All Forum Posts by: Bill Regan

Interesting report.  I just moved to the Tampa area, to a small community (suburb I guess) that keeps getting articles written about how it's a great place to live due to its walkability, charming downtown, great restaurants, wonderful beaches, and it's affordable.  We moved here to raise our family and invest in real estate.

Eric Donigan Welcome to BP! You are in the right place for learning and networking. Search for things you are interested in on the forums and blog. Listen to the podcasts and check out the weekly webinars. As far as mentors, just asking for one probably won't work. You have to think of what is in it for the mentor to invest their time. After you educate yourself further and start really looking at and analyzing deals may be the time to approach someone, especially if you think you have a deal and would split it with them. Best of luck!

Inspiring story, thanks for sharing!

Those seem like good numbers. Don't forget to account for property management at 10%, even if you are doing it yourself. Plans and situations change and you may one day need a manager and if you haven't budgeted that in you could mess up your cash flow. Besides, you get to pay yourself for unclogging that toilet 🙂 Also check out the calculators here on BP. They are awesome resources!

I've read some things about the city of Clearwater having certain codes in place to make Airbnb, VRBO rentals illegal for less than 30 days. There are a lot of them out there still and it seems like the city is cracking down on them on a case by case basis as the neighbors complain enough. 

I'd check with the city or county planning or code departments regarding current ordinances. Don't take the real estate agents word for it.  

If doing just 30 day rentals definitely run the numbers as if you get no rentals in the slower seasons outside of winter, spring break, holidays. 

Hi Dena.  BP is a great community and resource.  Be sure and look through the podcasts they do for any on wholesaling and that will give you a great primer I'm sure.  Of course search through these forums as well.  Stay active and focused and do something everyday to bring you closer to your goals.  Get familiar with the calculators here at BP and practice analyzing deals since you'll have to have all of this down cold as a wholesaler.  Best of luck to you!

@Derick Hopkins Definitely run your numbers through the calculators here on Bigger Pockets, they are a great tool!  

https://www.biggerpockets.com/flip-analysis

You may find traditional financing difficult to secure on such a small loan amount, especially if the property is distressed.  Look into a Hard Money lender or perhaps someone close to you would be able to lend you some of the money for the short term.  Then you could either cash out refinance or sell the property and move onto the next.

Good luck!

If the property is close enough to your home you could easily install a locking mailbox in the foyer/entryway and pick up a check there on the due date.

I'm looking for a Realtor who also invests or knows about investing to work with in the Clearwater/Dunedin area.  If you are one or could recommend one I'd love to hear from you.

Thanks!

Eric laid out some great advice! A few other idea would be to find what you are good at, whether it's finding a deal, working on properties, project management, etc. and then find a partner with less time and more cash than you to finance deals. You also may qualify for an FHA backed loan and be able to get into an owner occupied multi-family for a low down payment. Live in part and rent the others so you live for free. "House Hacking" is what it's called, it's what I did at first and it really is a great experience to get you started.