All Forum Posts by: Daniel Miller

Great neighborhood. We own four properties in the Kenwood area. The tenant base is stable. Solid B neighborhood. Many long term renters who enjoy being close to Downtown St. Petersburg. 

Rent prices vary. Our properties earn $1/square foot monthly (or more) for each apartment or house that we lease out. Some of the dressed up apartment earn $1.33 a square foot. It's a very good area for the value...although prices have gone gangbusters I can't believe prices are so high so quickly. Good luck with the purchase.

@Troy Fisher

 Yea I was thinking wow that's a killer deal lol...wait a second.

@Troy Fisher

 Im confused about the roofing quote. I thought that 1 roofing square is equal to 100 square feet. So, her roof is 10,000 square feet?

Your right, I'm not an economist either but it is fun to speculate. 

That is unbelievable! I can't believe 2011 purchases are hitting the foreclosure steps. I'm in disbelief right now. Yea, the first time homebuyer credit is ridiculous. It really manipulates the value of middle income houses. I am seeing a friend of mine pay much for a house than I want him too. I want to negotiate with him, but everything that is decent in the $200,000 range has so much activity that there is little to no room to negotiate. 

Out of curiosity, what do the cap rates look like on the rentals your buying. Thanks

Patrick, what kind of strategy are you employing right now? I have a SFH that I bought for really cheap. I am going to sell that here shortly. Beyond that the Commercial Arena has terrible inventory and prices are exorbitant. Are you doing some fix and flips right now to stay busy?

When do you both see a market correction taking place? All this money we have printed the last six years has to catch up with us at some point. I see some of my friends buying that have no business owning a house. I don't really know what to make of the economy at this point other than EVERYTHING is overvalued and there are no deals, in residential or commercial.

Yea the flipping market has been crazy here. Guys have been straight killing it. I don't really enjoy doing it but I backed into a situation where I will be flipping one shortly. Bought a 4 unit and a house (two different parcels combined at one point) in Historic Kenwood in 2012 for $139,000. Fixed up the four unit and moved into the SFH. Now, the SFH is worth $200,000 (never thought I would see the day). I am going to sell the house and move into a different house I own, put the approximately $50,000 into something MF and pay off the entire loan.

I think the Down Payment Assistance that the Federal Government is doling out to the states has artificially spiked house prices in the $150-$225,000 range. I have a friend who only has to come up with $4,000 to secure a $220,000 loan. The government is giving him a $10,000 down payment assistance. It is not a loan and does not need to be paid back unless the house is sold within two years (which even then would be very difficult to come after). Interest rates are still ridiculously low. The low to medium end residential market is on fire. Where this Down Payment Assistance money comes from I have no idea.

Any other MF investors having a difficult time find deals in the Tampa/St. Pete area? The MLS (and all other platforms) are full of overpriced duds and no one in the area seems to have any good product.

They were going to build 60 apartments with State Money. They made the seller (and developer) run through hoops. I thought it was ridiculous too. Not my field of expertise so my opinion is pretty useless on this matter.

Haha I love it. Vinick is in his own league. Yes, it was a small hiccup. But, it was only 1,000 square feet of contamination as well...

I am commercial realtor and though I have never been involved with rezoning industrial land to multi-family I do have experience with automotive to multi-family. The lot is on Park Blvd, I'm sure your familiar with Park, and is 3.5 acres. Park gets 50,000 cars a day. Along with a nice sized piece of land the front is zoned retail. Slated for retaill space in the front and a 60 unit multi-family behind it. They got a grant from the State Government to build it. I would love to look into that one day. It had one bay (of four) that had a crack in the concrete and was leaking for years. Sales Price was 1.4M and it cost 50,000 to excavate the contaminated dirt and run tests. There were three bids between $48,000 and $55,000. The land owner did not have a mortgage and wanted to sell so the deal went through...but it's nothing to take lightly. This was one small car bay and they excavated 500 square feet 2 feet in depth. The city forced the landowner to get two independent companies and they took samples 3 months apart. If it's been industrial for a long time, unless for light uses, there are bound to be some issues. They will make you take extra precautions when working near the water.

It's a ballsy move. If you get stuck with it, that's real estate. Just try to get it locked up ASAP and leave yourself some room in the contract without putting down a ridiculous amount of hard money. If your thinking of it someone else is too...especially 60 acres of waterfront in Tampa, which is blowing up. Good Luck with it David. I know a few developers who would be interested if something like that pans out. Let me know.