Hello been pre-approved 225K, looking for first flip or Buy &Hold

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Hello been pre-approved 225K, looking for first flip or Buy &Hold

Mark Sydow
Plant City, FL · Member since 2017 · 6 posts · 3 votes

Hello everyone, I have been a member of BP for a while now. I finally got everything in order and was approved for up to 225K. Looking for my first investment property in the Tampa Florida area. Either a buy and flip or BRRRR method. If anyone has any leads on potential properties or are willing to give me some constructive advise that would be great.

Thanks in advance.

Mark

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Tom Parris
Realtor · Tampa, FL · Member since 2016 · 340 posts · 248 votes
8y

Hi @Mark Sydow,

Congrats on making the jump. I recommend buying a duplex or bigger in Lakeland/Plant City with a 203k loan. That way you can finance the purchase as well as the improvements whether you need or want them. That methods provides you with the most comfortable opportunity to live for less, when you rent out the other unit(s). This will also provide priceless landlord experience, and a solid foundation for your future investments. 

Happy to share any advice,

Tom

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    8y

    Congrats!

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    0Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    8y
    Originally posted by @Mark Sydow:

    Hello everyone, I have been a member of BP for a while now. I finally got everything in order and was approved for up to 225K. Looking for my first investment property in the Tampa Florida area. Either a buy and flip or BRRRR method. If anyone has any leads on potential properties or are willing to give me some constructive advise that would be great.

    Thanks in advance.

    Mark

     Hey Mark

    House hack if you can.

    Stephanie

    0Reply
  • Masaki Maeda
    Lender · Charlotte, NC · Member since 2016 · 34 posts · 21 votes
    8y

    Hey Mark,

    Most people will not hand you deals.  You must create relationships with others and maybe they will introduce you to some deals.  Still, you will have to learn to analyze properties yourself to see if it makes sense to you.  I've been doing alot of analyzing and researching in the Tampa area and can help you with moving forward with getting a property.  I actually just put in an offer on my first property and can run the numbers and strategy with you to help with how you may want to research and strategize in your real estate investing career.  Let  me know.

    -Saki-

    0Reply
  • Tom Parris
    Realtor · Tampa, FL · Member since 2016 · 340 posts · 248 votes
    8y

    Hi @Mark Sydow,

    Congrats on making the jump. I recommend buying a duplex or bigger in Lakeland/Plant City with a 203k loan. That way you can finance the purchase as well as the improvements whether you need or want them. That methods provides you with the most comfortable opportunity to live for less, when you rent out the other unit(s). This will also provide priceless landlord experience, and a solid foundation for your future investments. 

    Happy to share any advice,

    Tom

    1Reply
  • Michelle Bright
    Realtor · Chicago, IL · Member since 2014 · 137 posts · 103 votes
    8y

    Congrats!! I would totally recommend house hacking!! Best way to get started in my opinion. Pick up "Set For Life". It will answer so many questions for you!!

    0Reply
  • Account Closed
    Investor · Bushnell, FL · Member since 2016 · 456 posts · 224 votes
    8y

    I happen to agree with @Tom Parris finding a duplex or even a triplex so you can live in one unit and rent out the others .. you will find it difficult to find a turn key multi family in that price range in Tampa .. if you want to be in a decent area .. however .. if your handy ( and you should be if you plan on being a on site landlord ) then you may be able to find a property that requires a little sweat equity and be on your way .. 

    1Reply
  • Mike DeBuccio Jr.
    Specialist · Tampa, FL · Member since 2018 · 96 posts · 40 votes
    8y

    Hey Mark!

    Congrats on being approved for 225k loan on a property. What kind of financing have you been approved for (hard money, private, conventional ect.)? There are plenty of deals to be found over here in Tampa, also out near you in the Lakeland, Plant city area as @Tom Parris stated! Great margins in Polk County for sure. 

    With a loan of 225k there are many options you have. In that price range you can most definitely find a property with good margins to fix and flip. Buy and hold is definitely an option as well. Turn-key rentals are far and few in between but they are out there for sure. 

    Will PM you to see if I can help

    Mike

    0Reply
  • Adrian Smude
    Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
    8y

    @Mark Sydow As I said in private message, Congrats on the pre approval and making the jump to REI. Looking forward to hearing your success!

    0Reply
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