Property in Tampa Florida
Roy wanted to buy a property in Tampa Florida. His financial advisers told him about the popular and sure shot strategy for creating long-term wealth. They told him that the success and return on investment would depend on him buying in the proper locations with perfect timing.
Roy was aware that foreign buyers were gobbling up property in Tampa Florida. In fact, Florida is the leading state in terms of dollar value of international residential sales. In the last year, foreigners snapped up nearly $8 billion worth of Florida homes and condos. It was a 24 percent increase in comparison to the previous year. Just to understand how much is Florida’s dominance, it was 17 percent of the total international residential sales in the entire America.
The best part is that within Florida, Tampa Bay is the favorite destination for international buyers. Astonishingly, it beat the coolest beach city Miami to secure the top spot. In fact, now Tampa Bay and Orlando, both make up for 11 percent of, all sales to foreigners. Most of the foreigners choose Tampa Bay to be-be near the water. They mostly use their property as a second home or as a rental. Canadians and Brits are first and second in terms of acquiring property in Tampa Florida with 36 and 8 percent respectively.
Roy’s idea was simply to buy property in Tampa Florida and put it on rent. He would keep on repeating the same pattern and have tons of passive income in no time soon. Purchasing his first rental property is a big step for a wannabe investor like him. It is one of the best and expensive assets you can buy. With a little bit of time, effort and luck, real estate investment can be an excellent passive income source. Then, even before he can become a real estate maverick and start building a real estate portfolio, he needed to know the basics. The basics include finding a house for a bargain, get a mortgage at the best rates and screening the most compatible good tenants. These are absolute necessary skills to survive as a real estate investor.
First thing first, he needed to check whether an investment property is right for him. His financial advisors warned him that buying a rental property isn’t risk-free at all. In comparison, there is certainly more risk involved with owning a rental property than investing in the stock market. The stock market generally provides around 4- 5 % annual returns. Though it is not absolutely guaranteed but you can be confident of that sort of returns. It will start with the mortgage and the operating costs. Most importantly, one has to be vigilant about the tenants. Like in any organization, it is always people who make or breaks the business. Unfortunately, if ones get stuck with a bad tenant then without the monthly rent, there would be no income.
His financial advisers further advised him to find the right real estate partner who would help him in order to succeed. His friends recommended the local realtor- Jeffrey Merkley of MPS Home Solutions. With Jeffrey’s help and guidance bought Roy the first property in Tampa Florida. Jeffrey advertised the property online and soon Roy started receiving his first rental income.