Looking to invest/ relocate ....Tampa

[Charles Salumn]

I am currently living in new York and cannot wait to make my exit. I’m leaning towards moving and investing in Florida.    It looks like I can get work in the Tampa area.

 I’m looking to buy a starter home that I can rent for now until i can transfer my job and I can reside there.   this property will also be my first buy and hold rental property.   

I’m looking for an area with average schools low crime rate and I would like to spend 150-200k and have it cash flow. My cousin recommended Spring Hill but i don’t know anything about Florida.    Any info would be great.   Thanks 

[Michael Haynes]

Hello Charles Salumn. You have to plan a lot to invest in a Single Family home to rent, that will pay for itself and where you eventually want to live. You say you will eventually transfer to Tampa to work. Be smart and draw a circle on the map within a five mile radius off where you will have a JOB. That should be your Target area to buy. Learn how to use Zillow.com etc. to do your Search for a home for you that you will rent. See if the comparative rents are high enough to pay for the mortgage. I had rentals in South Tampa for 30 years that I managed myself. Tampa is in a construction frenzy and prices are very high. I am selling a 3/1 cinder block house, built in 1955 with outside porch, deck, laundry and two like new 10 x 10 sheds etc. for $200,000. Zillow has high estimates for value for it at $232,000. The range is from $180,000 at the low for similar, if you can find a fixer upper. I just refinished the 900 sq. foot Terrazzo floor. Got a new Roof. Termite tented ten years ago. New counter tops, paved carport, AC, heat pump, fenced yard, No Trees on the 50 x 100 foot lot. It is in North Seminole Heights and ready to move in. New home just built on the corner. New restaurant around the corner under construction. A few blocks away a city block of four story apartments finishing the build on N. Nebraska Ave. just before Sligh Ave. I sold my four Commercial lots in S. Tampa and paid $175,000 Cash for a 3/3, 1600 sq. ft. Townhome. Built in 2006, with garage and pool in a quiet community 16 miles outside of Tampa in Valrico, Fl. With a $200,000 Target price you can buy a new Townhome in Brando area. There were four communities being built a few months ago when I stopped looking. You can also find some bigger Townhomes with two car garages and other ammenities outside of the Tampa, City limits, North of the City limits. South Tampa is very expensive. You should try to live close to your new JOB because the traffic is horrendous in Tampa. Look at the Flood Map for a safe area. You don't want to get into the Flood Insurance mess. Properties are Listed in the mornings and sell by noontime. I made an offer on a pool home for $200,000 Cash and there were 35 offers in two days when the Agent closed the bidding. She sold it to a friend for $180,000. The Good Ole Boys Club is big in Florida. Do your due dilligence and be careful.