My wife and I are new to the St. Pete/ Tampa area, we actually live in St. Pete. We have been driving the different areas trying to get a feel of the different investment opportunities around here. Just wanted to get some suggestions on where to look for multi family properties in either up and coming neighborhoods or just general suggestions on where to focus on in our search. Right now my wife really likes Kenwood, Coquina Key, and Grand Central district but i'm not sure if those are great investment areas.
You may be asking why multi family homes ? I'm interested in house hacking, living in one unit and renting out the others. Since we have only been here a couple months we really don't have any other criteria other than multi family homes, but hopefully with some suggestions we can get a lot more focused on our search.
Thanks in advance,
Welcome! I'd be happy to chat and/or meet up, and help any way I can.
It's hard (but not impossible) to find deals in Kenwood...it's a highly sought-after area, and there are many more single family craftsman homes (which the neighborhood is known for) than multi-families.
Coquina Key & Grand Central may very well be up coming areas.
What is your price point?
Thanks for replying Jeff, right now we don't have a price point. We are just trying to explore the different neighborhoods and get a feel for everything thats going on here in the area. My wife may feel more comfortable starting in a single family home, but I'm more of the multi family type and house hacking our way into real estate investing. Once we get a better feel for the area and whats out there i'm pretty sure we will have a price point.
@Jeff Copeland Would Pinellas Park or Largo be better for multi-family? I seem to see more there than in St. Pete.
I reside in Largo; but an area that has growth potential (opinion) is Seminole for multifamily and the main attraction are the beaches on Gulf Blvd. Specifically in a radius of five - ten miles from Ulmerton Rd. and Seminole Blvd
@Jason Williams - Pinellas Park definitely has some opportunities for investors. The price points in general tend to be lower, and it has historically been know as more of a working class area with a higher percentage of renters. That being said, there has been lots of new retail development along Park Blvd in the past 5-10 years, so it has become a little more cosmopolitan.
I have had success with single-family flips in Pinellas Park - one completed about a year ago, and one underway right now. And there are some MFRs available as well.
Most of Largo is a little higher up on the chart (in neighborhood quality and price point) than Pinellas Park, so it really just depends on what you're looking for.
My and I looked in Pinellas Park there are a bunch of multi family homes we have seen, but I'm not sure the areas we looked at are comfortable enough for my wife. But again that was only one part of Pinellas Park. We have been going out every weekend driving in different areas trying to get a feel of the market.
@raymond ebbeler. I will start doing my research in Seminole, I'm familiar with all of these areas due to the nature of my work. Thanks for some great suggestions on areas. I will make sure to keep this updated as we uncover more opportunities that we are seeking.
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