Flipper/Rehabber · Tampa, FL · Member since 2018 · 15 posts · 2 votes
We currently live in Tampa, FL. We are new to investIng. Homes seem so much cheaper in Vegas. If you had the opportunity to move to Vegas to invest, would you? Why or why not?
Tampa - strong economy, few cities have seen the price of homes appreciate as fast as they have in Tampa & Orlando in the past 5 years, the median home increased in value by nearly 47% according to yahoo. Price is relatively cheap compared to other areas of the country and other areas of the state. Great city to invest for the long term with that kind of appreciation, low property tax rates, amenities, strong rental rates, etc
I just moved to Vegas a year ago. So glad I did too, I love it here but I'm actually looking to move again, and Tampa is on my short list!
I moved here for opportunity other than RE and I'm glad to have bought my primary here, but I do not invest here. As Warren says: "when everyone is selling: buy, and when everyone is buying: sell" right now people are buying in Vegas like it's 2007 so I opt out.
I'm surprised to hear you say home values here are cheaper than tampa!
Tampa - strong economy, few cities have seen the price of homes appreciate as fast as they have in Tampa & Orlando in the past 5 years, the median home increased in value by nearly 47% according to yahoo. Price is relatively cheap compared to other areas of the country and other areas of the state. Great city to invest for the long term with that kind of appreciation, low property tax rates, amenities, strong rental rates, etc
I would not. Investing anywhere is extremely difficult right now. I think you will be disappointed, I doubt investing in Vegas would be any easier, especially if you don't know the area.
@Nick C. Why do you say investIng is difficult right now? I am seeing some tremendous fliP payouts for people here lately. But would like to know if there is something that I am missing.
It's very difficult to find deals. There are success stories for sure. But there are many more stories of failure that people don't brag about on here.
If you can find deals you will do well. If you're depending on realtors or wholesalers you will most likely struggle.
@Nick C. I get it. We actually went riding through Seminole heights and noticed that 90% of the homes were already under contract or rehabbing in progress so I do see that it may be hard to find the deals. However, I used to find debtors for a debt collection agency (not proud of that job but I made damn good money) so I know how to find people which is where my skills will come in and hopefully make some good money out of it. I think getting out there and finding the homes will be the most difficult part but I have a lot of faith and a lot of push to get what I want. And I usually always do get it!
Are you looking to move because of location or due to job opportunity? If you have the job lined up already and pays a lot more, then makes sense. If not, then the job search starts all over again.
Are you looking to move because of location or due to job opportunity? If you have the job lined up already and pays a lot more, then makes sense. If not, then the job search starts all over again.
Terry
We are moving because of location. Vegas was a fun ride, we had a great 2 years and now want to live somewhere new.
Not too worried about a job search. I bought my house here first without a job and had no trouble finding one. My wife is a nurse too so she's always fine. We will likely take pay cuts to move, but that's fine with us as well.
Yuck. Going back to paying state income tax? (Unless you do choose Florida of course. But then you’ll be living in a steam room.)
GL. TC. And thanks for visiting. :-)
Ps. My wife is a nurse at UMC. 3 different coworkers have moved to Florida and back after staying less than 2 years. Two blamed the weather/humidity. The other blamed housing/people/work. :-). just thought it was funny they didn’t have a third choice, just back to Vegas.
On a side note I was back home to MN where we’ve been planning to retire over the August 4th weekend. We went from 115 degrees to 65 degrees and it was less comfortable being outside. Constantly sweating and the insects/mosquitos/flies. Argh! If you miss Vegas in the summer, when can you leave?
Yuck. Going back to paying state income tax? (Unless you do choose Florida of course. But then you’ll be living in a steam room.)
GL. TC. And thanks for visiting. :-)
Ps. My wife is a nurse at UMC. 3 different coworkers have moved to Florida and back after staying less than 2 years. Two blamed the weather/humidity. The other blamed housing/people/work. :-). just thought it was funny they didn’t have a third choice, just back to Vegas.
On a side note I was back home to MN where we’ve been planning to retire over the August 4th weekend. We went from 115 degrees to 65 degrees and it was less comfortable being outside. Constantly sweating and the insects/mosquitos/flies. Argh! If you miss Vegas in the summer, when can you leave?
Bill, my choices are Tampa, or Nashville. Neither have state income tax ;) ;)
Nowhere is perfect man. Well, maybe California....but I'm too poor for that.
I don't dislike Vegas, and we will definitely miss it (if and when we move), but we really just like change. stagnation makes me suicidal. Gotta keep moving.
I do need to shake hands with yourself and some other locals though. Would hate to leave without meeting at least once.
No worries. Available almost anytime. I envy those that can find a dream destination. We could move almost anywhere but can’t find anything “better” for us.
I had to look up Tennessee as it wasn't one of the states I knew didn't have an income tax. They only tax interest income, stocks, notes and such, a weird hybrid. stay away from FSBO and you'll be tax free if your stocks and bonds are in retirement accounts.
As I often say, I would love to live in California....if it wasn’t in California. Especially San Diego.
@Bill Brandt
We lived in CA for the past 14 and because of how expensive real estate is we invested in St George UT. Its just a short jump from Vegas and has a super hot tourist vibe because of CA and the CANYONS.
Then you mentioned TN. Because of no state tax. We have moved our investments via 1031 exchange to Gatlinburg \ Pigeon Forge. It has been an awesome experience and the revenue with self managed cabins has really worked for us.
Originally I was looking at Tampa disneyworld area or Destin because I grew up going to Destin every year as a kid. But high rise resorts are a deterent and associations fees.
@Shannon Sullivan yes deals are getting more expensive here and harder to find. They're still out there though. I don't think you're going to find much better luck out in Vegas. That market is also saturated and you'll have the same problem as you have here, not to mention you literally will have to start from scratch all over again with building your strategic alliances with referral partners, vendors, lenders, etc. I say you double down on Tampa.
@Bill Brandt my brother just bought a three-bedroom two-bath in Fort Walton Beach it's right beside Destin and just a five-minute Drive that's starting to be the next option to be close to Destin
Thanks for the info. Are there any options for beach front small multi? (2-4 units). I like the idea of a 4 plex I rent out 3 units and use the 4th for myself/family/friends maybe occasionally vacation rental.