Hey. Just about to pull the trigger on a purchase in Florida, north of Fort Myers south of Tampa.
It’s a duplex with 30%down for mortgage reasons.
The numbers still work. But certainly not a home run. Just a base hit I feel. Mind you this is the first time at bat in the majors.
Purchase 220k, monthly income 1850, monthly expenses 1441, purchase cap rate 6.61%, cash on cash 6.66%. Cash flow 408/mo
I’m figuring this isn’t bad as a getting in the game starting point. Thoughts?
From Fort Myers here. I honestly think you can do better. You can find duplexes in Lehigh still for under 200K and you should be able to achieve at least $1,000 per side. This is just one example. I could point you to several others.
Best of luck!
Hey @Brit Foshee thank you for your reply. More specifically, we are looking in the Venice, Nokomis, and Sarasota areas.
Asking price is 249k,offer 220, super super light fixer with paint. Tenants in place and raising rents a little.
This post has been removed.
I have to agree that there are far better deals out there on the west coast of Florida...
Hi Kevin, I live and work in the Sarasota, FL market from Bradenton to Venice. There are properties currently on the market that will return better than a 6.61 CAP. However, the more important question is: Where is the property located?
There are parts of town a 6 CAP would be a reasonable return and other parts of town that demand a 10 CAP+ for the investment to make sense. I'm happy to take a look at your deal and give you my 2 cents.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing