New STR Investor in Tampa

New STR Investor in Tampa

Investor · NH · Member since 2020 · 175 posts · 75 votes

I hope everyone is having a good start to the new year! I just graduated college (Econ and Math degree) and am looking to get my start in real estate investing. I have been listening to BP for about 2 years now, did an internship doing acquisitions in multifamily, and am finally ready to take action! 

I have decided I want to start investing long distance doing short term rentals in Tampa. I'm looking for properties that need a rehab, but not a full gut one as this will be my first time managing a rehab and contractors. Right now I am thinking I would like to find a 2-3 BR property within a 15 minute drive to Busch Gardens (which by proximity will also be close to USF), and I'm hoping to buy a house at around $200k-$250k (financed) along with $50k or less on a rehab. I'd also be open to a small multifamily property.

To my Tampa investors, is my criteria reasonable? I've also heard that some areas around USF may not be that safe. Are there any neighborhoods I should be avoiding or any that you think would be particularly good for STR? Should I look in other parts of Tampa? I would love to connect with any investors, agents, contractors, etc in the Tampa area! I'm also open to lending a hand to people (from a distance since I am located in NH) that want some help in their business.

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Tampa, FL · Member since 2021 · 383 posts · 389 votes
4y

I would also entertain VM Ybor and that area as it pushes east.  Closer to downtown, less than 10 mins away to Midtown, Sparkman Wharf, Bucs & Lightning stadiums... this is where your short term rental guests are going to want to visit.

Closer to Busch Gardens is on the up and up and deals can be found but be aware that the county line is around there and as soon as you leave Tampa proper and into Hillsborough county you have a different sent of governing short term laws.

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y

    You might want to look into foreclosure auctions and see if you can find a deal that fits your criteria.

    You could also try direct marketing and send letters out to properties in targeted areas.

  • Real Estate Agent · Greater Tampa Bay · Member since 2017 · 392 posts · 290 votes
    4y

    @Cole Britting Congrats on starting your journey. Tampa is a great area for str as it should allow you to cash flow a property in an appreciating area. You do want to stay inside the city limits of Tampa to ensure you're complying with local regulations. There's a lot of pockets up by Busch Gardens, some nice, some not so nice. I'm a believer that a lot of that area will continue to gentrify as flippers and developers look for land in the path of future development but you'll have to make sure you're comfortable with the neighborhood as it currently is to ensure guest safety. Let me know if you have any other questions. Best of luck! 

  • Investor · NH · Member since 2020 · 175 posts · 75 votes
    4y

    @John Underwood Thanks for the suggestions, John. I'm trying to solidify my deal flow systems right now so these are great suggestions.

  • Investor · NH · Member since 2020 · 175 posts · 75 votes
    4y

    @Luke Rorech Thanks Luke! I appreciate your insight on how you think the market in that area will continue to gentrify. I definitely have to do more research on the specific neighborhoods to make sure I am not getting myself into something that my guests would want to stay in. Do you know of any ones in particular?

  • Tampa, FL · Member since 2021 · 383 posts · 389 votes
    4y

    I would also entertain VM Ybor and that area as it pushes east.  Closer to downtown, less than 10 mins away to Midtown, Sparkman Wharf, Bucs & Lightning stadiums... this is where your short term rental guests are going to want to visit.

    Closer to Busch Gardens is on the up and up and deals can be found but be aware that the county line is around there and as soon as you leave Tampa proper and into Hillsborough county you have a different sent of governing short term laws.

  • Investor · NH · Member since 2020 · 175 posts · 75 votes
    4y

    @Kristina Kuba Thank you for the neighborhood suggestion! I will do some more research in that area, definitely seems like there are a lot of attractions around. 

  • Specialist · Tampa, FL · Member since 2017 · 36 posts · 30 votes
    4y

    How's your year going? Have you gotten any of these STR projects up & running?

    I'm just getting back into BP after a long hiatus, just checking the pulse in Tampa! 

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