Myself and some partners (one in Tampa, another in NYC like me) are interested in purchasing some Tampa / St. Petersburg SFRs for rent as an initial investment play to start. We plan on transitioning to small MFs once we've gained some experience with the area and investment vehicle.
Any tips are definitely appreciated!
If you want a top notch agent in the Tampa market contact @Jeff Copeland . He knows the market well, is honest, and great to work with.
Why not just start with small multi family properties?
Most of the time the cash flow is better and they’re relatively easy to manage.
Hello Dean and welcome!
We were NY'ers until a year ago. We now live and invest in Tampa - and loving it!
My tip? Your best friend is Google maps. We used Google to see the areas we were possible interested in, all while still being in NY. Once you narrow down the properties you are interested in, fly down and look at the properties. We have a great (not just good) realtor that has been already mentioned - his name is @Jeff Copeland. Through him we have purchased 4 properties thus far and are in the midst of our 5th one. Jeff will not dissapoint. He is fast, thorough, honest, knowledgeable, funny, and he can also manage your properties if required.
Feel free to reach out via PM if you have any other questions.
Thanks Everyone! Sounds like Jeff is the man to talk to.
You are your partners should reach out to an attorney to create an operating/partnership agreement. The partnership agreement should mention items like allocation of income/losses, expected winedown of partnership, each partner's rights etc.
You should then reach out to an agent; it appears that one is recommended to you.
You should then communicate with a portfolio lender. You will not be able to get conventional lending in a partnership vehicle.
Will the partner who lives in Tampa manage the properties? if not - you may then need to reach out to a property manager.
You may need to reach out to a CPA/Accountant to take care of the books/tax compliance needs.
The partnership return will reflect the income/loss of the partnership's activities during the year. The partnership return will distribute a K-1 to the partners which you will then report on your individual return.
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