Feb 1 2018 54296 1
Dated: February 1 2018
The rental conditions are very strong here in Tampa Bay. Check out the infographic below for current rental rates in Tampa. Does it make sense to invest in real estate now and retire later? Sunset Beach, Fl. What makes Tampa so great for real estate investors? One reason we have a great market for investors is our close proximity to MacDill AFB. Military personnel have a guaranteed housing allowance and they usually rent before they buy. Here is one neighborhood close to the Air Force Base here in Tampa. Our unemployment rate is very low, 3.6% in November 2017. The third reason, and probably the strongest, is that major companies are relocating to our area by the droves. Now that you’ve heard of the positive side of being a landlord, here are some obstacles you may face: Don’t count on buying a condo: Many condos have restrictions on the percentage of renters vs. owner-occupied. If the association has restrictions, the building is most likely at their maximum allowable rental capacity. Most of the condos I’ve seen only allow 20% of the building to be allocated for rentals. You’ll want to check with your Realtor first if you are thinking of investing in condos, as they may already have knowledge of which communities will allow rentals. Don’t be surprised if there are only a handful. Here are a few that I have first-hand knowledge of that don’t have a cap on the percentage of rentals.Currently, the Towers of Channelside in the up and coming Channelside district does not have restrictions on the percentage of rentals. Another great community that you may want to check out is Cordoba Beach Park, a 2/2 condo will rent for 1700-1800 per month. You will not find a better location! Only 6 min to Tampa International Airport, and 30 min to St. Pete Beach! 5246 HAMPTON BEACH PLACE. 5246 HAMPTON BEACH PLACETAMPA, Florida 33609. $265,000. 5228 HAMPTON BEACH PLACE #NA5228 HAMPTON BEACH PLACE #NATAMPA, Florida 33609. $379,000. View All ResultsAnother popular area in Tampa is along Tampa Bay called Bayshore Blvd. These condos are right on the water and can be rented as well. Sorry, no Air BnB. A 7-month lease is the minimum time requirement. More about Air BnB rentals in a later post. 345 BAYSHORE BOULEVARD #P11. 345 BAYSHORE BOULEVARD #P11TAMPA, Florida 33606. $325,000 345 BAYSHORE BOULEVARD #GP8345 BAYSHORE BOULEVARD #GP8TAMPA, Florida 33606 $525,000. How much will I need to put down? You need 25% to put down on Condos if it’s going to be used as investment property. There is an exception if the development has a portfolio lender that is willing to finance a larger amount. If you only have 10% to put down, a Single-family home would be a better option for buying an investment property. It just makes sense when you consider it will be easier to get a loan, and there are no restrictions on rentals. You’ll want to double-check if the house is located in a mandatory homeowner’s association, as sometimes they can enforce restrictions on lease terms. What can I rent the home for? Here’s an example of home Rental Rates for Tampa. Remember that these are only averages and the actual rental amount will be greatly influenced by schools districts and close proximity to beaches, downtown, and the airport.
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