I want to live in Florida and I plan to house hack. Which cities would be best?

Question

Hello everyone, i would like to move to FL from NYC for a more affordable place to purchase my first primary residence using an FHA loan. Ideally a duplex or multifamily 2-4 units. I also plan to use this first property as a long term hold in my investment portfolio once i move out after a year and continue the process with other properties in the same market. What cities in florida do you think would be the best for this vision? looking for some decent cashflow.

Timothy W. · Answer

First rule about Space Coast is we don't talk about Space Coast.  :)  We'll have to talk sometime Victor.  Great name btw - I named my son Victor.  I'm looking at some of these 1 acre+ deals in Coco Groves where the building moratorium is in place.  Trying to get another local's insight into what's up with that.

Michael Haynes · Answer

Hello Sidney Garcia in NY. The most important thing is to buy a property that you would live in if everything did not work to House Hack. Second thing is to learn the IRS rule that states if you live in your Homesteaded Home for 2 out of 5 years you can Sell Tax-free for up to $250,000. Third is as a First Time Home Buyer do not go to the Bank and say you want to House Hack if you can only afford a House to start with. You already plan to move out in a Year? Most people hold a Mortgage for five years before situations change and they Sell. How much Appreciation do you think you may get in a Year of holding a property? Real Estate Investing is not like buying Bitcoin and waiting for it to pop to Sell at an unpredictable Profit. Get real. You have to learn how to do your own research in an area you are familiar with and be willing to hold for five to ten years if it is not a Flip.

Anthony Stokley · Answer

I have some insight into this. I haven’t broken into property investment but I have managed quite a few rental properties. Along the coast and south Florida in general is priced way to high to do anything with. But in central florida, north central, around the Ocala area there is massive potential. You can definitely do something with 300-350k in the Inverness, dunellon, crystal river area. About an hour from ocala, hour and a half from Orlando and tampa and with the area growing so rapidly, it looks promising.

Joseph Amin · Answer

@Sidney Garcia Thanks for your question,

@Anthony Stokley made a lot of good points. For quadplexes, they're harder to come by, but we find that a lot of our investors enjoy buying new construction quads in areas like Jacksonville and Ocala. Duplexes are a little easier to come by with these we tend to focus on areas where the land is cheap and the rents are high. these markets include Jacksonville, Palm Coast, Port Charlotte, Punta Gorda, and Lehigh Acres. all these markets are growing rapidly and are currently more affordable than areas like Tapa Orlando or southeast Florida (West Palm - Miami) where property prices are too high for the numbers to work for most investors. I always recommend planning a good road trip as you are looking to live in a property, you should like the area as well.

Let me know if I can provide any assistance.

Ray Hage · Answer

As @Anthony Stokley said, it is very difficult to make good cashflow in south FL (this part got invaded by NY/NJ from 2020-today) and most of the coastal areas. There is money to be made in central and pan handle. You will want to link up with a local-agent investor in those areas. I can help in south FL. You can still have a very low cost of living here if you house hack but it's not as good as it was before. I am currently helping a young guy down here who is looking for a house-hack (living with 3 room mates situation).

Joseph Beilke · Answer

@Sidney Garcia

@Joseph Amin stated in his comment the city of Palm Coast.  I specialize in Palm Coast and have built, bought and manage Duplex in Palm Coast.  Matter of fact we have 4 units that went up for rent this week.  We have received a few inquires but nothing solid yet.  Normal time frame is about 30 days to find tenants with 4 it might take a bit longer.  I work with a few builders and also know about premarket properties.  If you want to discuss more indepth I would be happy to schedule a call with you.

Devin Peterson · Answer

Hi Sidney, Lots of good markets in Florida to house hack. Florida is a country of its own! So many different areas based off what you want. I have lived here for several years between east and west coast and there are a multitude of markets where house hacking is a good strategy. If i had to narrow it down I would for the east coast Miami-Dade is popular and vibrant for quality of life, and on the west coast st. pete / tampa bay are great markets. I have great connections in each city if you would like to be connected!

Carlos Ptriawan · Answer

For me the most important is I live in front of the beach.

Jorge Vazquez · Answer

HI Sidney, It's great that you're considering moving from NYC to Florida for a more affordable property market, especially with the intention to use FHA loans. Florida offers a variety of options when it comes to real estate, and it can certainly be a fruitful choice for investors. Based on your criteria, here are some cities in Florida that might align with your vision:

• Tampa: Over my 20 years of experience managing and owning hundreds of properties, I can confidently place Tampa at the top of the list. The overall value proposition here in terms of capital invested versus cash flow and property appreciation is excellent. The city, along with its surrounding areas, is experiencing rapid growth, bolstered by a burgeoning job market, ensuring a steady stream of renters.
• Jacksonville: Jacksonville is a close second, primarily due to its affordability. As the largest city in Florida, it offers a broad range of properties, especially multifamily options. Its rental market is also robust, owing to its diverse economy and significant military presence.
• Lakeland: Lakeland is emerging as a hotspot, especially with giants like Amazon and other major companies setting up shop here. This has spurred both job growth and demand for housing. Its relative affordability, compared to other Florida cities, further enhances its attractiveness for investors.

Victor Delcea · Answer

In a contractor/flipper in the space coast/ Cocoa Beach area, 1 hour east of Orlando on the coast. Nasa was always based here along with the air force base and defense contractors but now theres Space-x, Raytheon, now space force base and many more always building here. This area is still pretty untapped even though a lot people know about it. Land seven years ago was 3-4k for a quarter acre, now 40-50 k though. Its back wards and undeveloped enough to still do things with but now it is right in the middle of a transition.

I want to live in Florida and I plan to house hack. Which cities would be best?

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