Investing in Tampa Bay.

[Frank Pena]

Hi guys,

I am fairly new to BiggerPockets and the Real Estate world, planning to start investing on buy and hold properties in the Tampa Bay area, FL. Do you have any thoughts or best strategies for this market?.

Thanks in advance.

[Jed Haslam-Walker]

@Frank Pena Hi Frank, Welcome :)

Sounds like you're already doing what's helpful - read, learn, ask lots of questions and be patient with yourself and the process - there's a lot to learn and there are always good deals to be had if you are willing to do the footwork to find them especially in Florida. 

Tampa and the outskirts are good areas to start developing expertise in, there are growth areas all the way down to Fort Myers for your area.

I would get clear about your property type/range - if you are focusing on one area only then make sure your area is forecast for some decent growth over the next 10 years if you are aiming to hold it and rent it. Create a radius or a corridor that you become familiar with, or choose 2-3 if you find that your area does not have enough multi-familys.

Become familiar with the market rate for multi-familys in those areas and start to identify the prices in relation to features of the properties - you will soon start to see a pattern emerging. This will give you a feel for market price and then you will recognise a deal much more quickly. 

I would definitely start to build your team, reach out and make connections with your financing people, your contractors if you are not planning to do the work yourself, and especially a good Realtor who can help you understand the market in detail.

Make a plan for taking the steps one by one and it will happen quickly especially if you stay connected to Bigger Pockets. I would clarify your neighbourhoods first and write down why you are choosing those neighbourhoods - good transportation links, high pre child rearing age population, close to hospital etc. Get clear with yourself about your reasons for zero-ing in - this is good discipline when you start to get drawn out of area if you get frustrated that there are no deals around - doing your homework on the area you buy in is crucial - if you stay clear you won't get wrong-footed. Better to change your property type than your area.

Hope that helps!