Long-distance investors investing in Tampa, FL?

[Shu Matsuo Post]

Hey fellow investors,

Anyone outside of Florida investing in Tampa? I know it's one of the hottest markets - what are the pros and cons of investing there?

Thanks!

[Kristina Kuba]

Hi Shu. Tampa is transitioning into a metropolitan city. I'm a born and raised Tampa Bay area native (Treasure Island out at the beaches specifically but I live and invest in South Tampa) and the amount of construction and developers moving into this area is unlike anything we have ever witnessed before. We have surpassed Miami as the #1 destination in Florida. The bulk of my investor clients are all out of state and desire short term rentals and long term rentals. Back in February, 43% of an individuals income in Tampa went towards rent, therefore we have become more rental burdened than LA. I live a mile from downtown and can educate you on the numerous developments occurring in our area. We have numerous luxury residences being built: The Pendry and Ritz Carlton just to name a few and they all presell instantly. The Pendry which is by the Montage Collection actually chose our city over Miami due to the forecasted projections for our area. This elite condo/hotel concept is in affluent areas such as Park City, New York, West Hollywood to name a few. We are not a huge cashflow market since our prices are more expensive but we are an appreciation market which will allow you to pull out more cash in the future and buy more properties.  My primary home has doubled in value in the last 4 years alone. Flood insurance is going up if you are in a flood zone ( A and AE) but there are numerous non flood zone opportunities. Hope this helps!