Orlando vs Lakeland vs Tampa vs Miami?

Question

Hi BP,

I'm an OOS investor with a goal to buy property in FL over the longer term. I don't need an immediate cashflow, and would prefer the area that has the best long-term returns as a combination of CF and rent growth/ appreciation.

Orlando, Tampa and Miami are all very popular right now, but I don't know much about them aside from numbers I've read online and where they are on a map. I'd like to know your opinion on which of these (if any) are the best.

I'm also looking at Lakeland, as its location in between Orlando and Tampa seems nice, and it could grow along with them. According to google maps, it's a 40/60min commute respectively, so I'm also interested if people commute from there.

Shawn McCormick · Answer

Hi @Tyler D. You can do well in any of those markets. Florida is growing at alarming speeds right now (for several years now and the future looks quite bright too). The bigger cities are getting scarce for land, so it is driving new construction pretty far out. That is making for good appreciation even in outlying areas. I am more familiar with Orlando, but Tampa generally has more inventory, especially in multi family.

I like the new construction path if you don't absolutely need cash flow. If you get in early in a community, the builder will set the prices in an upward motion for you, gaining equity by the time they are built out. That is just one strategy to consider since we are in such a competitive market and you won't have to worry about having to offer 'highest and best' against motivated buyers.

Reach out anytime and we can schedule a call to discuss your strategy and see if I can add some value. Good luck.

Tyler Gibson · Answer

I work with out-of-state investors here in Central Florida. I think if Immediate cash flow is not a requirement then Orlando or Tampa would be my target. Lakeland is also a great investment market if you are looking to cash flow right away but I think Tampa and Orlando have better long-term growth outlooks. Lakeland will continue to grow but not at the same speed as Tampa and Orlando. Feel free to reach out if you would like to chat or have any questions.

Ronnie McLaughlin · Answer

The only area around Brandon where I see duplexes pop up is in Seffner and West Brandon.  They sell as soon as they come on the market.  Another area you may want to consider is at Temple Terrace.

Ramon E Alvarez · Answer

I'll be retiring from the military here in Virginia in the next 2 years. Looking to move to central Florida particularly with an eye in the Lakeland area. I'm looking for Small Multi no lower than %.80 (1% rule). Looking for cashflow right out of the gate with cosmetic rehab possibility.

Jonathan Vasquez · Answer

Hi @Tyler D. I'm an investor/agent in the Tampa area. Tampa has great appreciation and decent cashflow at the moment since inventory is so low. Lakeland is a fantastic place and has seen growth because of what the others have mentioned. There's just not enough land left to build in the surrounding metros of Tampa and Orlando.

Send me a message and we can discuss what areas in Tampa would work great for you

Kevin Reid · Answer

Multifamily is hard in Lakeland, it's dominated by SFH. Any of the duplexes that I've looked at are in less then desirable neighborhoods or near the colleges. Not what I would want to invest in.

You have a limited number of townhouses, but no one wants them because of the high HOA fees. Outside of that you have large apartment complexes, and trailer parks.

it might be easier to find Multifamily opportunities closer to Tampa, look in Brandon, Valrico, and Lutz maybe?

Kevin Reid · Answer

I'm in Lakeland and it is growing, but so are the prices. Look outside of the city limits and other cities. Plant City, Winter Haven, Davenport, Brandon..... many good buys near main roads, but outside of the heart of the cities.

Orlando vs Lakeland vs Tampa vs Miami?

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