Home Buying in Tampa>Question Details

Bago, Home Buyer in New York

Rental Property What are the best towns within Tampa to purchase rental property? Is the $50k - 60K price purchase range feasible?

Asked by Bago, New York Wed Oct 31, 2012

Would it be better to purchase a house vs townhouse/condo?

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Answers

7
Determining the area that best suites you for rental property is going to be based upon what rate of return and how much management you will be willing to take on. A 50-60K condo unit or single family home will be a Class D property which will mean more management time and money but great returns. As an out of town landlord - I would stick to Class A or B rentals unless you are planning to buy a few together i.e. 6 or more units. Class B properties would run you about $125K+ but your tenant will be easier to manage but not as great a return.
1 vote Thank Flag Link Wed Oct 31, 2012
Bago, answering your question can be extremely broad. Buying is easy. Understanding why you are buying requires an assessment of your personal financial position, tax implications and what you are trying to accomplish. How long do you plan on holding the property? Will you be moving into it in the future? How many years in the future.

Sit down with a sheet of paper and write out all your thoughts regarding an investment property. Then try grouping these thoughts into categories. You will start to see a pattern forming. Then ask yourself if you are buying for cash flow? Do you want the property to provide a profit or a loss? Which benefits your tax bracket?

How will you address any maintenance or repair issues that arise? How will you find and screen your tenants? Do you want to structure the investment property to meet Section 8 requirements? How will you collect the rents? Are you familiar with the Florida eviction process? What are tenant rights vs landlord rights?

As mentioned buying is easy. Then you have to work your plan. Do you have a plan?

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com
If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
1 vote Thank Flag Link Wed Oct 31, 2012
I have investors that have properties for over 200k the tenants are paying over $1500 per month, these are mostly the once that lost the houses in foreclosure they pay in time and we have no problem with them, the once under $1000 they are struggling and they are more demanding too
0 votes Thank Flag Link Wed Oct 31, 2012
The taxes are lower in Pasco County which may make more business sense with a property at that low price.

Margaret Hassani
Broker, Lightning Realty
Phone/Text: (813) 766-1501
Email: Marg@tampahouse1.com
Website: http://www.TampaHouse1.com
0 votes Thank Flag Link Wed Oct 31, 2012
Realtor Lisa Reeves makes a lot of sense. Yes you could buy $50k properties but the tenants will be more of a challenge. I'm working with cash investors buying $100k to $150k , ideally a 3 bedroom newer townhouse or condo in the high demand, lower crime, Westchase area. 33635 and 33626
0 votes Thank Flag Link Wed Oct 31, 2012
Please check my profile on Trulia and see if you will feel comfortable working with me,my phone nr is 7274038948,Thank you looking forward to hear from you
0 votes Thank Flag Link Wed Oct 31, 2012
Hi, I have been working with investors for over 10yrs,I am an Investor Myself I have investors they buy villas they have less worries about who will cot the grass,and these properties have club house and swimming pools for the tenants, the monthly fees are less than a $100.00 per month ,other likes houses better I myself has apartment building and houses too, the area I fill very comfortable working in is Pinellas County, I also manage the properties for my investors find tenants for them and rehab them if needed
0 votes Thank Flag Link Wed Oct 31, 2012
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