Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
Hello! My partner and I will be coming to Tampa on March 19th-21st. We have several appointments set but would like to connect with other multifamily investors, brokers, property managers and contractors. We are looking to purchase 20-99 unit properties specifically, but have also underwritten larger. If you're available, we'd love to connect, learn more about the market and potential opportunities to work together! DM me if interested, thank you!
That's an aggressive plan...as you probably know, the inventory in Greater Tampa Bay is at a long-time running historical low. The investment that Jeff Vinik and Bill Gates made in our Channelside/Downtown market in creating an "innovation hub" as well as expanding our entertainment/sports venue have brought relocation of companies and talent to the market. What was already an off-the-chart high rental demand is even more so and our year-over-year rent price increases are second in the nation. But again, the issue is inventory. The institutional buyers have already been through (Wall Street loves our market) and builders have gotten into the action by building rental communities to hold as their own assets. My recommendation would be to KNOW where your buying (not all markets are created equally here and what hasn't transitioned, probably won't be - ever) and be ready to act immediately with the right find.
Hi Joseph, I’m the acquisitions manager of a company here in Tampa. I would love to connect with you. We have over 400 units in the Tampa Bay Area. You’re more than welcome to message me.
That's an aggressive plan...as you probably know, the inventory in Greater Tampa Bay is at a long-time running historical low. The investment that Jeff Vinik and Bill Gates made in our Channelside/Downtown market in creating an "innovation hub" as well as expanding our entertainment/sports venue have brought relocation of companies and talent to the market. What was already an off-the-chart high rental demand is even more so and our year-over-year rent price increases are second in the nation. But again, the issue is inventory. The institutional buyers have already been through (Wall Street loves our market) and builders have gotten into the action by building rental communities to hold as their own assets. My recommendation would be to KNOW where your buying (not all markets are created equally here and what hasn't transitioned, probably won't be - ever) and be ready to act immediately with the right find.
@Joseph Firmin I wish you the best in your endeavors, but to echo the statements by @Patricia Steiner,Tampa is a highly competitive market. How do you plan to approach this problem? Can you elaborate on how you plan to acquire 20-90 unit properties? e.g. are you willing to accept lower cap rates than the competition, are you seeking distressed properties and can offer a creative solution that other buyers can't, etc?
Thank you @William Coet and @Patricia Steiner, yes it is very competitive. We will be competitive and have certain strategies to be so. The sub-market knowledge is key as you said Patricia, we will be building that knowledge and working with our team & partners to be successful. Looking forward to progressing.