Just pre-qualified for a loan in Tampa... Now what?

[Jake Calle]

I just pre-qualified for a 200k loan in Tampa at 5%. Since I currently rent very cheap I plan on making my first house purchase an investment property. For my Tampanians out there, which part of Tampa would be best right now for a rental property? I currently have a real estate agent on the lookout. Note: I was told by a seasoned investor to look for good deals to fix up and only use my mortgage to buy the house and NOT the fix up expenses (because of the 5% interest rate).... Any tips help fellow investors! 😁 -Jake

[Devin Beverage]

Hi Jake! I'm local to Tampa myself, and work on both sides of the business (residential retail, and investment). 

There are a few more things I'm wondering about with your case. Are you looking for something you can live in yourself *as well as* rent out to a tenant? (Example -- rent out spare bedrooms, or even a multi-unit duplex or triplex?)

Also, do you have enough money stored aside right now, or at least have access to loan funds post-closing for any updates or repairs? This will determine whether you'll need to find something habitable right away or if you can get something needing some work where you can start building equity right away.