New to Landlording in Tampa Bay, FL

[Joy Y.]

Hello BP land! I am new to the site and have spent hours reading for the past 2 weeks. Still haven't made it to the podcasts yet. Today! 

I am in the Tampa Bay area, Riverview/Gibsonton area. I have a 5 acre home and horse farm property that I am looking to rent. I have been crunching numbers and feel like it may be a better investment to hold the property rather than sell it. I would really like to network with folks in the local area to help me analyze things and also get started being a landlord. I believe the income produced from this property will cover its costs plus cover a large portion of the mortgage for my new primary residence, which is exciting. Added benefit, it would be a nice income stream for my retirement. 

I'd also be interested in talking with folks who may have had experience with the county to do rezoning or planned developments. Just to know what my investment options might be for this property down the road. It's right in the corner of a new subdivision, where there is a lot of expansion going on. 

Finally,  I would like some perspective on rent comps for the property as it is a niche--and I believe it can command a higher rent because of the house and the barn/pastures. Anybody out there with experience in this as well? I also am just getting started in defining the terms of the rental agreement with regards to barn/farm and all the maintenance requirements there. 

I am also very interested in networking events in the Tampa Bay area. Anything happening soon?

[Aaron T.]

I would look to rent the property. as well as lease out individual stalls in the barn for additional income. depending on size, zoning, etc, you could also have people park their horse trailers out there for a fee.

sometimes a larger property does not mean better rents. there seems to be a point of demising returns.  

If you can get 1% of your purchase price in monthly rents, you would be in good shape. all that area is still growing and will see a lot of continued change as it has over the past 11 years.