I read and see that Tampa/Orlando/Jacksonville are the best Florida Markets for rentals at this time. This will be our first purchase for a unit to be rented full time. We planned to stay away from Jacksonville initially due to the crime rate and focus on Tamp and Orlando. Any advice for these areas and also Florida in General.
Jacksonville Florida · Member since 2019 · 56 posts · 37 votes
7y
I've lived in Jacksonville for over 25 years and I have been a Landlord and Tenant for over 20 years here. I have also worked in real estate and property management for over 15 years in Jacksonville. Jacksonville like all places has it's good parts and high crime rate areas. Pros for Jacksonville you can still get a good house for under $250,000.00, where I'm at in 32225 there's a Navy Base and Coast Guard Base about 15 minutes away, a lot of banks, hospitals, CSX and other companies for employment. You can still get a type C property/investment between $100,000.00 and $150,000.00 here. My biggest con is the heat. It gets so hot here from June to September.
Orlando is a huge area and it varies greatly with respect to rentals, crime, etc. If you are looking at vacation rentals, you have to be outside the city limits. The market is so competitive I think it is hard to make a profit. My husband and I looked at vacation rental (having had one in Colorado) and we could not make the numbers worth our while. We also investigated long term rental options, but we decided to have our properties closer to us for ease of management and also our better knowledge of our local market.
This could be another good opportunity to pick up property in Orlando when the vacation rentals start to pop. I had the opportunity to buy in Celebration for under $50k. The HOAs were high, but it still would have been very worth it!
Flipper/Rehabber · Los Angeles, CA · Member since 2018 · 9 posts · 1 vote
7y
@Anthony Kelly I have been looking for an investor friendly in the Tampa market as well. I'm interested in creating a rental portfolio there as well as some flips. I would love to connect with you and see if we can work together and help each other out. Thanks
Real Estate Agent · Ormond Beach, FL · Member since 2017 · 216 posts · 158 votes
6y
@Olu Oyelade I prefer long term tenants over vacation tenants, just because of the work load. Vacation rental management is very time consuming. The way to make a long term rental as hands off as possible is to set yourself up for success! How? By making sure as many elements of the rental are repaired, replaced, or refreshed as you can. A rental that has been taken care of won't give you as many headaches as well as attract a higher caliber of tenant to begin with (and allow you to ask for more rent to boot!).
Investor · Orlando, FL · Member since 2016 · 355 posts · 380 votes
6y
@David Coatney, Florida as a state is a growth market. The state receives about 25% of all domestic moves in the U.S. Additionally, Metro Orlando is a disproportionate recipient of intrastate moves within Florida. 1% deals can still be had here, and sometimes higher if you don't mind getting into some of the tougher or more rural areas. The demographic trends are there for anyone to see. Even if actual home sales begin to decline, the rental market will remain strong. Many of the retirees who relocate here are opting to rent instead of buying anyway, and they don't rely on jobs as a motivator for their move.
Real Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
6y
I was looking at condos for College housing last weekend in Oviedo and Winter Springs. The markets are moving fast and like 4 months inventory. It is a tough market to find deals.