Looking to Tap into the St. Petersburg/Tampa, FL Market

17 Replies

Hi BP,

Right now my wife and I are Real Estate investors in Illinois.  We are now considering relocating to the St. Petersburg/Tampa, FL area and invest there as well.  Does anyone have any advice or suggestions for getting started in this area?

What kind of investing do you do in Illinois (buy & hold, flipping, etc)? And what are you looking to do here?

We do fix and flips here in Illinois. We are looking to do the same there as well as some buy and holds.

Define a criteria you are looking to target in a property.. Age of home, exit price point range, block or stick construction, etc., etc..  This will help to lead you to areas that you can find properties that fit your criteria.   Network with local brokers, agents, and wholesalers, and be responsive when they send you deals.  Define why a deal will or won't work for you.  In this hot market where properties move fast, nothing will turn an agent off more than a lack of responsiveness from buyers when deals get sent to them.

Thanks a lot @Justin Merchant for your input as I greatly appreciate it. I am now in the midst of narrowing down price points and types of homes we will target.

Be patient. You’re walking into one of the hottest markets in the US. Competition is high so you need to link with people who are still finding deals. We encourage our investors to keep their money moving by lending, JVing, etc.. while they wait for a good opportunity to take down. Do you need recommendations for local HML and management companies? Also good contractors virtually don’t exist in the fix and flip space so you need to be very diligent when selecting crews. Feel free to PM me. We wholesale, fix and flip, etc...

Thanks a lot for the info @Jeremy Kloter this is a great help. Local HML recommendations would be great. Property Management recommendations would be nice as well being that we are looking to do some buy and holds. I own a contracting business here in Illinois and I know from experience that finding good contractors/subcontractors and keeping good labor crews is a challenge. I will PM you my contact info and maybe we can connect and discuss things further. Thanks again and hope to talk with you soon.

Robert

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Hi Robert,

You will love the St Pete area, I grew up there! I have an office in Tampa, Orlando and Melbourne. We work on single and multi family. Please feel free to reach out to me anytime

Kim,

My wife and I are also looking to relocate to St. Pete. I just came back from there last week. If you could PM me, I'd love to talk to you about the market. I have experience in the biz. 

Hi Kim,

Thanks for reaching out. Yes, I love the St. Pete area and look forward to relocating there.  I will be sure to save your contact info and reach out to you. 

Thanks,

Robert

We have funding available but also we like WLW Capital they are local and the source of money not a front man and they can usually fund in 2 days or so. We manage rentals so we can be a source for smaller rentals but if over 20+ units in one building we would probably outsource to our friends at RentPalm.

Hi @Robert Brock ! I spent many-a-night in Palatine! I grew up downstate and attended Illinois Wesleyan, so I had many friends from the NW Suburbs and spent a lot of time in Palatine. Welcome to the Tampa Bay Area. As you know, finding good contractors is difficult. They seem to do a good job on the first two or three deals and then they either really drop the ball or disappear all together. From one Illinoisan to another, let me know if we can give you any guidance and welcome to our fair city!

Hi @Doug Smith , thanks a lot for your inputs as I greatly appreciate it. I’ve heard from multiple people that contractors are hard to come by in Tampa.  Are there any that you would recommend?  Thanks in advance. 

Hello Robert, 

Glad you are still interested in the Tampa area. Feel free to connect with me again since we have a great set up to help you get started in this area. 

Robert, it sounds like you are getting some great suggestions and advise. I am also very familiar with the Tampa/ St. Pete area, depending on what exactly you are looking for there are still good options for investors despite all the competition. Feel free to reach out if you still are seeking opinions for the area.

Robert,

we are longterm buy/hold investors in Pinellas & Hillsborough County but have recently started buying outside these counties because they seem to be at top of the cycle, at least in B areas.

D and C minus till  somewhat available. Many cash investors out of area investors overpaying.

If you have specific questions feel free to send a message and if you get to town and want to review specifics I am happy to help.

Elise 

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