Buying second vacation home/rental in Tampa Florida

[Bao Chau Tran]

Hi,

We lived in Washington now and are looking to gradually move to Tampa Florida.

We are trying to obtain our second rental home with the intention of living there in a few years when we moved there. So I have talked to a bank and we will try a second vacation home type financing with 10% down. Does this seem like a good down payment amount?

We are looking at Tampa Florida but willing to look at surrounding goof area too. Which area do you know that is good in Florida?

And what is the average rental amount in Florida?

Thanks!

Bao

[Cynthia McGathey]

@Bao Chau Tran

Hi Bao,

Any beach property is a great investment. There is always high demand for rent and rates vary depending on if they are waterfront or not but all are strong. Like some of the other posts 20% down eliminates PMI but if you purchase the home as a second home you have more flexibility. The south beaches in Pinellas County such as Treasure Island, Madeira Beach and St Pete Beach are great areas as well as downtown St Pete.