How Do I Start Investing in Tampa Real Estate? - Article Banner

When you’re ready to invest in real estate in Tampa or anywhere in the surrounding area, we’re ready to help you. As we talk about how to get started and what you’ll need to succeed, we’re assuming that your real estate investment will be a rental property. 

At Hoffman Realty, we have personal and professional experience when it comes to Tampa rental investments. Over the years, we have worked with a lot of people as they start out on the investment rental property ladder. 

Here’s what we can tell you.

Investment Goals: WHY Are You Investing?

The most important thing you need is a great WHY.

Why are you investing? Is it to fund your retirement, or to put your kids through college? Are you trying to diversify a larger investment portfolio and move away from the financial markets? Maybe you’re interested in building generational wealth. 

In our experience, if you don’t have a great WHY, you won’t have a solid set of investment goals and you won’t stick with your plans. Investment in rental property requires a long term strategy. You want to buy and hold properties. Know your goals. 

What Can You Afford?

Once you know why you’re investing, you need to determine how much money you have to fund your investment strategy. 

You’ll need some cash for your down payment. You’ll also need to be prepared to cover ongoing negative cash flow in the early years of your investment. Finally, you’ll want a reserve fund for all of the operating expenses that are required when you own a property. 

Unless you’re planning to pay in cash, you’ll need to get a mortgage. Figure out where you stand financially in terms of credit, debt, and assets so you’ll be in a strong position to negotiate a mortgage with advantageous terms. 

Based on the cash you have available and the financing you’re planning, we can help you determine the price range of your potential investment property. 

Purchasing a Tampa Investment Property 

There are a lot of options for investors in the Tampa real estate market. You have potential rental properties in a lot of diverse neighborhoods and a wide price range. Spend some time exploring these neighborhoods and getting to know the properties. 

We recommend that you begin working with a Tampa property manager early in your search for an investment property. This will provide you with some serious competitive advantages:

  • Your property manager can tell you how much rent you’re likely to earn on a property you’re considering. 
  • Your property manager can estimate what kind of repairs and updates will be necessary on a property before it’s ready for the rental market. 
  • Your property manager can talk to you about vacancy times, potential maintenance costs over the long term, and what kind of tenants would likely be most interested in the property and the neighborhood you’re considering. 

Investment ExpertsSurrounding yourself with experts early in the investment process will lead to better results and fewer mistakes. 

We’d be happy to help you get started as a real estate investor in Tampa. To talk about your specific investment goals, get in touch with us at Hoffman Realty.