All Forum Posts by: Colin G Murphy

Hi @Account Closed

DM me and I´ll provide details of my go to guy. He has experience with all the transaction types mentioned above.

Tampa had a great July in terms of year on year prices and sales volumes, but inventory is ridiculously tight. It is the strongest sellers market I´ve seen in my 10+ years investing here. No matter what house type you have (old lady nice, gut job, new build) there is plenty of demand. Had 13 cash offers for a Port Richey 3 bed in need of a significant rehab within 3 days last week. Ditto renovated homes - lot of interest from qualified buyers offering full price. Feels surreal given the recession and unemployment.

I´m sure the pendulum will swing the other way, especially when foreclosures start again, but it could take quite a while for supply to exceed demand. 

Hi @Amber Goding

Tampa is a big market - lot of different areas. Your budget and experience level will help narrow things down.

I got started in West Pasco - its as good a place as any to earn your stripes. Lot of similar block houses (so easy to comp), that were built in the 1970s and 80s (so avoiding a lot of the structural/plumbing/electrical issues with older frame homes), plenty outside floodzones (avoiding high insurance premiums), solid rental and resale demand (so popular with homeowners, renters and investors) and relatively affordable (plenty of options in the $100-150k range). 

Keep up the research but don´t forget to take some action! If you can hook up with a more experienced partner for your first few deals, the lessons learned are generally well worth the trade off / profit sharing. 

Hey @Andrew Mankowski

Lots of Tampa investors active on BP - you´re in the right place. 

Hi @Matt Robison

Welcome to Tampa. Sounds like you and your partner have a good mix of skills and the "get rich slow" mindset is the best way to approach real estate investment. 

A few quick tips

- A 2-4 unit house hack would be a great way to get started.
- If you don´t have a real estate license, you could have a local realtor setup an automated search for you.
- Start networking with local wholesalers (happy to introduce you to a couple) and get on their mailing lists.
- Start underwriting deals: the more hours you can accumulate calculating reno budgets and ARVs, the better
- For the first few deals, try to stick with block construction, post 1950s build in non flood zones.
- Always get a full property inspection before buying, even if you have waived the inspection period
- Get pre qualified for a loan in advance
- Track your household expenses carefully and try to live well under your means
- Set aside 6 months living expenses in a "rainy day account". Investment money come after that.

Real estate investing is a very rewarding journey and you have to go through its different phases. The way to progress is by taking action, gaining experience, learning from your mistakes and moving forward continuously.

Good luck!

Hello @Josean Lopez Sekulits

Orlando & Tampa are both perfectly good places to start a career in real estate, so it really comes down to which city you prefer. I personally don´t see the point of getting into the weeds about which ones have more transactions or agents per capita. Do you have the flexibility to spend a few weeks in each and explore the different neighborhoods? If they hadn´t all gone virtual I´d also be encouraging you to attend REIA meetings in both locations.

I´m biased towards Tampa and think it offers a more diverse economy and a more varied culture (not to mention stunning beaches).  

Anyhow, 22 years old ... you´ve got the world at your feet mate. Keep learning, keep networking and just go for it.

Hi @Andrew Mankowski

I know a lady from my local Tampa REIA that runs a company selling foreclosure and probate leads. PM me if you would like details.

Another route is to figure out how to download and process the (usually free) data from your local county and then teach a VA to do it for you.

Hi @Jake E.

Paying for a decent online course in addition to exam and application fees should cost about $500. Once you´ve activated your license, you should budget $1000-1200 per year for MLS access and local board dues (add another $200-250 per year if you want a SUPRA key). Then you have the recurring broker fees (which vary a lot as you know). The transaction fees and commission splits are deducted from commission on closed deals, so they´re nicer "problems" to have.

It is a chunk of change and takes 70+ hours of study, but if you can back yourself to just get a single deal done, then it is a worthwhile investment. That "single deal" could include buying a property for yourself direct on MLS, selling one of your own homes direct on MLS or just acting as a regular agent to collect 3% on a client transaction. 

It is best (and correct) to think of the money and study as an investment rather than a cost.

Hi @Mario Nowacki

You could start by searching for the local chambers of commerce in each country. For example, if you were from Brazil and wanted advice on a holding company in Germany, you might search for the Brazilian German Chamber of Commerce. Those kinds of organisations exist to provide assistance and contacts to companies investing from one country to another.

Hi @Chris Fuhry

Best of luck with your first purchase - whereabouts in Tampa are you investing? I agree with everyone above - tenant inspections once or twice a year are plenty unless you´ve caught them doing something naughty.