All Forum Posts by: Aaron T.

you could still make it work. your vacancy is a bit high for a multifamily property. remember not all units are going to turn over annually or at the same time, so your impact on making your expenses will be less.

if you run 3% for vacancy and 8% for PM. your numbers are a little closer to break even. also if you increase your rents as indicated, then that will also help.

triplex in tampa in a good area are hard to come by. Send me a PM, I would be curious to see if I have looked at this one before.

This will all depend on how you want to invest. are you buying to live, house hack, appreciation, value add, etc...

how much are you putting down? what type of loan will you use? remember FHA will carry a PIM upwards of $200+ for the life of the loan (and 12 month occupancy req), make sure to add that in, or PMI if you don't put 20% down.

If you plan on living there, then rent will go down to two units, which will offset your living costs. two rents will get you $1800 with your numbers and your mortgage note will be closer to $2000. this will not include PM, CAPEX, maintenance, Vacancy.

your numbers looks similar to a duplex I just picked up in South Tampa.

A VA loan is the way to go. you can get a 4plex and the VA will loan you up to 880k while coming out of pocket $0. live in one unit and rent the rest.

let the property appreciate 20% and refinance without having to pay PMI. Then do it again.

the lots will either be paid cash by myself or another investor.

for instance, I am closing on the 8th. I we want to build a key west style home on it. home should cost 100k to build. we are trying to find private money or someone to fund that construction. we will build, sell, and start over again else where.

in the city we have access to lots, that can be built and sold to end users or investors.

Devon, no need to be skeptical. The broker helps buyers get into homes. She does not get into building and funding new construction. The city pays down payment assistance, so yes there are plenty of buyers out there that want or need housing that come to her. She is also not a single point of failure, so there are other people who can put people in homes.

I don't believe the city will give any down payment assistance to a house that is not built yet, or the city will finance it.

I agree, new construction is selling like hotcakes. which is why we rather build from dirt up, than trying to do what everyone else is doing with flips.

I know there is tons of private money, its just being able to source those people to fund the deals. I have a handful of people that can do smaller amounts, but have not found the golden goose that can fund larger and multiple projects.

When I say leverage more, means I need more capital to get these projects started.

I am reaching out for suggestions, as well as anyone that would be able to help move this forward.

We can put money in the deals. We were getting commitments of 25k each from investors, but I believe we need to leverage a little more rather than doing straight private money. Maybe after 5+ new projects completed and turned over, we would be in a better position to recycle that money plus private money to fund more deals.

I myself have money tied in one of the vacant lots currently. We plan to build a key west style home on it.

I am in the same boat. I am a couple years out from hanging up the uniform. I am also studying to take the RE exam. I rather have a warm start when I stop working for the gov, plus the networking will go a long way. I know the stuff I have learned in the past year investing has been gold.

We have access to several vacant lots where we will build new construction SFRs. We are looking for hard or private money with reasonable terms to fund these projects.

I have networked with a mortgage broker that already has buyers for these homes, but there is no or not enough inventory in Tampa. The city of Tampa will give down payment assistance to buyers, but again there are not enough homes for these buyers.

I have teamed up with a contractor that is well connected and well respected. He has mentored me for the past two years and we have been sourcing small sums of private money, but we would like to move a little quicker. The goal is to build 10+ homes in the next year.

Please let me know what is out there.

If you want to get in the NOHO, better do it quick. look north of Kennedy and east of howard. all those houses are going to be the new SOHO. especially with the west river front project going on. the wood houses will be knock downs, the CBS will likely be rehabbed if they still have good bones.

I picked one up in there a couple months ago and its going to be a great rental for several years as the value climbs.

That is a good area to invest. There is a big latin community presence on the west side of the river between Hillsborough and MLK with the western dale mabry backstop. values are still reasonable in those areas too.