I'm currently working in Los Angeles but originally from the South and looking to get a foothold back in the market (previously owned and rented out a single family - just sold it in ATL). I know that Tampa down through Sarasota is developing quite a bit, and diversifying from purely snowbirds and retirees. I'm looking to meet some different folks that are based in that market with similar interests for investing:
1. Rental properties
2. Buying land and building
Really open to different suggestions as to which areas are the best starting points to look into - I'll be heading to the area mid July to do some scouting. Any advice or suggestions for those already based or looking in that area would be great.
Hey @Jack Glazer
I am an investor from the Bradenton/ Sarasota Area and agree with what you are saying, we are seeing some big growth down here! I feel there are still some opportunities for cash flowing rentals here, but I am alittle worry on the development side. They are building like crazy and its hard to compete with the big developers here. Dont get me wrong there is defiantly opportunity, but just alittle less certain than a cash flowing rental here. hope this helps! Message me if you want to connect further.
Hey @Jack Glazer , there are deals to be had yet, although I feel like they've really dried up in the past year. I've bought two duplexes in the past year (well.. close on 2nd in a week), one is Bradenton, one in Sarasota, and both only happened because I lowballed and was persistent in following up as they lowered their prices down ~$50k (which is pretty substantial percentage, but that's how high things are getting listed right now). Even with the lowball offers, I'm only at a 8-10% COC prediction with the typical reserves BP preaches about. I'll actually hit over 20% on the one I've had a year but really b/c I'm self managing.
In Bradenton/Sarasota, stay out of areas just off of US41, orjust east of it, stay away from Newtown in Sarasota, and Oneco/Samoset in Bradenton. Those are your C-/D property areas that might cash flow but you'll have drug addicts and squatters (encountered them on house showings there..). Lakewood Ranch is the most happening place in Florida, but you'll pay for it, and it's basically all new construction. West Bradenton is solid, much of Sarasota is solid, but everywhere has it's patches.
I have alerts setup for St. Pete and Tampa, but honestly just a quick 1% rule, I've only ever seen like 5-10 properties that would have even passed that, to take a deeper look, and when I did they were pretty poor neighborhoods.
@Andrew DeWeerd @Joshua Rountree thanks both for the good insight, much appreciated. I'm looking to network with people in the area...thinking long term I think I'll be out of LA and in SW FL, and I've got a good bit of access to investors out here looking for similar strategies, so if you're finding any really great opportunities and trying to pull capital together, feel free to send a note in the future. Hard for me to do it on my own not being on the ground full time.
I'm a newbie working to close my first deal in Sarasota, but happy to help out if I can. Let me know if you need boots on the ground for something or anothwr realtor / broker recommendation.
Hi Jack, I definitely can help you and would be willing to meet up. I’ll try and find you on facebook.
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