FL Tampa Bay / Sarasota Area
Hi all. Recently a few of my close friend moved down to the Tampa Bay/Sarasota area. I was thinking about possibly going down there as well. Im not too familiar with the area so I am not sure what kind of REI works in that area. I was possibly thinking about L/O and rentals. Any suggestions from people in that area of the country would ge great. I am from NJ and again am unfamiliar with that area down there. Also any mentors down there to show me the ropes/state lwas there would be cool.
TIA.
[addsig]
Anybody???
I need some input back from FL investor that live in this area. TIA.
[addsig]
Hi John,
OK - I was born there (Tampa) and now live in NJ. Most of the middle class people there rent from apartment complexes. Fact is, when people move into Florida and plan to stay, they want to buy because it's usually cheaper than renting. Median home prices are around $130K with taxes ranging from $1300-$2800/yr. Which can buy any family the American Dream of a 3-4 bdrm., 1-3 bath home for right around $950/mo. I'm not knocking your "rental property" idea entirely - A lot of companies move their people there for a few years and people coming from cities where apartment complexes aren't common, wouldn't even think of renting an apartment. I'm just saying that Tampa is not the best rental market. Flipping or wholesaling is what my friends do there, and don't expect $40K+ profits like you get here in NJ. You'll be dealing with smaller numbers on every scale. The past year for tampa home values has only seen a 7-9% increase. Hope this sheds some light. Good Luck!!
I am in the Clearwater/stpete area..its like anywhere else the deals are out there but you gotta look...if you got the big bucks you can always buy condos on the beach and rent them out to snowbirds
(winter residents) the ones on Redington shores go for about 2000-2500 a month
iggyeight
forgot to put on last post. hrash is always looking for birddogs..
iggyeight
The tampa market is extremely competitive, but there are still deals to be had. The main thing to remember is that Florida is a retirement and tourist state. Therefore your easiest deals are estate sales and short term rentals. Mainly because there arse so many here. Once you get down south, you should start by finding a realtor that will work with investors, there are a lot here that are used to us. And yes, Hrash is always looking for birdogs.
Good Luck,
Kyle