Given the state of the economy, the housing “crisis,” and the volatility of the stock market, more and more folks with both extra cash and initiative are being drawn to the idea of property investment. Many real estate and financial gurus offer suggestions for you as a first-time investor in Tampa FL real estate--both tips to follow and traps to avoid. First and foremost, all the experts stress the importance of your need to be realistic about the amount of time, money, energy, and commitment required in such a venture. Their second most common piece of advice is to educate yourself in as many areas of investment fundamentals as you can before you begin.
- Develop a plan. Determine your purpose in becoming an investor. Do you want to flip houses, or are you more comfortable with a long-term rental? What kind of property do you want? Single family? Condo? Multi-family? Will you be bidding at an auction? Buying a short sale or foreclosure? What kind of financing will you need?
- Identify your target area. Analyze the economic situation of the neighborhood, population levels, and potential employment prospects. Look at the availability of stores, schools, hospitals, and local industry. Determine the median property values.
- Ask questions. Are prices in the area rising or falling? Is it a safe neighborhood? How long has the property been on the market? What is the condition of the interior and exterior structure?
- Consider financial circumstances. What is the going rate for rentals in the area? What are the yearly taxes? What will it cost to maintain the property? What kind of financing will be available to you?
- Avoid Tampa real estate with HOA fees. Home Owner Association dues which pay for shared facilities and maintenance must be paid by you, the owner, and can be quite high, especially when major assessments are levied.
- Have the property inspected by a professional before you buy. Common sense prevails here. You don't want any unpleasant surprises later on.
- Stick to your preset buying criteria. Concentrate on your cash flow and not on potential capital appreciation.
- Be sensible about renovations. Save the high end appliances, fixtures, features, and decorating for your own home. Use your head, not your heart, when outfitting the Tampa real estate you’re buying for investment purposes.
Enjoy the adventure of investing but always be aware that such a venture can be risky. Make sure you consider the downsides as well as the opportunities for success.
When buying or selling property in today's real estate market, it's important to have confidence in your Tampa FL real estate professional! In order to be the best, I have earned the CRS (Certified Residential Specialist) and ABR (Accredited Buyer's Representative) designations. I have also been awarded a National Award of Excellency by Realtor.com. This demonstrates my desire to stay on the cutting edge of the Tampa Bay real estate market. My commitment as your Tampa area REALTOR® is to provide you with the customized real estate service you need!
~I AM A SHORT SALE & FORECLOSURE SPECIALIST~
As an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime! That's why my goal is to KEEP YOU INFORMED on trends in the Tampa FL real estate market using the latest sales statistics in Tampa. With prices and interest rates at historic lows, now is the right time to buy real estate in the Tampa market!
Let me know what you need and I will email you a list of properties INCLUDING BANK-OWNED, SHORT SALE & HUD PROPERTIES that suits your location and fits your budget. Please call, 813,728-3880, or email me at any time.