Dillon Cook
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Dillon Cook

Video - General / Investor

Build for rent communities won’t solve affordability

Don't get stuck as a renter for the rest of your life. Start preparing your finances immediately!

  • PublishedDecember 14, 2023
  • Text layerFull captions
  • Read time2 min read
  • Runtime1:01
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Don't get stuck as a renter for the rest of your life.

Start preparing your finances immediately!

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Don't get stuck as a renter for the rest of your life. Start preparing your finances immediately!

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  • Don't get stuck as a renter for the rest of your life.
  • Start preparing your finances immediately!

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[00:00] I want to tell you about build for rent communities because they're blowing up across the country and you probably haven't heard of them or maybe you have I have an article here I want to show you says right here new build to rent communities or new build to rent homes surging across Florida uh not entirely

[00:14] true if you look at the data they provided by rent Cafe it's uh Florida only has one city on their chart which is Panama City a city nobody really talks about it's at a tenure high now yes there are other many other places in Florida where they're building that have not reached a tenor high U but the data

[00:29] they show was actually the tripled um from 14,500 in 2022 to 44,700 under construction right now that's not just in Florida that is across the country so um you know pause for a second you know I think like turning a property into a rental is one thing but then actually specifically

[00:46] building rental communities and properties is another because it's not really fixing the supply situation when you go to buy a property it's it's not lowering the prices but it is lowering the rents across the board for everybody helping them stay renters

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How do I buy and sell at the same time?

It is a juggling act, but it is doable with the right plan. The key is timing your sale and purchase so you are not stuck paying two mortgages or left without a place to live.

Sometimes that means listing your current home first with a flexible closing date. Other times it means making the purchase contingent on selling your current home. There are also options like rent-backs, short-term rentals, or using equity to bridge the gap. I walk clients through each scenario and the numbers behind it.

How far in advance should I plan if I am relocating to Tampa Bay?

Ideally, start planning three to six months in advance. That gives you time to research neighborhoods, get pre-approved for financing, schedule home tours, and arrange moving logistics.

If you are selling a home in another state, I can coordinate with your local agent so the timing is more controlled and you are not stuck in limbo between closings.

How long does it usually take to close in Tampa Bay?

Most closings in the Tampa Bay area take 30 to 45 days from contract to keys in hand. Cash deals can close in under two weeks, while VA, FHA, and conventional loans often take closer to 45 days.

The biggest factors affecting the timeline are financing, inspections, repairs when necessary, and appraisal. I help keep the process moving by coordinating directly with lenders, inspectors, and title companies.

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