Fix and flip in the Tampa area
I'm a new real state investor from out-of-state who is considering investing in fix-and-flips in the Tampa area. The main reason for Tampa is that, based on my research, the area seems great (read average ROIs > 30%) for flips right now, despite the fierce competition.
I've got flexibility from my "day job" to work from anywhere (I'm a remote worker) so I'm willing to be on the ground to make this a successful business. Additionally, being out of state, I'm planning on networking as much as possible with locals (via BP, local meetups, real state investment clubs, etc.) to get a "good pulse/feel" for the local market before my first deal.
My question are:
1) how realistic is it to find great deals (net ROIs > 30%) with $150K total to invest? I figured with this kind of cash I'd have to target the low end of the market (under $100K) which, in general, is where there is fierce competition;
2) how realistic is it to make this a success given that I'm out-of-state? I figure a considerable learning curve is need to learn the local market and establish trusted relationships.
How would you compare your local market with Phoenix (another are that I'm also considering)?
Thanks!