NYC Resident Investing in Tampa, Florida

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NYC Resident Investing in Tampa, Florida

Sean Imfeld
Investor · New York, NY · Member since 2015 · 5 posts · 0 votes

This is my intro post.  I live in New York, but I'm planning to get started investing in the Tampa area, which is where I'm from (and where property is much more affordable).  I'm interested in multi-family properties.  I'll be investing in partnership with my mother, who still lives in the Tampa area and is also interested in real estate.  She'll be my eyes on the ground, so to speak.

Anyway, hello.  If anyone has advice about the Tampa area or about Florida in general, by all means tell me.  Please.

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Eric Odum
Commercial Real Estate Broker · Tampa, FL · Member since 2014 · 216 posts · 86 votes
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Thanks for the mention @Dave Bingham.  @Sean Imfeld, I will be back on Monday....would be happy to chat with you then if you need me.  Good luck moving forward.  Many are overpaying in this market, but we still find decent smaller deals. 

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  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
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    @Sean Imfeld

     Hi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and don't forget to set up your Keyword Alerts!

    I have investments in Florida, but much further north, Jacksonville to be exact.  Exercise caution - in some parts of Florida, particular SE Fl, there has been rapid price appreciation in a short period of time, and things are getting a little frothy, maybe heading back into bubble territory.  I don't know how much of that is happening in Tampa, but be very careful - my 02cents.

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  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
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    Hey @Sean Imfeld welcome to BiggerPockets! This is a good place to start learning about REI. Make the most of the site by checking ‘The BiggerPockets Start Here Page’

    BiggerPockets
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  • Jon HuberPro Member
    Rental Property Investor · Boca Raton, FL · Member since 2014 · 1k+ posts · 713 votes
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    @Sean Imfeld

    Welcome to the community! BP has a tremendous amount of information to help you, but it is only available if you seek it out. Be sure to be as active and engaging as possible. Read blogs, post questions, and the podcasts are gold! The best free education you can get.

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  • Dave Bingham
    Contractor · Land O' lakes, FL · Member since 2014 · 129 posts · 56 votes
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    @Sean Imfeld

    Hi Sean. What part of Tampa are you from? If you and your mom are looking to get into multi-family I suggest talking with @Eric Odum. He's a broker in the market and has a sharp mind. I think he is in Canada at an investor show right now so his response might be a tad slow but he's a great asset to have down here.

    Are you guys looking for residential multi-family (2-4 units) or commercial (>5 units)?

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  • Lenny LongoPro Member
    Real Estate Broker · Ellenton, FL · Member since 2010 · 101 posts · 23 votes
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    Welcome to the fun Sean.  Good times to be had here and lots of people willing to help you out!  With regards to advice about the region, one thing that comes to mind if you are going to manage from NY, I would recommend to do your homework on property management companies.  

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  • Eric Odum
    Commercial Real Estate Broker · Tampa, FL · Member since 2014 · 216 posts · 86 votes
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    Thanks for the mention @Dave Bingham.  @Sean Imfeld, I will be back on Monday....would be happy to chat with you then if you need me.  Good luck moving forward.  Many are overpaying in this market, but we still find decent smaller deals. 

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  • Account Closed
    Investor · Houston, TX · Member since 2014 · 103 posts · 11 votes
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    Welcome @Sean Imfeld. Tampa will be booming soon, I see that city growing a lot over the coming years. I would find things somewhat close to downtown, that area is going to see a lot of development. They're trying to really improve that area. Goodluck

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  • Greg Simpson
    Flipper/Rehabber · Tampa, FL · Member since 2014 · 251 posts · 25 votes
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    I have to agree with @Eric Odum. The market here in Tampa is very hot and people are definitely overpaying for properties. I'm a wholesaler and a rehabber. If I come across any multi-family properties I'll let you know. 

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  • Sean Imfeld
    OP
    Investor · New York, NY · Member since 2015 · 5 posts · 0 votes
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    Thanks everyone for the advice.  I do know prices in Tampa have been rising recently--especially since the hedge funds started buying everything up.  @Eric Odum and @Greg Simpson, I'll definitely take you up on your offers.  My mom and I haven't hashed out our long-term plan yet, but I think we'll probably start out with smaller multi-family properties to get our feet wet, then move into commercial once we know what we're doing.  I don't think we'd pass up a single-family if it was a good buy, though.

    In the meantime, we'll keep learning.

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  • Dave Bingham
    Contractor · Land O' lakes, FL · Member since 2014 · 129 posts · 56 votes
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    @Sean Imfeld

    If you're going smaller stuff Sean I'd get in touch with my colleagues Jesse O. And Mark J. Both really great guys and own small multi family units around the Tampa Bay Area. They might be able to give you some insight.

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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
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    Hey @Sean Imfeld thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

    You may also enjoy this post, about multifamily properties: How to Buy a Small MultiFamily Property: A Step by Step Case Study

    Oh - and be sure to set up some Keyword Alerts- especially for "New York" so you'll be notified when people mention it here in the forums.

    Thanks again for introducing yourself!

    Podcast Guest on Show #92
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  • Johnny Kula
    Rental Property Investor · Billerica, MA · Member since 2015 · 75 posts · 10 votes
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    Sean, welcome!  I'm in a similar boat.  I'm in MA but have a broker in Tampa now (I used to live there years ago).  My buddy and his wife are still there and she's in the business.  I'm trying to work out a model for distant properties and how or what to work, etc.  Property/Rental management will probably be the biggest downfall as they both work full time running their own businesses.  I look forward to hearing how your deals go.  Once I build a model, or if anyone else has a model for this type of market/investment, please pass the word on to us so we can try it down there.

    Thanks and look forward to hearing more once you get your feet wet!

    Johnny

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  • Faith Aram
    North Miami Beach, FL · Member since 2015 · 10 posts · 0 votes
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    Hi Sean, I am an attorney and multifamily apartments investor in South Florida, based in Miami. Please feel free to contact me if you would like to talk about the subject. 

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  • Peter Philando
    Rental Property Investor · Hollywood, FL · Member since 2015 · 156 posts · 93 votes
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    @Sean Imfeld 

    Welcome to BP! As others have stated its an excellent forum to get knowledge, insight, connections, and just about everything for your real estate investing career. Best Wishes on your new venture with your mom

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  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
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    @Sean Imfeld

    Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.

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