All Forum Posts by: Aaron T.

in florida a property either has active termites or had active termites. have an inspection done, and have it tented prior to purchase. its not as scary as people think.

One thing to think about is if you do buy a rental is to make sure you understand what the landlord and tenant responsibilities are if a storm hits. i.g. who boards up house, what happens if property is destroyed what happens with your tenants, etc...

make sure you have a plan.

do you have an address?

Richard, what are you looking for? capital, contractors, lots?

that is a good little area back there.

I am looking a property that is mixed use here in Tampa FL; Zoned CG

What type of loans would you be elligble for in this type of property? would this be a business loan for the property or a personal loan if you live in the residential portion out back.

MLS: T2808815 if you need more specifics.

I am thinking a four chair salon brining in $4400 and either rent or live in the residential portion. Renting the residential could add $1400 to income.

Thoughts?

breon,

I like your concept. It could open up doors if a couple investors were able to work together to do a few like this.

Tim,

there are not many multifamilies in South Tampa, so the availability is hit or miss. There are a few by interbay and MacDill, some in port Tampa, a row of them off Habana north of bay to bay, but again they do not become available often.

You could do yellow letters to those owners, and see if they would part ways, or wait until something in your strike zone comes available.

most of these are going for top dollar, so be prepared not to find much of a discount. Domain, shimburg and other new construction builders are dominating south tampa at the moment.

your down payment is only a trade off of liquid cash in your pocket or buying equity and cash flow numbers into the property.

I grew up in homestead. it is a lot different place now than it was. I still find my way down there every few months. I don't know the market, but I often see new construction still with hurricane shutters and vacant up and down the interstate. Something tells me there is not enough buyers for these properties. or there may be opportunity to get these properties cheap.

Dan,

Welcome to BP. I would suggest picking up the J Scott books, and reading through all the BP educational tab. Also sign up for the webinars. These will keep you busy for a good month, but in the end of that month you will be refreshed with the newfound information.

It sounds like you should focus on reducing debt, to afford a house. Dave Ramsey Total Money makeover is a good book for education on reducing debt.

you can buy a distressed property and fix it up. just ensure that the money you put into it is not more than what it would be worth in the end. this means you have to buy at the right price and know what your budget it going into it.

in your scenario 1, you would spend 10k in repairs. then the property is worth 125k. that is a 15k profit, but you have to take in account all the costs to sell. This could a good chunk of your profit from equity.

I am certain after some reading, and posting on here you will have a much clearer head in the near future.