I just read the post that florida is okay to invest in the future. i would like to know specifically about tampa.
i just found an investor who has a load of reos multiunit properties. it seems as too many to be truth.
any opinions or advice
There are an abundance of short sales, pre-foreclosures & foreclosures here. It seems in some neighborhoods, theres a combination lock on every other door. I would to my due diligence if one seller is trying to get rid of a ton of properties. I definitely tell people that if you want to buy and hold, this is a great place & time to do it. The values are insane if you have the patience to deal with the processes (if you're looking at short sales). There are many investors here that start negotiating with the banks before all of the paperwork is signed which shortens the process. I don't know if this information helps but I can say that there are quite a few opportunities for investors in Tampa. If I can help in any way, please let me know.
thank you.... i think buy and hole
I live in Bradenton - but transact mostly out of State. Personally, I thin there are better long-term markets and I think Tampa will not recover for another couple of years. I have friends who buy and hold here and they are having trouble maintaining rents.
That said, if a deal works fundementally - can sustain cashflow, decent Cap rate, IRR, etc - then why not invest. At least you can be assured you're not buying at the top of the market!!
In my opinion its a great time for buy and hold here. It cant get much cheaper than it already is. There are plenty of people who need to rent, so lots of tenants to choose from. Since I have been interested in REI, these are the best conditions for a landlord that I have ever seen.
Jimmy, what are your typical numbers in Tampa? Buy for? Rent? Type home?
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