I am wondering what good areas I should familiarize myself with that contain small apartment buildings ranging from 2-20 units. I am in search of seller financed deals. What areas should I avoid? I am going to self manage.
The downtown appears to be undergoing a revitalization of sorts. Honestly I haven't been there in about 2 years. If you go on Trulia, you can filter areas based on crime. That would be a start.
Personally I think St. Petersburg is a cool city.
Very cool but not much in the way of larger multi-family buildings. There are several newer large condo buildings downtown, but these tend to be very expensive. Not sure what class of area you're looking in, but the multifamily rental buildings tend to be in low C to D class areas. Check out East Tampa, northwest Hillsborough County, or north Pinellas if you're looking for multifamily IMO.
Police presence has increased by 400% in Ybor City recently. There's known as a high crime area. Try and get as close to Riverside Heights as possible, so west Ybor and north Hyde Park. With all the development going on in Riverside Heights, and the extension of the Riverwalk there, should be a good buy because of all the potential.
Temple Terrace has high crime also, but if you get close enough to USF, could have an easy rental to college kids.
As Tom said, Riverside Heights is going through huge development. It looks like a lot of renovations are being done on the SFRs in that area.
And I looked in USF too. Mainly 50th Street and east of that area between Fowler and Fletcher. The farther west you go off of Bruce B Downs, the rougher the neighborhood (C- ish in my opinion).
I also found a pocket of 2 to 20 units in 33781 (Pinellas Park). This is right off of Park Blvd. This is my preference just because I live about 15 minutes away from the area.
All of Saint Petersburg has good potential for rental properties. The south side may have slightly more troublesome tenants from time to time, but is still not to bad. I am currently selling a few rental properties on the north side of Saint Petersburg. PM me and we can talk a little more if you are interested. My investors are making a killing right now from flipping.
@Ryan Fitzhugh your contact info isn't available- I'm looking to invest in Tampa, get in touch with me
What kind of budget are you working with... and what kind of return are you looking for at the end of the day?
I may have something. PM for details.
There is honestly not a lot inventory for Tampa Bay in general for multifamily but there are some opportunities in the Lowry Park area that I know of but they would require cash or HML.
Besides that, I would recommend areas like the USF area ( try to stay on Fletcher side ) , Brandon, Palmetto Beach. Main thing right now is traffic is getting bad so the closer to highways and downtown you are, the better opportunity for growth in my opinion.
I'm a newbie so apologies if I'm off base, but I've heard of an investor in the St. Pete area who was in the area with ab 15 properties who went bankrupt because the insurance rates spiked recently. I don't know all the details, it was just info through an investor friend, but I (and recommend all) stay cautious ab investing in the St. Pete area
We're finding some seller financed, multifamily section 8 properties. How much do you have to put down? You can't be too picky on seller financed since they aren't that common right now. @Ahshar Sylvestre
@Jeremy Kloter I am interested to hear about the multifamily properties. Please send me a message
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Where are you finding them? AFAIK the only listing site for these types of properties is Loopnet. Are you obtaining listings from other sources as well?
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