Investing out of state in Tampa, FL and surrounding areas

[Solomon Stavis]

Hello BP community! 

This year, my soon to be wife and I are looking to invest out of state. Our goal is to buy our first investment property in the Tampa or surrounding area. Her family lives in Lakeland FL and is also into real estate which provides some comfort.

I have a steady job and make good money but I’m quickly realizing I’ll never have financial freedom unless I take action. I’m investing out of state since I live in Washington, DC and the price to rent ratio is really low; hence my focus on Florida where there seems to be a lot more opportunity.

Since this is my first investment property, I'm debating between keeping it simple and buying a turnkey property that will help me learn the ropes or taking a bit more risk and doing a BRRR.

So wanted to reach out to this amazing and helpful community to see if you'd have suggestions, resources or advice that you've worked with before based in the Tampa or surrounding areas?

I have saved around 20K and putting 1K away each month. Hoping to take the plunge in the fall or early next spring.

Thank you!! 

[Tom Parris]

Hi @Solomon Stavis,

Welcome to the community. Lots of good stuff here. As you move forward, I would recommend getting clear with your goals and expectations. Talk to a lender to figure out your strategy. Talking with a lender allows you to understand what you can afford, what your payment is going to be, and the rate you'll likely get. Once you understand your limits, you can make an educated decision on the property you're willing to buy, the type of tenant, and ultimately understand the return you're going to achieve. 

I'm a big fan of smaller units in condos and townhomes, and it's what I've been investing in. They are great entry level properties, typically turnkey, newer construction, less maintenance, easy to manage from afar and most provide some level of security and amenities to your tenant. The area is attracting younger professionals not looking to spend a ton, but have a comfortable space. 

Good luck!