapel did mention to me, she is pretty much betting on appreciation as she is not getting much of cash flow. And she had to bid 10% above asking to get in. I don't know this market enough to be betting on appreciation alone. FL housing prices seem to be volatile or less recession proof in my opinion. (but feel free to correct me if I am mistaken)
I'd definitively check out the other locations you mentioned too! Thanks!
Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
5y
@Joanne Tsai as someone that has invested along the I-4 corridor for years from Palm Coast on the east side to Kissimmee to Riverview near Tampa, I would choose Wesley Chapel because the economics work better. I am even looking for Lakeland properties myself but I never find one that just jumps out to me. I have better luck in the communities I mention above. As someone that has invested there, I also caution your purchase down there as there is a lot of crap and a lot of hucksters.