House Hacking Locations

[Collin Ordonez]

Hello Everyone! I just had a lease signed on my first rental property and the goal is to buy another property as soon as possible. We have been thinking about re-locating from Virginia to go to an area that will give a chance to house hack a small multifamily property while also having warmer weather. One location that we have been considering is Tampa/St. Petersburg since we have some connections in the area.

One major concern I have is regarding Tampa is hurricanes and the implications that may have insurance wise and property value wise in the future.
If anyone has an advise on if there are any special considerations to look at when analyzing properties in Florida or Tampa particularly it would really appreciate it!

[Luke Nolan]

Hey Collin, I work with investors in the Tampa/St. Petersburg area and am considering house hacking in the area myself. Have you read 'The House Hacking Strategy" by Craig Curelop? It's an excellent book and has lots of strategies that I believe could be utilized in many markets!

We just had a near miss with a hurricane so that is an issue. However, lots of people still invest in the area. My suggestion would be have a a look at some flood maps and perhaps adjust your investing to where you feel more comfortable. Right on the water in South Tampa could be prone to hurricane damage but if you go a little inland, say near USF you could be much better off.

Send me a message, I'd love to talk more and hear about what you plan to do investing wise. All the best - Luke