All Forum Posts by: Kunal Mishra

I am currently also looking into the various markets in FL. I personally am from SoFla and know certain areas very well, and I can't say the same for the rest of the state. The thing about Florida, as some other states can also relate to, is that every sub-geographic area will completely change the feel/vibe/cost, etc, which in turn will change the demographic/income ratio/quality/value, etc. 

For the price point in which you are bringing to the table, I would search the outskirt towns of Tampa (booming sister-city to Miami/Ft Lauderdale), Jacksonville (currently going through massive overhaul), Tallahassee (state capital with a large state college, great for college focused rentals), Gainesville (University of Florida, large medical employer, and lots of natural geographic attractions such as springs), and I would swap Lakeland for Ocala (Lakeland is notorious for sinkholes which insurance will not cover, and Ocala is currently a big focus for development and tech moving in such as Amazon). 

Tampa proper, Orlando, Miami/Ft Lauderdale are three of the largest markets in the US currently - with rental rates that are keeping up with insane growth rates - but it will be hard to find something that will not require months and months of searching and being beaten out by cash investors with higher than appraised offers. And you will most likely have to do some updates/renos to get it in prime rental status, so more 

That being said, I am from SoFla and currently own a fix-in-flip condo where the HOA fees keep going up. Luckily I purchased off market just before the boom and have rode the inflation up, so my cashflow after we move on will still be well positive. We too are looking to purchase our next rental next year, and what I am mentioned is a rough breakdown of our findings so far for FL. If you were to ask me what smaller town will go through the largest growth in a decade or so from now, I will say Ocala.

But as all things RE, do your due diligence. Review the growth statistics of the cities mentioned, look at the development incentives the cities are offering to developers, review the average income/job growth rates, and pair that up with rental rates/increases. 

Hope my coffee-fueled ramblings helped!
 

Hello Chris, curious about whats happening in Jacksonville . Why suddenly I read so much Jacksonville is popping up as a favorite in FL. 

It really depends on your goals. High growth markets, that may be more expensive but may appreciate more quickly, or markets where you can generate a nice cash flow. 

Not knowing your goals is tough, but a couple growth markets to potentially look at include Tampa Bay, Jacksonville, Buckeye (AZ), Cincinatti, Huntsville (AL). There are so many more, but a handful to look at. 

I am seeing a lot of talk about Huntsville AL. Do you have any first hand experience with the market. 

I would recommend going with a realtor that specializes in short term rentals. The book Short Term Rent Long Term Wealth published by BP helped me take the next step and I currently under contract to buy my first STR in Pigeon Forge TN. You can also google The Short Term Shop for more info on the best markets for STRs

https://store.biggerpockets.co...

@Gulliver R.

I bought my first STR this year and thought it was going to be so much work. I was totally wrong I really enjoy it and wish I would have done it before.