There is quite a distance between Tampa/St. Pete and Lehigh Acres.....are you considering locations in between. If so, there are a couple of areas where the value is at least as good as these locations. We would strongly recommend a preliminary investigation in North Port and Port Charlotte(20 minutes to local beaches) for value and opportunity. It's common to find newer construction 2002-2008, 3/2/2 in the $70,000 to $80,000 price range.
We would be happy to provide you with a FREE list of foreclosures for these locations.
Michael Saunders & Company
As an investor myself, I would say it all depends. St Petersburg has more older homes with more maintenance to cover,the upside it's a growing population area for future rental or resale value. Tampa is a still hot area and prices are a little much higher and rentals are a dime a dozen. Meaning you almost have to drop your pants to compete with all the rentals in this area.Now, there is a part of Ft Myers called Lehigh Acres where I find the best deals and yes newer homes with way less maintenance a real bargain for your dollar.Also Cape Coral has very nice and newer homes for a great price.I find it easy to rent and make some money on top. Each market has it ups and downs. My choice would be the Ft Myers area..and I live in Tampa..lol...Hope this helps..Good Luck
I would love to advise you on what are the best areas however an idea of what you are willing to pay - I am assuming cash since you are non-US and buying residential. Most single family homes purchased cash have a low cash on cash return and usually single digit. So an idea of what rate of return you are looking for would be helpful too. If you are looking for a higher ROI then I would suggest as a foreign nation to do a 5+ unit and a commercial mortgage which will easily get you a double digit ROI.
Not speaking for everyone but I have found that agents that are really good at finding deals are usually not the best at being property managers. Since I spend a majority of my time finding property and meeting potential clients - I find it had to do the day to day duties of a manager. I would suggest having a separate manger who has a dedicated database and system to maintain the property and keep it leased. They will also have the necessary software to make sure your accounting is good. If you would like help - I would be happy to answer any questions you might have for investing and send you some great suggestions for property managers.
I can offer to help you find the right single family home(s). You will not be encumbered with ever increasing condo association or Towhouse HOA/maintenance fees. We have many communities in Tampa that the owners are not contributing to the HOA or Condo Assn so you will see absurdly low prices as a result because these are generally only available to ALL CASH buyers. The return on your investment will be affected by the high HOA/Condo fees, too.
The Brandon area of Tampa may be a good choice because it is a very convenient commute to downtown Tampa and even MacDill AirForce base because of the Leroy Selman Expwy. The single family homes in this area are also lower priced as compared to Pinellas County (St. Pete area). Also you will find newer homes with less maintenance issues/expense. Wesley Chapel in the New Tampa area may be another good option because it was overbuilt during the boom and you can buy a newer home and also get a generous rent because of the proximity to the interstates. You have to be very careful about about in an HOA because some also have a Community Development District tax on top that may cost up to $3,000/year in "additional" taxes!
So I wouldn't be able to manage your rentals because it is not my area of expertise but I do know several management companies that can take over after we find the right property(ies).
I've been a Realtor in Tampa Bay for over 10 years and I'm a former CFO for stockbrokerage firms (series 27, 24, 7, 4, 63) BS in Business Administration and have above average analytical skills and Excel Spreadsheet capabilities so I can offer you more than some Realtors may be able to provide.
You're welcome to browse like a Realtor on my website, just sign up for a free ListingBook acount:
All the best,
Alma Rose Kee, PA
Future Home Realty
Yes, I could be your representative as a buyer and also do your property management later on, which I am doing with several clients now.
If you would like to talk to me further please contact me at:813-244-2819
Remax First in Real Estate