Florida rental investing

26 Replies

Hello Bigger Pockets community!

We live in Renton, WA, but have lots of family in the Tampa/Clearwater area and have been there many times. In 2018 we will be intensely focused on building a passive income portfolio in Florida. Areas we're currently considering are Tampa/Clearwater and Jacksonville.

We're looking to partner with local agents, wholesalers, lenders and property managment companies. Any great recommendations?

Primary focus at this point is SFRs up to a four-plex for a buy-and-hold. The eventual goal is to purchase 5+ unit MFRs.

Thanks!

~ Jonathan & Christine

Still looking for some Tampa/Jacksonville agent rec's. Thanks

Jonathan, 

You've got your sights on two great areas. I'm an agent in the Jacksonville area, but plan on investing in the Clearwater area down to road. I've got a few lender and PM company recommendations for you in Jacksonville. PM me if you're interested!

Unfortunately I'm too new to give you great recommendations but my past year of searching has taught me that, if you aren't tied down to a particular area, South St.Petersburg is a great place to start. I have bought a few SFR's in Tampa but have been looking in Clearwater, St.Pete, Plant City, and Wesley Chapel. Inventory in Tampa is getting up there in price (everybody wants to flip in Seminole Heights) but St.Pete consistently has solid SFR's in the sub-100K range. Watch out for flood insurance requirements (that is a real kicker) and know that one or two blocks can make a HUGE difference in South St.Pete. The northern part is definitely better (and thus more expensive) but it is starting to trickle down south. If they weren't 45 minutes from my house or I wasn't self-managing then I would be focusing on that area.

Sorry hit the wrong button...I am an investor in the area but also an agent, primarily only working with investors. I already work with a ton of out of state investors looking for rentals here. I would be glad to chat with you more and see if I can help you find what you are looking for in the area.

Send me a PM and we can talk in more detail.

Originally posted by @Melvin List :

@Jonathan Miller I have several agents in Tampa depending on the area and purchase price if you would like to reach out to me.

 Thanks Melvin! I'll send you a PM. Also saw you are a lender. Thanks!

Originally posted by @Luke McCann :

Jonathan, 

You've got your sights on two great areas. I'm an agent in the Jacksonville area, but plan on investing in the Clearwater area down to road. I've got a few lender and PM company recommendations for you in Jacksonville. PM me if you're interested!

 Thanks Luke! I would say I'm slightly more drawn to the Clearwater area (and southern parts). It seems like Jacksonville is flooded with investors and I'm not as familiar with the area; but there might be a reason why it's so popular? I'll send you a PM! Thanks!

Originally posted by @Jonathan Henley :

Unfortunately I'm too new to give you great recommendations but my past year of searching has taught me that, if you aren't tied down to a particular area, South St.Petersburg is a great place to start. I have bought a few SFR's in Tampa but have been looking in Clearwater, St.Pete, Plant City, and Wesley Chapel. Inventory in Tampa is getting up there in price (everybody wants to flip in Seminole Heights) but St.Pete consistently has solid SFR's in the sub-100K range. Watch out for flood insurance requirements (that is a real kicker) and know that one or two blocks can make a HUGE difference in South St.Pete. The northern part is definitely better (and thus more expensive) but it is starting to trickle down south. If they weren't 45 minutes from my house or I wasn't self-managing then I would be focusing on that area.

 Thanks for the tips man! I was just looking at properties between Clearwater and South St Pete. Where do you find information regarding flood zones? Way to go on your current investments!

Originally posted by @Eric Delcol :

Jonathan Miller

Send me a PM and I can hook you up with the contacts you need in Tampa.

 Awesome, will do!

Originally posted by @Brandon M. :

Sorry hit the wrong button...I am an investor in the area but also an agent, primarily only working with investors. I already work with a ton of out of state investors looking for rentals here. I would be glad to chat with you more and see if I can help you find what you are looking for in the area.

Send me a PM and we can talk in more detail.

 Awesome, thanks for reaching out! I'll send you a message.

Hey Jonathan,

Here is the county resource for flood mapping:

http://pinellascounty.org/flooding/maps.htm

@Jonathan Miller hey Jonathan they central Florida market has a very strong small multi family and short term rental market (property close to Disney)

if you have any interests PM ill email you some properties. I know Tampa is a great market to be in right now but from my understanding Jacksonville is very hot and competitive. hope this helps 

Mark

Hi There,

I am in Renton as well. I recently bought a short sale in New Tampa area. PM me and we can chat or meet-up.

Thanks
Chetan Parmar

MLS listings will typically have a flood zone section. If you see Flood Zone: X then you know flood insurance will NOT be required. This is a good sign and is the first thing I look at when the property is close to the beach. I am always surprised by which properties do and do not qualify as being in a flood zone. When looking at wholesale or off-market deals from places like Craigslist I always ask right away if flood insurance is required. Frequently, very good-looking deals get much less rosey when you factor in this large (and highly variable) cost.

Hello Jonathan and Christine, 

Sounds like you have a great plan to start off with SFR's and progress to 5+ units. I'm currently using the same strategy. Closing on my second 4 unit next week and also own two SFR's.

In regards to Jacksonville RE agents, i recommend Lisa Kemp. She and her husband @Eugene Kemp are local SFR investors. Both have great knowledge of the area and both are a pleasure to work with. 

Although you didn't ask for them, I have recommendations for handymen, ac guys, contractors etc as well. PM me if you need them.

Happy hunting friend!

-Dan

@Mark Webb I️ would love to talk to you about Orlando STR market. I️ have been trying to find a small multi family in Tampa for quite a while but have had no luck. I️ can’t PM you on mobile for whatever reason but very interested in the AirBnB market there!

I bought 10 Rentals in the last 6 years in Tampa st Pete. I’ve done well partially by luck with prices very low back then and I had a good PM. I’ve learned a lot and my best advice is be very careful in most of South St Pete the prices are great but you need a great PM to manage in most of that area. The cash flow is very good in south st Pete but Rents are harder to collect and The homes are older and tend to require more repairs. I prefer n st Pete or other towns near Tampa with better neighborhoods it’s less cash flow but tenants tend be much better and they pay auto deposit and my appreciation has been better. Good luck. PM if you want more details. Steve

@Jonathan Miller , I sent you an private message, but I'm a Realtor and investor in the Tampa market.  and it would be my joy to help you. 

You also asked about Flood zones earlier. I just sold my Insurance agency so we can talk a lot about flood zones. Someone mentioned above that your an get the info on the MLS, i have seen a lot of times that agents put the wrong information in the MLS. or don't know how to work around having to have flood insurance, I'm happy to talk more about it with you.

Eric

Eric Most, Real Estate Agent in FL (#SL3387145)
813-781-5806

So many realtors are so helpful!

I used all my holiday and vocation time to check the potential investment property and so tired.

We definitely can’t deal with trouble tenants so we looked lots properties and still need to check more and feel very close to an offer because we really spend time on the market personally.

Tampa and surrounding area price increased so much. So many properties more than doubled price if they purchased between 2009 to 2012.

Didn’t see any reason the market will change from now but the appreciation is too much and too fast.

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