New Investors Interested in Tampa FL Market

New Investors Interested in Tampa FL Market

Member since 2024 · 14 posts · 23 votes

Hello! My fiancée and I recently made our first post here and after gaining some great advice we have refined our goals and our now looking for more specific guidance.
We are aspiring investors looking to start our real estate journey in 2024. We live in Los Angeles, both are self employed 1099 independent contractors, combined annual income roughly 250k pre-tax. About 100k cash saved in the bank.

We have a job opportunity that would put us in Tampa, FL about 4 months out of the year total (non-consecutively), and we are curious as to whether the Tampa market or nearby markets could be a good fit for us.

We initially have been looking at out of state options (MI, OH, NC, etc) since our local market in Los Angeles is so ridiculously expensive. However, with this opportunity to actually be in Tampa in person we are hoping we can find a market near there that we can make work for us, since being able to visit the home in person will give us an advantage over trying to set up a team and systems without ever really spending time in the market we are investing in.

For us, long term equity growth and appreciation are top priorities, since we don’t really need a few hundred a month in cash flow with our current income. Eventually yes of course we want to use our real estate investments to retire as young as possible, but what I’m saying is we don’t need immediate huge cashflows in the first few years, and we will happily sacrifice short term cash flow for long term appreciation.

All that said, is Tampa FL or any surrounding area a good market for our budget and goals? Hoping to put no more than 60k cash into the first deal (ideally less), and looking for the strongest appreciating market possible.

Thanks in advance!

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  • Member since 2024 · 10 posts · 4 votes
    2y

    Savannah,

    I am an Realtor and investment property specialist in the Tampa and surrounding area.  Tampa and area is a fantastic opportunity to invest in, there is massive growth coupled with being a tremendous vacationing destination the projections for future growth are very promising.


    That being said if you are only here 4 months of the year you are obviously looking at short term.  Do you know where you will be working in Tampa?  I think it completely feasible for you to find a property that will cover your property costs while you use it 4 months a year.  I would expect a 7% appreciation in property value per year is also a feasible target - this is dependant on where you will be living.

    I have found multiple properties that are close to fitting this build for another client just this week.

    I would be pleased to connect with you to discuss further if you would like.

    Respectfully,

    Chris

  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    2y
    Quote from @Savannah Walbert:

    Hello! My fiancée and I recently made our first post here and after gaining some great advice we have refined our goals and our now looking for more specific guidance.
    We are aspiring investors looking to start our real estate journey in 2024. We live in Los Angeles, both are self employed 1099 independent contractors, combined annual income roughly 250k pre-tax. About 100k cash saved in the bank.

    We have a job opportunity that would put us in Tampa, FL about 4 months out of the year total (non-consecutively), and we are curious as to whether the Tampa market or nearby markets could be a good fit for us.

    We initially have been looking at out of state options (MI, OH, NC, etc) since our local market in Los Angeles is so ridiculously expensive. However, with this opportunity to actually be in Tampa in person we are hoping we can find a market near there that we can make work for us, since being able to visit the home in person will give us an advantage over trying to set up a team and systems without ever really spending time in the market we are investing in.

    For us, long term equity growth and appreciation are top priorities, since we don’t really need a few hundred a month in cash flow with our current income. Eventually yes of course we want to use our real estate investments to retire as young as possible, but what I’m saying is we don’t need immediate huge cashflows in the first few years, and we will happily sacrifice short term cash flow for long term appreciation.

    All that said, is Tampa FL or any surrounding area a good market for our budget and goals? Hoping to put no more than 60k cash into the first deal (ideally less), and looking for the strongest appreciating market possible.

    Thanks in advance!


     60k is a bit less than you need in tampa. lots are 75k for infill ground up multifamily which is the realistic only way to be in the urban core is to build and design what you want. I was just in tampa all week looking at 20+ lots for infill variances. zoning is a big question too. I'd look at New Port Richey if you are budget strapped it's very close and one of the top markets I really like for infill. 

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