In today’s market, it seems like every investor is looking for (and obtaining) great deals on foreclosures and short sales.
The competition is strong, as there’s no better time than the present to buy.
But why should investors be looking for Hillsborough County foreclosures in particular?
Here are five good reasons!
- Property values have dropped significantly in the state of Florida, especially in Hillsborough County.
- During economic downturns, homes within all areas are capable of going into foreclosure, despite the misconception that foreclosures are found in crime-ridden or low-income areas. Many upscale Hillsborough County foreclosures are attainable.
- The current market conditions make it the perfect time for investors to purchase one or more foreclosure properties – With multiple rental properties in one county, property management becomes much more streamlined.
- Rentals in Hillsborough County have not been affected by the economic downturn; the rental occupancy rate in Tampa is around 92%.
- We have a high quality lifestyle in Hillsborough County – Diverse communities, employment opportunities, ranked amongst the least polluted cities in the US, a wide range of outdoor recreation and activities, and more!
Your Return on Investment with a Hillsborough County Foreclosure:
If you don’t fall in love with Tampa Bay yourself, the ROI potential on rental property here is extremely opportunistic to say the least. In purchasing a Hillsborough County foreclosure, you’ll be securing a home for less than market value. You’ll also be securing a home with tremendous rental opportunity.
Let’s do the math by showcasing a recent example:
A Hillsborough County foreclosure was purchased by an investor for just $65,000 (the market value is $110,000).
Necessary repairs to the home before renting to tenants was an investment of $1000.
Rent is now $1100/month, resulting in a cash flow of $800/month ($9600/year) after property taxes and other miscellaneous expenses.
This particular investor will get their initial investment back in its entirety in just about 7 years – and will continue to make money for decades to come on this great investment. Alternatively, if they want to sell in the future, they’ll be able to sell the home for more than what they initially invested, still securing a great return on investment.
Interested in Hillsborough County foreclosures?
Even after necessary repairs or upgrades (which we can also assist you with), you’ll be making money in no time! To learn more about the opportunity of Hillsborough County foreclosures, contact our team today!
Other Articles by Graystone Investment Group:
Learn More About Rental Property Management & Renovations