Updated almost 5 years ago on . Most recent reply
BRRRR in Tampa Florida
Hi BP Family,
I'm newbie to BRRRR and out of state investing. Based on what I heard in podcasts and on this forum, I have an interest in Tampa, FL because of it's strong cash flow and potential for growth.
I have approx. $100k available for cash purchase and renovations. Looking for for the following scenario: B class neighborhood, purchase price of $75k, renovations of $15k, ARV of $120-130k. Approx. rent - $1375 per month (no HOA).
My questions are as follows:
Are my expectations reasonable for Tampa FL?
Any recommendations for an appropriate realtor/wholesaler?
Any advice on how to manage construction project from out of state?
What is the standard management fees? recommendations?
What is the expected vacancies? (I saw on a management website that their listings were vacant for 2+ months)
What is the expected longevity of tenants?
Most Popular Reply
To be more direct, no. What you're proposing/planning is not possible in Tampa. Our acquisition costs in B markets is substantially higher and the rent price in those markets would be less. Simply said, you're looking in the wrong market. And, to clarify...I'm a former wealth banker, an investor myself, and I own/founded a private client real estate investment firm. In this business, a lot of people will tell you yes because yes is the right answer for them. No takes courage on both sides. Don't give up on what you want to do - just do it in a transitioning market with low acquisition cost.