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Top 3 Real Estate Investment Tips


When looking for an investment property in St. Pete or the Greater Tampa Bay Area, there are a few things we recommend looking for.

  1. LOCATION, LOCATION, LOCATION!

Whether you're nestled in a nice country setting in Lakeland, near the hustle and bustle of a city center in Tampa or seaside in St. Pete Beach, you always want to look into the walkability of a property. Are there any bars or restaurants around? What are the schools like in the area? These are just some of the top things that people are looking for while investing in real estate. Another thing to look for is if there are any parks or anything recreational within the community.


  1. KNOW THE NUMBERS: NEIGHBORHOOD DATA

When looking at a potential investment property in St. Pete or The Greater Tampa Bay area, it is important to work with a licensed professional who can provide you with an accurate CMA of the area you are looking to purchase in. What an Advisor should do is pull up any comps, recently sold, active listings, pending listings and if any properties have been recently leased.

If you're looking for a buy and hold, you want to try to avoid flood zones and HOAcosts. Those are going to be a holding cost to you that you're going to have to cover for the tenant which will narrow down the money that's going to be going into your pocket.


  1. RENOVATION COST

When looking to get into an investment property it’s crucial to plan out the renovation costs. For example, for a home with a newer roof on it, newer HVAC or new hurricane impact windows, you will not have to cover these larger renovation costs. With all these bigger costs already covered, all you really have to worry about is cosmetic updates, and if you plan on maintaining the investment as a rental you don't need to have top-of-the-line finishes so that will cut costs even further. Some easy, inexpensive cosmetic updates include new paint, new carpet, maybe some newer appliances. If a home has an older roof, or HVAC that will need to be replaced soon, you need to take into account that you will need to cover these costs at some point in the near future.


Popularity and prices in St. Pete and the Greater Tampa Bay area are only increasing for the foreseeable future, there is no better time to invest in real estate than right now.


If you are interested in learning more about becoming a real estate investor, or if you are currently an investor looking to add to your portfolio, contact us today as we have a well-equipped team in St. Pete and St. Pete Beach, eager to help you achieve your financial goals.



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