Making the Move to Tampa Area
Hey everyone,
I'm looking to make the move to Tampa area (Clearwater, Largo, Tampa, St. Petersburg area) in the upcoming 2018 year. The cost of living is way too high in Chicago and the entry level for multifamily investing here is just too high for me right now (plus it's friggen cold). I'm looking for a couple things but mostly I'd really just like the local's opinion. I'm flexible on the area. Here's the things I'm looking for, maybe you can recommend an area or put your two cents in about the plan:
- Multifamily live-in (3-4 units but preferably 4) for around 200k-350k
- Area where the rents could pay for the mortgage ($700/mo - $1,400/mo)
- Area where there is flipping potential. Buy for $50k - $100k and sell for $30k minimum profit
- Not a slum - I'm not looking for F or D properties here. I'd like C, C+, or B- property that I can make into a B or higher
The game plan here is to have a live-in multifamily - rent 3 live in 1, flip properties on the side, and as I gain capital and equity and local relationships I want to sell and keep upgrading until I can own large multifamily housing (100+ unit properties).
Does this sound like an area around Tampa? Does this sound like your market or a market near yours? I've been looking at Tampa for a few months but don't have any local expertise yet. I plan on getting in touch with a realtor soon and I'd like some background information so I don't waste time when I make my flights out there in the upcoming months.
Thank you everyone for your help! I really appreciate your time in reading this post!