Tips for Buying & Investing in a Florida Rental Property

Investing in a Florida rental property can be beneficial for positive cash flow and appreciation, and for this reason, real estate investors are seeking the Florida market. As one of the best and highest-rated real estate agents in Tampa, Florida, I have seen firsthand the demand for rental property investing in Florida.

If you’ve considered investing in a Florida rental property, you’ll want to learn the tips for success explained by a professional. According to Roofstock, Florida is currently ranked #3 best state to invest in real estate.

Purchasing an investment property in Florida can go a long way. Still, to create a successful rental property investment for the years to come, you’ll want to know the best tips and tricks to buy and invest in a Florida rental property.

Financing Your Florida Investment Property

The first step to investing in an income-producing rental property is to have your finances in order. According to LendingTree, you’ll need 15% down to purchase a rental property in Florida. Therefore, investing in a rental home is slightly more expensive and complex than buying a primary residence.

When getting pre-approved for an investment property purchase in Florida, you’ll want to run the numbers and see the best possible financing options. For example, interest rates are expected to rise, and right now might be the best time to secure your rental property mortgage.

Where To Invest in Florida?

Whether you are a local Florida real estate investor or an out-of-state rental property investor, I suggest looking at the options available online or doing your research for each location. I say you’ll want to do your research to understand better what city in Florida fits your investment needs best and which Florida city is best for buying a rental property?

You’ll want to research where you’d like to invest your money. I think the best cities to buy a rental property are:

Tampa Florida

• Tampa, Florida, is an excellent place to purchase and own rental property investment. There are affordable areas in Tampa that can create an excellent return on your investment.

• Tampa is one of the fastest-growing cities in Florida.

• Tampa Rental property appreciation.

Orlando, Florida

• According to Forbes, Orlando is rated one of the best places in Florida to buy real estate and rental property assets.

• Orlando is also one of the fastest-growing cities in Florida.

• Orlando and Central Florida feature areas with enormous cash-flow opportunities, such as Kissimmee, Florida, or Sanford, Florida.

• Orlando features a booming economy with several job opportunities, and professionals are moving to Central Florida.

Contact A Florida Real Estate Agent

Once you have narrowed down your city in Florida you’ll be investing in, now its time to contact a local realtor. Your expert local Florida, real estate agent will know the ins and outs of the city and can guide you through purchasing your investment property.

A local real estate agent will not only tell you what areas to invest in, but they will also run the numbers, negotiate and get the deal closed. As the Top Realtor in Tampa Bay, I have seen firsthand how important it is to use a real estate agent that knows the area, investment opportunities, and areas to buy a rental investment property.

Hire A Property Management Company

To have a successful Florida rental property, you’ll need to have the right team guiding you on potential investment opportunities and properties.

A property management company will work directly with you and your real estate agent to determine if the property is a good fit for you. In addition, property managers will often provide you with a Free Rental Analysis that will give you insight into what that property will rent for once you’ve purchased the property.

According to The Listing Real Estate Management, an Orlando & Tampa property management company, they will work with your real estate agent to find a quality property. Start managing your Florida rental property once you’ve closed on the rental property.

Submit Multiple Offers

Florida's real estate market is on fire and will continue to be a very competitive place to invest in a rental property. In the Tampa Bay and Orlando areas, I've seen that many properties that are priced accurately tend to have multiple offers. Therefore, according to the Florida Realtors Association, you need to be ready and fast to submit your offer.

Sometimes investing in a Florida rental property is a numbers game. First, you must submit multiple offers, and eventually, one will stick.

Congratulations, You’ve Done It!

Your real estate agent and property manager did an immense amount of work. Finally, your offer was accepted, and you now have a Florida rental property!

The key to investing in a Florida rental property investment is not giving up. It may take a little time and multiple offers submitted, but if you have the right team in place, rental property investing dreams and goals will come to fruition.

What If My Rental Property is Vacant When I Purchase?

If you just purchased a vacant Florida rental property, your property management company will find you a qualified tenant. Rental property management companies are experts in advertising, screening, and finding quality tenants to create a secure and safe investment.

A Florida property management company will do everything for you, so it is unnecessary to put any work into your investment property. According to, The Listing Real Estate Management, many out-of-state rental property investors have never even seen their rental property.

Contact the Experts

If you follow these essential tips for purchasing and owning a Florida rental property, then you'll find yourself with a safe and secure investment property for years to come. The key is to have the right team to make your investment goals a success here in Florida.

• Interested in purchasing a rental property in Florida or the Tampa Bay area? Contact Tatum Praise Premier Real Estate.

• If you are looking for an Orlando property management company, contact The Listing Real Estate Management, the best property management company in Orlando and Central Florida.

Whether you're looking to buy or sell your Tampa Bay home or invest in a Florida rental property, I'd love to show you why we are the best choice for real estate services in Florida.