100k saved - Looking to buy a long term multi family rental

[Zakary Fellows]

Hi,

As the title states, I have  around 100k saved up and am looking to buy a long term rental property (preferably a multi family). My goal is to have enough properties to where I can make 150k a year and have more free time. I have a few questions:

1. Are multi-family rentals a strong investment in the Tampa area compared to condos/apartments?

2. There are a lot of condos for sale: are condos an investment to stay away from due to HOA fees and other fees?

3. What areas in or near Tampa, are a good place to purchase an investment property? 

4. It seems as though houses in Tampa are at an all time high. Would it be smart to hold off on investing until prices drop?

Thanks in advance. 

[Jason Allen]

Hi Zakary,

Have you considered investing out of state? There are many markets that offer a better cash on cash return. The HOA fees from condos will likely eat up most of your potential for cash flow.