First-time investor in Tampa, any advice?

Question

I’m looking to start investing in Tampa, FL. BP seemed like a great place to expand my network and hear from others experience so I can make a more educated decision for my first property.

Anything helps!

Gavin Erard · Answer

I have a few pieces of advice for you.

1. If you are not a cash buyer I would recommend finding a good hard money lender (as traditional mortgages generally won't work with investment properties) and getting prequalified.

2. Find some good wholesalers to work with.

3. Learn how to run your own comps so you can verify ARVs (after repair values) on deals you are considering.

4. Either find a reliable and affordable general contractor to work with or preferably find several reliable subcontractors to work with to minimize rehab expenses.

Gavin Erard · Answer

I actually wholesale in the greater Tampa Bay area through New Western Acquisitions.  I put out around 40 deals a month.  Shoot me a message if you are interested in looking at some of our deals.  Good luck with your ventures!

Brian Ellwood · Answer

Verify that Tampa is really working as a cashflow market right now, meaning you can get B/C class properties FAIRLY EASILY that net 200 per door per month. You don't want to be fighting for deals in competitive markets like everyone else is right now. I've made that mistake way too many times in all the markets I've been in.

Gavin Erard · Answer