Hi fellow BPers,
Presently living in Seattle but will soon be moving to Tampa, Florida for job relocation and beaches, of course. Currently, I and my wife have 3 properties in Seattle Washington that are cash flowing just fine. Haven't been in Tampa, Florida before so we're not sure if we should rent an apartment first or buy our own owner-occupied property right away? We will be total strangers there so we have no inkling whatsoever what the real estate market is like over there. So, I am reaching out to you Tampa investors--seasoned or not--for a piece of advice. Thanks in advance.
You have options for owner occupied MF property all over Tampa. It all depends on where you'd like to live and where you will be working. Closest to downtown, Tampa Heights and North Hyde Park are the neighborhoods with commercial $$$ being dumped in, and Riverside and Seminole Heights being gentrified as well. I'd say these are currently "C" neighborhoods. I've found that it takes quite a bit of digging to find deals here, although there are deals to be had. I think it is probably smart to rent an apartment for at least 6 months, to get a feel for the area and do your research with your boots on the ground. You can get a really good feel for neighborhoods driving them, and I think that goes especially for the ones I previously listed. There are many other areas in the Tampa Bay area, including many options in Pinellas county. I have definitely seen a decrease in inventory in the last year or two, especially in the hotter areas.
Welcome to BP.
I have been doing some research for investing in South Florida. I am told that Tampa is still good for cash flow properties.
I would suggest renting for 6 months and than buying, but if you don't want to rent, you could buy a fourplex, live in one unit and rent the rest. Let me know what you decide, I could assist you with some contacts there.
If proximity to beaches and commute to Tampa are what you are looking for then check out Safety Harbor and the Countryside area of Clearwater. These are very nice areas without the South Tampa price tag. I am making an assumption about your criteria but these are great areas that will appreciate. I would certainly buy.
There are a lot of options in the Tampa market. You mentioned you are moving to Tampa because a job relocation. Would you like to live close to your job and start investing near where you are going to live? how far/near would you like to be from both your Job and your possible Rental properties? Also, if you have kids, you may want to consider moving in a good school area.
I know Tampa very well, feel free to reach out if you have more specific questions about the area.
Welcome to BP.
How is it going Rey? What did you decide?
I am considering all your tips. My Job street name is Benjamin Road, zip code 33634. And of course, I want to live--or rent for now--near that address(10-15 miles of commute maybe?). I have kids ages 7 & 11 so definitely a good school, kid-friendly, safety neighborhood, desirable area are a must. For those of you who PM me, expect a reply soon. Thanks again for all your responses.
Rey, I suggest to look into the Westchase area which is about 15-20mins from your new job. Westchase is one of the best areas to live in Tampa and has some of the best schools in the City. I will PM you more details.
Good luck! and feel free to contact me if you have any questions.
@Angel Acosta, @Rey Orinion
I agree with Angel that Westchase is a fantastic neighborhood to live in, great for families and very close to your job. I don't think there are any multi family properties around your job that are in good school districts however.
Westchase is zoned for an excellent elementary school and pretty good middle and high schools. For your children's ages, you may want to consider a little further North/Northwest than Westchase. Farnell Middle School and Sickles High are the best rated schools in the area. Redfin will allow you to search for properties based on school districts. If you search Farnell's district most of those properties should be zoned for Bryant Elementary, Farnell Middle and Sickles High. You can't get a better school district than that outside of South Tampa.
Good luck. Feel free to connect with me with any questions about the area.
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