Best area’s to house hack in Florida?

Question

Anyone suggest the best area’s to look in Florida for a house hack?

Chris Schoonhoven · Answer

Thanks all for the feedback... Side note, I am a PT realtor in the Miami-Dade market as well. But my FT job covers the entire state.

@Shawn McCormic - I cover the entire state, yes. Truth be told, I'd be interested in the area that can provide best ROI. Probably living wise Tampa would be best (seems fun?) but I am open to Orlando.

@Ryan Thomson

1. Are you comfortable living there for a year? Yes - have house hacked before

2. Does it provide an acceptable house hacking strategy while you live there? I'd have to investigate the markets.

3. Does it have a good exit plan for renting the property when you scale to the 2nd house in a year? Would have to investigate.4. Can you afford to live there? Hopefully! :) I wouldn't imagine it being an issue5. Do you want to live there? Ideally, no. But, more important to me, do I want to retire off of real estate? Yes... I've lived where I didn't want to before for investment properties and it paid off well.

@Dakota MivshekI will check but would prefer the standard HH of a multi-family. I've had success with it in the past and like the privacy of not renting rooms.

Thanks!

Dakota Mivshek · Answer

Worth poking around "rooms for rent" FB groups across different cities in FL to get a gauge of activity + prices. Also generally a good anchor is ~30% discount to a competing studio in the area.

If you are trying to gauge how well you can cover your costs in a 3 to 4 bedroom home via house hacking.

Shawn McCormick · Answer

@Chris Schoonhoven Looks like I was going to ask some of the same questions already posed to you. You say you cover the whole state, are you driving and what are you biggest markets that you cover. If you are living in Tampa and Jacksonville is a big market, than your not going to like the commute. Orlando makes the most sense as you can be in Ocala, Tampa, Lakeland, Daytona, Space Coast...all in an hour to an hour and a half. Jacksonville almost 3 and Miami almost 4. They also have a rapidly growing population that is in need of affordable housing so house hacking is very popular and companies like Pad split seem to be doing well here.

Best of luck, let me know if I could be of any help.

Ryan Thomson · Answer

Two more important questions to ask:

1.Can you afford to live there?

2. Do you want to live there?

Ryan Thomson · Answer

Hey @Chris Schoonhoven Three things to consider that are more important than location (but also take location into account):

1. Are you comfortable living there for a year?

2. Does it provide an acceptable house hacking strategy while you live there?

3. Does it have a good exit plan for renting the property when you scale to the 2nd house in a year?

Chris Schoonhoven · Answer

Thanks Devin, I did transfer down here for work and cover the whole state. Thanks!

I know those markets seem pretty hot.

Devin Peterson · Answer

Florida is an annexation, its own country. A lot of markets are different from one another. Depends what type of area you want to live in, and then rent out. Coastal, inland, rural - all options.

Best house hacking market IMO:

Tampa, Orlando, Space Coast, and Treasure Coast. GL!

Question: Are you looking to relocate down to FL and work remote?