Best Florida Markets To House Hack In?

[Kalea Sanders]

Hello Folks! Jacksonville native here. I know it's a great market but simply don't want to live here anymore. My strategy for purchasing my first home is via house hack, and I've been struggling on narrowing down a new market to start my investing portfolio. I plan on investing in a multi-family home. Any suggestion on what markets I can narrow my search down too? 

[Ashley Hall]

I'm working on my first home purchase and plan to house hack. I don't see how you could go wrong anywhere in Florida as long as the numbers make sense. I'm a beginner and not an expert, so it's just my opinion. But most of Florida is desirable for many people across the US and abroad. Since you are house hacking, maybe you can narrow it down based on your wants/needs in location and what you plan to do with the property whether short term or long term. 

[Ryan Lesley]

Hey Kalea, 

Welcome to the BiggerPockets family and congrats on taking the first steps toward you first investment property!

The market that sticks out most in my mind is Tampa, specifically because I myself have been researching markets for investing in Florida and happened across this great podcast by On The Market who is affiliated with BiggerPockets. Here is the link to the podcast: The 8 Worst and BEST Housing Markets of 2023 and While I think the whole episode (about an hour) is worth a listen, the specific section that covers the Tampa market is 34:05 - 37:32 

I hope this helps, and good luck 🤝🍀

[Ryan Halford]

Quote from @Kalea Sanders:

Hello Folks! Jacksonville native here. I know it's a great market but simply don't want to live here anymore. My strategy for purchasing my first home is via house hack, and I've been struggling on narrowing down a new market to start my investing portfolio. I plan on investing in a multi-family home. Any suggestion on what markets I can narrow my search down too? 

 If you are going to be house hacking I would narrow your search by where you want to live not the market. Most of FL will be fine for a house hack, but if you mean that you don't want to live in Florida at all then figure out where you do want to live, research the markets in that state, and just confirm that the numbers work. When you invest in larger multifamily it doesn't matter where you live because you don't have to live where you invest. I live in and love Tampa, but focus on where you and your lifestyle would be best suited then find a 2-4 unit there hack it, rinse, and repeat. House hacking is so powerful that it will work in most places that there is a rental market. 

[Kalea Sanders]

Thank you guys for the support! I definitely want to stay in Florida, so I will base my search off of my own criteria. That narrows things down drastically. @Ryan Halford @Ashley Hall

I listen to the podcast every day, so I'll give the entire show a listen. Thanks for the suggestions! @Ryan Lesley

[Raymond J. Rodrigues]

@Kalea Sanders, if you’re looking for a little bit more of an active place to live, perhaps the Tampa Bay Area could work out for you! @Josh Green is an investor and investor focused realtor in the area. I’m sure he can share some great information with you. Reach out to him! 

[Josh Green]

@Kalea Sanders

As others mentioned, Tampa is on the radar across the nation for many reasons. Somehow, there are still opportunities for new investors. The amount of population growth and projected growth over the coming years is strong. That is supported by the billions being invested into infrastructure, new buildings, etc. The skyline here is set to double in the next decade or so. The mix of amenities and tax friendly laws are attracting businesses, investors and out of state migrants. For a long term hold investor looking in Florida, Tampa is a strong location to consider for cash flow and appreciation.

[Kalea Sanders]

Tampa is high on my list of consideration. Thank you for the insight on what Tampa has to offer for newer investors. I will keep what you said in mind! Do you mind if I reach out to you with any future questions regarding the Tampa area? @Josh Green

[Josh Green]

@Kalea Sanders

Anytime 👍🏼

[Kristina Kuba]

@Kalea Sanders

Tampa hands down. Even in recession. I was just able to raise rent by 7% on one of my multifamily properties just this month. 

Here is a good article from 2 months ago.

Florida, Tampa Bay rent prices on the rise while other big metros slow

My husband and I have built a $4 million rental portfolio just in Tampa mostly by unconventional house hacking in different formats. We bought a condo on Harbour Island which we used a 3.5% FHA down (it is rare to find condos that are FHA available in desirable areas). Years ago we bought another house with a MLM suite and rented the back unit out and lived in the front and then sold it. We used a conventional loan to build our primary home and then turned it into a STR and took a HELOC out to build another one.

If you want the conventional way of househacking, stick to the Tampa urban core. Lots of properties with mother in law suites and other accessory dwelling units called “carriage houses”

Use https://landlordy.com/ to manage the house hack and it will make your life so much easier.

Feel free to reach out if you have any questions!

[Ryan Thomson]

@Kalea Sanders nice! I'm excited for you. It sounds like you are making moves. I don't have any advice on the Florida Market, but here is some advice for house hacking:

House Hacking is amazing. Here are some resources I found really helpful on my journey.

1. For podcasts I really like the Huse Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb

2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf

3. The Book on House Hacking Strategies by Craig Curelop is also a fantastic book

[Adam Bartomeo]

@Ashley Hall LOL! There are plenty of places in FL to avoid. Be careful out there!

[Adam Bartomeo]

I would recommend SWFL. There is a reason that I settled here, invest here, and opened my brokerage here. Everything is on the upswing and has the potential to stay that way for a long time - rents, appreciation, opportunity, jobs...

[Dwayne Byrd]

I love our area - Brevard County. There is great growth going on here with all of the defense contracting, Space Force base and all of the rocket launches happening a few times a week (space x, ect). I could help point you in the right direction down here in Palm Bay, Melbourne, ect.

[Rick Wiedenhoeft]

Kalea I won't disagree with most on the fact that Tampa is a great investment, but if you're going to live there, plan on dealing with traffic. Plenty of it. However, on the opposite side of the state (although a little more sleepy) is Melbourne and the Space Coast of Florida. We chose this area for better ocean play, the significant growth of the industries, and the relative small-town feel. My 2 cents. C'mon down for a visit and see if you like it!

[Clay Asplundh]

Rent growth in Florida is strong right now. One strategy I would consider is house hacking but instead of doing long term rental in the other units, consider using them as short term rentals. I know in my market (west palm beach) the monthly income is much higher if you use them this way. If there are multiple units you could also do one of each strategy and see which you prefer. Good luck and feel free to reach out if you more questions!

[Ashley Hall]

@Kalea Sanders Hello again, I wanted to follow up to see if you found an opportunity that worked out in Tampa Bay and if you now live here? I took a break from the search, mostly due to discouragement as a newbie, but I'm ready to pick it back up now and was just curious about your experience! If you're in the area and open to it, we should link up for coffee or lunch and discuss! I'm interested in making new connections in this space.

Hope all is well and you're reaching your dreams!

[Joseph Stern]

@Kalea Sanders Hey Kalea, I live and house hack in Tampa and there is still plenty of opportunity to house hack here. The area is growing tremendously and there is a ton to do, especially being on the west coast. There is your typical rent by the room strategy, but tampa also allows for owner occupants to rent out ADU's in certain parts of the city and in St. Petersburg as well which makes these areas good house hacking options. There are also plenty of multi family properties in the area that could work as well.