The On-A-Roll Rental Real Estate Strategy

The On A Roll Rental Real Estate StrategySingle-family rental real estate investment is gaining in popularity among individual investors who want to move some or all of their assets from riskier strategies and asset classes.  It doesn’t hurt to know that many multi-millionaires and billionaires became rich through real estate investing.

If you have an interest in buying rental homes, you’ve undoubtedly seen television shows, read articles, and visited websites that tell you how to do it successfully.  You may have even attended a seminar or taken courses.  It is clear that information isn’t a problem.  It’s also clear that there are still many who are hesitating to take the first step toward a rental property purchase.  There are also some investors who have had less than happy experiences with their first property.

One thing that’s missing from a lot of this otherwise useful information is more of an in-person neighborhood inspection approach.  “On-a-roll” refers to getting into your car and driving the neighborhoods of interest for rental homes.  It’s both a neighborhood research tool and a possible property location strategy.  As you drive neighborhoods, what is of interest?

  • House styles, lot sizes, general similarities – What is the overall style of the neighborhood?  Are the homes mostly ranch style, or other types of construction?  Was it a subdivision with a single or few developers who built a lot of cookie-cutter houses?  You want a feel for the houses and even the resident demographics.  Small homes could be first homes with small families.  Older homes can indicate stable neighborhoods and low turnover.
  • What’s different about some houses – Are there outliers when it comes to home styles or sizes, or maybe lot sizes?  Older subdivisions often had no zoning or restrictive covenants, and they can have varying home styles and sizes.  Take your smartphone with you and take photos.  Leave your location function on or in some way map the location of the homes you photograph.  You’re trying to get the big picture with these first two tasks, as well as any differences or properties that stand out.
  • Are there foreclosures and how many – While you may get excited about the possibility of picking up a foreclosure bargain for rental, too many foreclosures in a neighborhood may be a problem for property values in the future.  Too many flips with tenants may show an imbalance of supply and demand.
  • How many homes for sale & by whom – Are there a lot of for sale signs on homes?  Are they all real estate agent signs, or are some FSBO, For Sale By Owner?  Too many homes for sale could signal a problem, maybe a future declining neighborhood.  There can be many reasons for this, but the cause doesn’t matter as much as the fact that people are leaving.  If there aren’t that many homes for sale, and some are FSBOs, those may be worth investigating for a good deal.
  • Do any homes look abandoned – High grass, removed electric meters, or locked off gas meters can indicate absent owners.  These homes may be in the early stages of the foreclosure process or not, but they may be worth investigation.  Sometimes an estate takes a while to liquidate, and you may find a deceased person’s home that’s in the process.  Contacting the estate representative could yield an opportunity.
  • Resident activities – Are there a lot of young families with children playing in the yards or parks?  If so, this may be the tenant type you’ll want to attract with marketing.  Get a feel for the residents to see the type of tenants that will feel at home there.

If you are going to own a home in a residential neighborhood, why not get an overall impression of the area and residents.  It can not only help in finding the right home but in placing the best tenants as well.  The better they fit into the neighborhood, the lower your turnover costs.

Are You thinking of buying a Home in Tampa Bay?

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In the meantime, check out these 1 click searches:

Rarely available home on the highly desirable street of East Park Circle. This 2/2 block home is perched on a hill in a quiet riverside neighborhood surrounded by lush and mature landscaping. Step inside to find an open floor plan and tile floors throughout the main living areas. The kitchen is in the heart of the home and has stainless appliances, granite counters and a breakfast bar for eating in. The spacious dining room and living room surround the kitchen and make this home an entertainer's delight. Both bedrooms are situated in the back of the home and the hall bath is perfectly placed next to them. The delightful bonus room just off the dining room offers a huge bay window and provides the amply sized second bathroom with a walk in shower and a closet where you will find the washer and dryer, which convey with the sale of the home. There is also a door to the exterior making this the perfect place to come in and clean up after working in the yard. Outside, in the fully fenced backyard you will discover a custom built shed with glass french doors that can be used for a studio, office or simply a place to store your things. There is a secondary storage shed connected to the back of the home that is perfect for tools and yard supplies. METAL ROOF 2022. WATER HEATER 2022. Enjoy your neighborhood by lounging on the front porch, gardening in the fenced front yard, or take a stroll down the long winding sidewalks that lead to 4 pocket parks along the Hillsborough River. Centrally located with quick access to i275, this home is an oasis, tucked away just enough, but also only a quick drive to all the places you love to eat, drink and shop in Seminole Heights. Schedule your private showing today. $439,000 Active

1409 E Park Circle Tampa, Florida

2 Beds 2 Baths 1,250 SqFt 0.160 Acres

This stunning 4 bedroom, 2 and a 1/2-bathroom two-story pool home is situated on a spacious lot within a deed-restricted community. The exterior of the home boasts mature landscaping, a pristine pool, and a screened-in lanai perfect for outdoor entertaining.

Upon entering the home, you are greeted by the open concept area and abundant natural light. The kitchen features Corian countertops, stainless steel appliances, and two large pantry spaces with seating casual dining. The adjacent dining area overlooks the pool and backyard.

The master suite is located on the second floor and includes a luxurious en-suite bathroom with a separate shower, dual vanity, and walk-in closet. Three additional bedrooms are located on the second floor, along with a full bathroom.

Outside, the expansive backyard offers plenty of space for outdoor activities and relaxation. The pool area is surrounded by a paver patio, perfect for lounging in the sun or hosting barbecues. The home also features a two-car garage and a laundry room for added convenience.

Overall, this beautiful home offers a perfect blend of luxury, comfort, and outdoor living in a desirable gated community.

Close to all of Tampa attractions and good schools. THIS IS A MUST SEE!!! $500,000 Active

15517 Montilla Loop Tampa, Florida

4 Beds 3 Baths 2,197 SqFt 0.320 Acres

INVESTMENT OPPRTUNITY*** PRICED TO SELL*** CASH ONLY*** CUTE 3/2 WITH CARPORT, CLOSE TO SHOPPING AND DOWNTOWN, JUST NEEDS SOME TLC!! $199,005 Active

1014 E Lake Avenue Tampa, Florida

3 Beds 2 Baths 1,200 SqFt 0.140 Acres

REPLACED SINCE 2022: ROOF ON HOME & SHED, A/C, UPDATED PRIMARY BATH AND WOOD SUPPORT UNDER CARPORT.  Located in an area of Rocky Point that is seeing a rejuvenation of Florida, ranch-style homes, this is your opportunity to update this property to fit your style.  Features include 2 Beds, 2 Baths, a sunroom, and a shaded backyard with two sheds for extra storage.  Minutes away from Rocky Point Golf Course, Skyway Park, and the Veterans Expressway for an easier commute, This home has received loving care through two generations and now it's your turn. Thank you for your interest and taking the time to see this property in person. $260,000 Active

4512 Bray Road Tampa, Florida

2 Beds 2 Baths 840 SqFt 0.150 Acres