Real estate investors are motivated for different reasons. Some begin investing in real estate as an avenue to start a new career, while others are professionals who want to invest their savings in real estate. Many of these investors choose to buy real estate in Tampa Bay, so in this article we examine why entrepreneurs are choosing Tampa Bay to invest in real estate.
Tampa’s Lucrative Real Estate Market
The purpose of investing in real estate is to make money. Therefore, one of the top reasons for choosing Tampa Bay for real estate investing is the lucrative real estate market.
When we asked our own Matthew Nagy, about entrepreneurs choosing Tampa Bay for real estate investing, he said:
The Tampa real estate market has been one of the nation’s best and most lucrative for many years, since the end of the Great Recession.
Entrepreneurs in Tampa invest in real estate to diversify their overall investments. People with the entrepreneurial mindset quickly analyze the potential of different ventures. While some of the ventures are risky, real estate is typically safer and more predictable than other stars-ups. Entrepreneurs who combine real estate into their portfolios can generally take additional risks because they have a conservative investment working for them in rental properties. This allows them to generate almost guaranteed returns, while they take on bigger risks with other business ventures.
Entrepreneurs also see the value in investing in real estate. Landlords often see 10-12% returns on their investments. Housing is a basic necessity, and there will always be a demand for rental properties, no matter what the state of the overall economy is otherwise.
For these reasons, entrepreneurs from all over the world choose to invest in Tampa Bay real estate. Here is a short video from one of our clients in Montana, while visiting our office in Tampa, about investing in Tampa Bay real estate.
The Job Market is Booming
To have a thriving economy with a lucrative real estate market, it’s important to have a booming job market.
There are only a few metros right now that have a job market as strong as Tampa Bay. Part of this is due to massive investments from Jeff Vinik and Bill Gates. As part of a renovation plan, Vinik is pumping billions of dollars into Tampa Bay’s economy, which provides a lot of good paying jobs.
This makes Tampa Bay a great city for real estate investors, because there is a vibrant economy with a booming real estate market and jobs market.
The High Quality of Life
Tampa Bay is a very diverse metro with beach communities, rural communities, and top business cities all within driving distance.
Additionally, Tampa Bay is highly desirable among millennials, who seek out places to live where they get great value without sacrificing a culturally diverse lifestyle. Millennials in Tampa Bay enjoy a thriving brewery scene, great restaurants, easy access to beaches, amazing weather all year, and a strong dating scene. All without breaking the bank.
Furthermore, there is an abundance of affordable housing. For example, Tampa Bay was one of the first cities in the United States to embrace the micro apartment movement. Real estate company Urban Core Holdings recently converted the top section of an apartment building into micro apartments that range from 300-400 square feet. At the low price of $850 a month, residents get everything they want in an apartment, in the type of community they want, while being close to desirable attractions.
And to top it all off, there is a plan underway to renovate the waterfront district in Tampa with a $3 billion project to revitalize the 53-acre area around the Amalie Arena. Once this project is finished, it will be the main district for health and fitness.
Tampa Bay is Great for New Homeowners
Although millennials are waiting longer to purchase their first home than previous generations, homeownership is still a dream for many people.
Both Ten-X and Zillow have ranked Tampa Bay as a top city for first-time homebuyers in the United States for 2017, based on features like a lower than average median home value, a strong forecast for home values, a larger than average supply of homes, a shorter break-even horizon, and less competition than average.
Graystone Investment Group
Graystone Investment Group is an experienced real estate wholesaler in Tampa Bay. We serve local and international clients who flip homes in as little as 30 days, as well as clients who hold high cash flowing rental properties.
Unlike other wholesaling groups, we provide clients with a turnkey process at no extra charge. We find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years.