Investing in Tampa or Clearwater area

Tampa, Florida
General Real Estate Investing
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Investing in Tampa or Clearwater area

Frank Nguyen
Springfield, IL · Member since 2015 · 26 posts · 7 votes

Hi,

I'm from Illinois and looking to invest in a property in Florida (preferably in the Tampa/ Clearwater area) for under 500k. I would like to use it as a vacation home as well. Is this a feasible idea?

Thanks,

Frank

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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
2y

@Frank Nguyen, depending on the exact area that you choose, this might work out for you. I have clients purchasing similar homes in the area that they also rent out as short term rentals. I recommend you connect with an investor/ investor focused realtor that can assist you with your search and share the right resources with you to help get you going in the right direction. Reach out to @Josh Green. He works with pretty much all of the investors on the BiggerPockets forums and will be a valuable resource on your team! 

[email protected]619-456-8311
Helm Mortgage Corp.5127 Reviews
WebsiteView Page
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  • John O'LearyPro Member
    Lender · Winter Park, FL · Member since 2021 · 737 posts · 412 votes
    2y

    Hey Frank,

    I'm in Central Florida, and would be happy to chat.

    [email protected]800-663-4122
    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    2y

    @Frank Nguyen, depending on the exact area that you choose, this might work out for you. I have clients purchasing similar homes in the area that they also rent out as short term rentals. I recommend you connect with an investor/ investor focused realtor that can assist you with your search and share the right resources with you to help get you going in the right direction. Reach out to @Josh Green. He works with pretty much all of the investors on the BiggerPockets forums and will be a valuable resource on your team! 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    2Reply
  • Matthew Paul
    Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    2y

    Well the hurricane just passed , I am sure you can find some fixer uppers in Florida . Contractors  will be your problem 

    0Reply
  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 684 votes
    2y

    Hey Frank,
    That’s awesome you’re looking to invest in Tampa or Clearwater! With over 20 years in the game here and having helped tons of out-of-state investors find the perfect mix of vacation home and rental property, I can tell you it’s totally doable with your budget. I know the ins and outs of these markets and can help you find something that not only fits your needs but also has great investment potential. If you want to chat more or just bounce some ideas off me, feel free to reach out anytime—I’m here to help you make it happen!

    Graystone Investment Group4.6271 Reviews
    WebsiteView Page
    1Reply
  • Karl DentonPro Member
    Rental Property Investor · Mansfield, CT · Member since 2021 · 225 posts · 131 votes
    2y

    I know a lot of people love it, but the insurance is only getting harder to get and higher in price, Tampa is a good in between and yet booming market. They soon will be putting a rail line to get to Miami way faster for concerts and such which will only draw more coming into town for events plan to fly into Tampa for a more affordable plane ticket and housing. 

    0Reply
  • Sean Macneir
    Lender · Ponte Vedra, FL · Member since 2024 · 25 posts · 11 votes
    2y

    Do it frank! Get something that's short term rental viable. That way it can cover any mortgage, monetize and when you want to come down just remove the listing dates and enjoy. Short terms provide get ROI numbers and have that benefit that a simple vacation home doesn't. Depends if that's what you'd like but I've seen clients pulling in 3-10x depending on the STR build out. Remember if you do… The STRs that win are the ones unlike any in the local market and also give the extra bit more of appeal and experience. Might find a good deal after this storm too!

    0Reply
  • Todd AndersonPro Member
    Real Estate Agent · Cape Coral, FL · Member since 2023 · 392 posts · 175 votes
    2y

    Frank,

    I talk with out of sate investors all the time looking for the same thing.  This certainly can be done.  

    What most of the investors that I work with look for is a turnkey process.  It is a little problematic to build a team of people that you have never worked with before.  I suggest to investors to find a situation where all the pieces are put together for you.  From finding the investment, to lending, to insurance, and property management.  And most importantly is to work with someone who is "Boot on the Ground".  

    Let me know if you would like to connect

    [email protected]651-492-5652
    0Reply
  • Obed Calixte
    Real Estate Agent · St Petersburg, FL · Member since 2019 · 320 posts · 182 votes
    2y

    @Frank Nguyen     How familiar are you with the Tampa Bay area? 

    0Reply
  • Frank Nguyen
    OP
    Springfield, IL · Member since 2015 · 26 posts · 7 votes
    1y

    @Obed Not familiar with it all!

    0Reply
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