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There is a lot to like about Tampa, Florida. It is not just the weather and the spectacular views or even Derek Jeter’s exciting new 33,000 square foot house. Tampa has cultural centers, a university atmosphere, a terrific hospital, great college and professional sports and panoramic big water vistas. It just plain feels healthy.

Tampa is also a city caught up in the Florida real estate crisis. Tampa has a few features that make it appealing for investors. The city has an unusually strong rental market. In November, 4500 rental units, including houses, condos and apartments came on the market. And, they are renting, not for as much as two years ago, but at acceptable rates considering purchase prices and today’s interest rates. Additionally, Tampa has a very favorable tax base.

In fact, rents, like property values are at the lowest levels in three years. So many investors purchased during the boom that the recession has encouraged many to simply walk away from the receding values attached to their homes. In November, 4200 homeowners were sued for foreclosure by lenders.

For many of these owners, foreclosure is a choice. They can afford to stay but are unwilling to continue pouring money into investments that have lost 30 – 40 % of the original purchase price. Many of these owners do not even attempt to capitalize on government-backed modification plans.

Local investors and northern neighbors are moving onto the scene. Recognizing the relative strength of the rental market and the bargain basement purchasing opportunities, blocks of homes are moving at pretty amazing prices.

The experienced investors are connecting with agents who understand the REO and foreclosure marketplace. The have their paperwork ready, their tentative financing in place and are approaching lenders with strong purchase offers.

This scenario is typical of what is happening throughout Florida, Nevada and Arizona. Investors, who are patient, understand the foreclosure and REO marketplace and those investors who have presentations ready to go, can buy low, rent and sell higher as the market recovers.