New Member from Tampa/St Petersburg Florida

New Member from Tampa/St Petersburg Florida

Saint Petersburg, FL · Member since 2017 · 3 posts · 0 votes

I am retiring from the Air Force in the next seven months and absolutely love real estate. I am working on my real estate license right now.  I should be done in the next month or two.  I am interested in flipping homes and obtaining some rental property.  It just depends on the deal on how the numbers work out. 

I have a rental property in Phoenix AZ that I obtained because I had to move to Germany.  It was my primary residence, I lived in it for a few years and then turned it into a rental.  As the years have gone by, I have realized what a great property rental it is and the income that I get from this property will help me retire.  

In addition, I have recently flipped a house here in St. Petersburg Florida.  Brought a foreclosed property from the bank and renovated 70% of the house.  For a first time flipper, I made decent money, learned a lot about flipping and had a great time renovating it.   

Now that I am retiring from the military, I would really like to do this full time.  The plan is to find a few houses to flip in order to build up some capital.  Once I have some more capital, I would like to look at a multiplex rental.  Although, I'm not apposed to finding a rental property earlier in the game if the math works out right.

My challenge is that I have the capital for the renovation but I don't have the money to buy the house.  I would prefer to find an investor, then finance the house through the bank.  Since I am new to the real estate market, I don't know a lot of investors.  So, time to start networking!!  

I'm happy to hear form anyone that can give me some advice and tips on how to move forward.  I will be looking for a investment property around September 2017.  Until then, I will be learning as much as I can about investing in real estate.

Thank you in advanced for all the support,

Tara

0Reply
27 views

4 Replies

Jump to latestLatest
  • Investor · Orlando, FL · Member since 2016 · 1k+ posts · 780 votes
    9y

    I know of two investor friendly lenders that can fund any fix and flip deal at 90% of purchase price and rehab as long as the total loaned is not any more than 70% of appraised value. That will jump start your deals. 

  • Saint Petersburg, FL · Member since 2017 · 3 posts · 0 votes
    9y

    Is that the appraised value before or after the rehab?  Otherwise, unless I get a really good deal, the loan is only for 70% of the value of the home.     

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Tara Martinelli

    Welcome to Bigger Pockets. Make sure to listen to the podcasts. They are very informative, and contain ample information. https://www.biggerpockets.com/blogs/

  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    9y

    @Tara Martinelli, Welcome to the neighborhood.  Happy to help in any way.  

    The 1031 Investor5140 Reviews
Join the conversationCreate a free account to reply, vote on answers and follow this thread.