Tampa FL, Wesely Chapel or Lakeland?

[Joanne Tsai]

Dear BPers:

We are in FL vacationing, and are thinking of investing around Tampa area. We know that these surrounding areas are growing rapidly, but don't know where would be our best bet. 

It seems Wesely Chapel has somewhat of a better school, but lacks of employers/industry of it's own. Lakeland, on the other hand, seems to be attracting companies to move in. What's a little concerning to us is that it seems there is just so much undeveloped land around these two towns, if the possibility to build new houses is not confined, what's the likelihood of appreciation? and whether that should be taken into consideration of buying new/existing homes? We are buy and hold investors, and would like some cash flow, but would want to invest something that has appreciation potential. 

We are unfamiliar with FL investing. So any pointers would be greatly appreciated.

Thanks and happy holidays!!

Joanne

[Mark Rosenberg]

I'm going to give my two cents here as somewhat of a newer investor in the southwest Florida area. 

I started my search about 8 months or so ago, and as a Tampa resident, of course considered the area. I also spoke with local realtors, investors and loaners. I came to find that the Tampa area, especially in this market right now, is just not the best place to put my capital (financing). Many of the properties I was evaluating both in Tampa and in surrounding neighborhoods, did not prove ROI worthy. The ones that actually had decent numbers, had cash offers above asking price (sometimes 5+ offers). It was like clockwork.

Now this is not to say you won't find an awesome opportunity with solid ROI numbers, but I ran numbers on many, many properties, and they did not even come close to something say the stock market would produce...as someone who dabbles.

 In my opinion, there are plenty of other up and coming, low vacancy, high occupancy areas in southwest Florida (such as port charlotte and north port where I am choosing to invest). All of this is my personal opinion, but I'm excited to see where these projects take me.

For my next property, I'd love for it to be in Tampa. House hacking may be on the agenda, and definitely opens up my options a bit more, but for straight rental opportunity, it seems like there are plenty other projects to make actual solid ROI.

As I said, all my opinion. Best of luck!!