Hi Ivan,
Yeah, it’s been tough, especially the last couple of years, but the deals are still out there—you just need the right strategy and team. Instead of focusing only on Tampa or St. Pete, try looking at cities within an hour of those areas.
Lately, I’ve actually been seeing more properties hit the 1% rule, which hasn’t happened in a while. A lot of sellers are panicking, thinking the market’s going to crash, but they don’t really understand what’s happening behind the scenes—demand is still strong, people are still moving to Florida, and that creates opportunities.
I own 32 properties, and I’m always tracking values—rents, insurance, taxes, all of it. Right now, I’m seeing rents starting to go back up, insurance costs dropping, and even taxes flattening out. Plus, rental demand is picking up again, which is a good sign.
I can point to at least five properties that are hitting solid numbers now when they weren’t just a few months ago. A big part of that was the insurance crisis, but that’s settling. Even on my own properties, I’ve seen insurance rates drop a lot, and that makes a huge difference.
Rents dipped about 10% over the last year, which made everything look worse than it really was. But if you get in now and hold for the next cycle, by year two or three, those numbers will look way better. I’ve been doing this for 20 years, and I’ve seen this pattern before—it’s all about timing and patience.
Let me know if you want to chat more about this!
— Jorge