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Old 08-18-2012, 04:29 PM
 
41 posts, read 159,653 times
Reputation: 33

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I've been looking at rental homes for investment in West Pasco County. New Port Richey, Port Richey etc. Seems like you can get homes in the 35k range that rent for 650-700. Similar size and age homes in Pinellas and Hillsborough are 60-70k and may rent for 800 ish. The return seems better in Pasco. But, I do realize the economy is weaker in Pasco and there is that festering sinkhole problem.

Any thoughts from investors or realtors if now is a good time to buy in Pasco or just too many issues to deal with?
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Old 08-18-2012, 05:26 PM
 
30,455 posts, read 21,289,763 times
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Quote:
Originally Posted by andyk56 View Post
I've been looking at rental homes for investment in West Pasco County. New Port Richey, Port Richey etc. Seems like you can get homes in the 35k range that rent for 650-700. Similar size and age homes in Pinellas and Hillsborough are 60-70k and may rent for 800 ish. The return seems better in Pasco. But, I do realize the economy is weaker in Pasco and there is that festering sinkhole problem.

Any thoughts from investors or realtors if now is a good time to buy in Pasco or just too many issues to deal with?
You can buy all the homes ya want in Westport for under 28k all day long. Rents are going for around $450 a month. Only bad thing about renting in west Pasco is the midnite movers, people that don't pay rent and trash the house and all the drug dealers.

Without insuring the home you could make a little money if you feel like dealing with the trash and druggies.

I have seen the same homes rented to drug dealers in Wesport over and over again like 10 to 15 times in less than 3 years. Plus the cost to insure a home west of US19 is insane and there would be no money to be made unless ya got like $1500 or a more a month. I would look elsewhere.
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Old 08-18-2012, 05:53 PM
 
27,214 posts, read 46,767,070 times
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I just cashed in by selling a Port Richey home that I bought in November 2011 and sold it for more than double the money without doing a dime of repairs.

I had it rented out all the time for low $800.

We deal with lot of investors who are buying fast in the west pasco area and rent them out, some fix them up and it is because investors who bought on the height of the market are selling to cash in and walk away...

You can PM me if you need names of agents.
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Old 08-19-2012, 04:52 PM
 
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Your challenge will be finding decent people to rent to.
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Old 08-19-2012, 07:28 PM
 
30,455 posts, read 21,289,763 times
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Originally Posted by Gatornation View Post
Your challenge will be finding decent people to rent to.
You got that right. After about 5 midnite movers wreck his house he will understand.
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Old 08-19-2012, 07:56 PM
 
Location: Toledo, OH
1,725 posts, read 3,465,430 times
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The one thing that I have seen is that ones that are in decent condition are bought immediately. And I mean within hours. There are people all over here watching the listings 24 hours a day. If you want to buy, they are there but be quick, decisive, and BE READY!
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Old 08-19-2012, 08:19 PM
 
41 posts, read 159,653 times
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Thanks for replies. A couple negative slants and a couple positive. Seems like the tenant quality is a bigger issue than the threat of sinkholes.
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Old 08-19-2012, 09:33 PM
 
Location: Toledo, OH
1,725 posts, read 3,465,430 times
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I don't fully agree with the quality issue, but I am definitate not all that familiar with that side of the fence. If you have a 1000 renters and 10 leave without paying the rent, is that a problem? If it was that bad, nobody would be buying these homes and that is not the case.

Maybe a larger deposit, pay them a visit twice a month or something like that. Sinkholes are a real issue in that part of the County as well.
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Old 08-20-2012, 04:05 AM
 
30,455 posts, read 21,289,763 times
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Originally Posted by andyk56 View Post
Thanks for replies. A couple negative slants and a couple positive. Seems like the tenant quality is a bigger issue than the threat of sinkholes.
Just do a crime report search for Westport for starters. That will give you a idea of how bad it can really get in west Pasco.
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Old 08-20-2012, 04:27 AM
 
27,214 posts, read 46,767,070 times
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We work professionally in property management and it is not that hard if the owner is willing to wait for a qualified tenant...

Depending on the condition and rental price of the property it will make the difference between finding a tenant fast or if it will take longer.

A dated property will get you a different tenant.

We always conduct a back ground check and look for certain things on that report and based on that we determine the amount of the security deposit and we charge last month rent.

We hardly have any issues with tenants IF owners follow our concept. Only the owners who don't follow our concept which is used by every trustworthy company, will not have many issues.

To me it has proven that tenants don't have to be an issues, unless you give them the opportunity.

There are professional tenants out there and owners who have no clue, that mixture is the road to disaster.
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