All Forum Posts by: Aaron A.

@Khaled Morad thank you very much!  

Thank you Brandon!  Good to hear 

Hello Everyone,

Thank you in advance for any help you can provide. I have only lived in Florida(Tampa/St Pete) for just over two years now and am looking to do my first house hack. It appears St Pete is in more demand than Tampa and will continue that way since the city has some major projects on the way and there is no more land to really be developed on the peninsula.

With that being said, I have a a question about property location for a LTR investment. There are plenty areas in St Pete that do not require flood insurance by being non flood zoned. My only concern from a financed investment standpoint is if a major hurricane did directly hit the island then we would be at a complete loss with no insurance to replace the investment. So even if buying in a non flood zoned area would you suggest to still carry flood insurance? And if so, how much less is that really going to be than flood insurance in a flood zoned area? Because then you run the question maybe it’s better to get a better deal on a much lower priced home un a flood zoned area if you’re going to carry expensive flood insurance regardless?

OR

Would you steer completely clear of St Pete and only invest inland areas of Tampa that will not flood?

Thank you all for any helpful advice!

Aaron

Hello Everyone,

Thank you in advance for any help you can provide. I have only lived in Florida(Tampa/St Pete) for just over two years now and am looking to do my first house hack. It appears St Pete is in more demand than Tampa and will continue that way since the city has some major projects on the way and there is no more land to really be developed on the peninsula.

With that being said, I have a a question about property location for a LTR investment. There are plenty areas in St Pete that do not require flood insurance by being non flood zoned. My only concern from a financed investment standpoint is if a major hurricane did directly hit the island then we would be at a complete loss with no insurance to replace the investment. So even if buying in a non flood zoned area would you suggest to still carry flood insurance? And if so, how much less is that really going to be than flood insurance in a flood zoned area? Because then you run the question maybe it’s better to get a better deal on a much lower priced home un a flood zoned area if you’re going to carry expensive flood insurance regardless?

OR

Would you steer completely clear of St Pete and only invest inland areas of Tampa that will not flood?

Thank you all for any helpful advice!

Aaron

Hello Everyone,

Thank you in advance for any help you can provide. I have only lived in Florida(Tampa/St Pete) for just over two years now and am looking to do my first house hack. It appears St Pete is in more demand than Tampa and will continue that way since the city has some major projects on the way and there is no more land to really be developed on the peninsula. 

With that being said, I have a a question about property location for a LTR investment. There are plenty areas in St Pete that do not require flood insurance by being non flood zoned. My only concern from a financed investment standpoint is if a major hurricane did directly hit the island then we would be at a complete loss with no insurance to replace the investment.  So even if buying in a non flood zoned area would you suggest to still carry flood insurance?   And if so, how much less is that really going to be than flood insurance in a flood zoned area?  Because then you run the question maybe it’s better to get a better deal on a much lower priced home un a flood zoned area if you’re going to carry expensive flood insurance regardless?  

OR

Would you steer completely clear of St Pete and only invest inland areas of Tampa that will not flood?  

Thank you all for any helpful advice!

Aaron

Hello everyone,

First of all thank you all in advance for sharing your knowledge and wisdom.  

Like Joel, I too am looking at my first house hack. I've been concentrated in Pinellas County, but open to areas of Tampa if wise.  

Searching for a house hack that would be a long term rental. Either a single family primary home on a double lot for us to build an ADU or a multifamily property consisting of a duplex or triplex. I'm not sure which of those would be best.

I am preferring St Pete but open to Tampa as well. Would you suggest Tampa or St Pete having the most upside for both/separately rental potential and also appreciation? 

I was thinking St Pete because there's no more land to build, it also seems the city is up and coming(The approved Tropicana Project), and the proximity to the beaches. Although, Tampa is larger with the universities and jobs... So, I am somewhat torn. Which areas would you suggest in St. Pete and which would you suggest in Tampa? Would buying a BRRR south of Tropicana just a few blocks south of the development projected to be completed by 2027? It could be considered a rougher area right now, but would that change quickly after the new development?

Also, I am not sure how flood zones will be affected with the new insurance requirements. I am thinking to steer clear of any flood zones unless they already have an ADU on the property, because it would be very difficult to get one approved on a flood zoned property. This is all of course contingent on ADU's being a good idea in the first place.

Please let me know what you think about ADU's. It looks like we can do a 2/1 ADU for $130-140k and have it built on an eligible primary home's property in 6-8 months ($1200 mortgage) to return in rent anywhere from $1600-2200 depending on location.

Thank you!

@Obed Calixte thank you sir.  Are you suggesting those 3 areas specifically? 

Hey thank you Jason! I've been looking at north of downtown St Pete, but staying south of 62nd Ave north and far enough west to avoid the flood zone. I am also considering the Pinellas Park area and north gulfport area. Any thoughts on those? I'm also thinking of finding a property that has a double lot with room to do a 2/1 ADU on the property. Apparently you can have one built for $130k in 6 months and then rent it out for $1800-2200 depending on the location of the primary SFH. I am looking for a SFH 3/2 or 4/2 that I will house back with a potential ADU and a long term hold.

Any advice or tips would be greatly appreciated! 

Aaron 

Do you think it’s better to buy a single family rental in the Saint Pete or the Tampa Bay Area? and what about flood insurance. Would you even consider a property in a flood zone in either area?

Thank you in advance!

SFH and LTR

Do you think it’s better to buy a single family rental in the Saint Pete or the Tampa Bay Area? and what about flood insurance. Would you even consider a property in a flood zone in either area?

Thank you in advance!