Updated almost 3 years ago on . Most recent reply
Need help -getting frustrated
In NY, looking to invest OOS, I have capital but it seems like every time I find a deal that could potentially work, that deal is pending another offer before I can even speak to my lender about getting an offer in! I am looking mainly in Tampa and greater Tampa area but I am worried that market is too saturated for what I'm Looking for. I'm hoping to BRRRR a single family or small multi family LTR in a B neighborhood with a 10%cOc return. Is this too much to ask for Florida? I'm open to other areas, I would like to keep purchase price around 200K. I really want to get started and just when I think I've beaten my 'analysis paralysis' and get excited about a deal, its gone. I look on MLS for listings that have been up 60 days or more, and foreclosures. Any tips on better ways to find deals or branching out and considering different markets? I'd like something with a strong rental projection, I am not too concerned about appreciation as I would look to hold this property long term.
Any insight would help, thanks
Most Popular Reply
Your are at the bottom of the price range where competition is fierce. Pick a neighborhood or two in Tampa, that you can become an expert in. This means when a property comes up you already know whether there is enough spread in the deal to make it work. When I first started I was all over the place and couldn’t move quick enough. Someone advised me to narrow my search down. I limited it to 3 neighborhoods and I was able to secure my first property. I still got beat out some, but it definitely help me to focus by reducing my pool area.