All Forum Posts by: Brian Johnson

hello Chris, I am not trying to hi-jack your post but I am kind of in the same boat and we are looking around the Tampa area. I hope you don't mind if I drop a few questions in on your post as well.  We will be in the Tampa area in December looking at RE.

A mentor will be a big plus if you can find one.  Have you looked to see if any landlord meeting take place in Louisville?  We have one in Lexington that meets once a month.

Good Luck

We are also taking a trip to the Tampa Bay Area looking at some properties.  I am also will be looking at some small retail in a pedestrian local.

Brian

I don't really know how they come up with the prices and expect rent.  For the most part they price more on the high side in my area.  

I always like to look on the PVA  web site for the County I live in.  This will give me the sell record of the  property most of the time.  Then try and find some comps on the local listings.  It helps some but I guess experience is the best asset finding prices

Thanks for all the replies.  I have been trying to learn more about the commercial part of real estate investing.  I would really like to buy a building that has apartments upstairs with retail downstairs on ground level.  I am not sure if I have the buying power at this time.  

Lots of good info in the forum and I have been reading all the info I can find about commercial RE

I'm sorry, what is CR?  Based on your numbers I can see it being easy paying cash for the property.  Are these properties that you buy for $45,000, are they turn key properties and are they in low income?  

My wife and I are making a trip down to Tampa Fl to look at some properties in that price range but I have a feeling that they are going to be in rough areas.

 That sounds like a . good idea if you want to play it safe.  Just think of it as a rental once the paperwork is done.  The key is to make sure you get the property at a price you feel good about making the deal work. 

"If you are NOT embarrassed about you offer than you ask to much"

I have never heard of any issue like you are speaking of.  If the owner occupied needs to stay in the property after the property is sold then just do a month to month rent.  I do understand that most banks want to have a clean bill when drawing up the papers for owner occupied loan.  I thought that a 90 day grace period is common.  

I would do it under the table.  Tell the lender that you will give them 30 days to move out and have a pro-rated rent setup for the lender for records.  Then do a month to month rent with the person.  If you don't have rentals then find you a simple lease agreement to make due for the short term.

I read a few years ago about the Detroit area being a good buy at very low prices after all the big 3 problems in the auto industry.  My first thought was if the jobs were low then the rent would have to go down also.  I guess if you are able to buy a house for $40K and rent for $900 the rent was not effected.  

That is correct Michael we do live in one of the units.  I first purchased one of the town homes and moved into it to get the interest rate lower with intent of moving out after a year.  (I know its a bit shady)  We decide to stay in the TH and focus on paying one of the T/H off in a couple years.  

It is good to know that you manage to make the move to Florida and retain your investments in KY and still make good profit.  We are going down to the Tampa area in late December to look around and see what the real estate prospects look like.  The move is exciting but scary also.  The move would mean leaving my job and being dependent on me bringing home the bacon with my real estate investment or business I start.