All Forum Posts by: Eric Delcol

@ Justin Browne

What is your opinion on Smyrna and Lebanon as rental markets?

@ Zach Kidd This thread has turned into which strategy is better for what city which was not what I had intended. I was hoping for a more raw comparison of the two cities. However, when in Rome - Our strategy is focused on C+ - B- areas. Our target market is those folks who are planning on owning in the future but do not have the means to own at the current time. As well as transient workers who are new to the city, people who don't know how long they are staying or want to rent first for a few years before deciding on a neighborhood to buy in. We've been looking at Brandon heavily, but are unsure what the rental pool is out there..

@ Nicolas Middleton - do you also have investment properties in St Pete as well?

@ Micheal Haynes - thanks for the detailed reply.  I know of the Panamax port because Jacksonville competes with Tampa for the most amount of cargo they move.  Should be good for both cities.  I didn't realize Tampa has an ordinance banning trailers, but now that I think about it it makes sense.

There's no need to be concerned with the outcome of the election though.  It will affect the market as much as a leaf falling from a tree.

Hi All, We are new to the FL market and have decided to invest in the Tampa area. I've read some interesting posts regarding the debate of which city is better - St Petersburg or Tampa. The posts I read were more focused on which city is better to live in - I'd like to pose the same comparison as to which city is better to invest in for buy, rent, hold. The main arguments appear to be that Saint Pete has a livelier downtown a better waterfront more traffic more crime Tampa is a well-rounded city livelier night life less outdoor activities bland waterfront A general agreement I've seen about the two cities is regardless of which one you think is better – live where you work. With that said what side of the bay are renters more likely to work in? Which city do you think is better?

Originally posted by @Sean Harris:

Another question i have for you all is, I'm not sure how everyone looked when they stared out financially, but when you were in my shoes and thinking of buying your first investment property out of state, what made you buy where you did? There are a lot of good areas out there so what made you narrow it down to just maybe one or two? 

 Hey Sean,

We started with the most recent census data and crunched the numbers and found cities that lined up with our criteria.  

- Cities with populations of 100,000 or more (you want to ensure you have enough of a rental pool)

- Growth of 10% over past 10 years (cities that are growing are going to most likely appreciate faster)

- Median home prices within our budget 

- Metros with 35% or more renters (the max we've seen is about 50-60% and those are college centered towns, your non-college focused city will be closer to 35-40%)

- Areas with at least two fortune 1000 companies headquartered there (you want an area that has job growth and stability)

- Areas in the sunbelt (the mean population is moving west and south)

From that data we came back with about 19 counties.  From there we honed in on various criteria until we got to three.  From that three we just picked one as any one of them would be great.

Outside of the data there can be other factors that influence your decision.  Do you have contacts in a particular city?  Do you travel / vacation there?  

If you're interested in our data send me a PM.

Hey Leland,

Congrats on your first deal under contract!

You made the right move in getting under contract.  You can always walk away at this point.

It sounds like where you're struggling is your exit strategy.  Before you purchase, always have at least two exit strategies.  

It seems you do, but you just need to solidify them more.  

1) Fix and flip - I'm assuming this is your main plan?  

2) Rent and hold?

"I feel the market in that area is good enough I can rent the place to my parents after upgrade and wait for next year or later."  Is this because you need to wait for the loan to be seasoned?  Are you financing or is it all cash?  If you're planning on financing this may not be the best situation.  Also, are your parents okay with paying you market rent?  Usually, deals between family and friends get the FF discount.  

It's great that you made A move, but now you need to plan out two different exits.

Originally posted by @John Kim:

Does anybody have any advice on how to get started? Thank you all for your help!

 Hey John,

To get started, research all the ways to make money in real estate (wholesaling, flipping, buy and hold, notes, etc).  Pick one, and start doing it.  It sounds obvious but so many newbies get excited about one thing, start it, and then change gears two months in.  Keep focused on small specific goals and you'll hit them.

Thanks David, I'll send you a PM.

Hi All,

Can anyone recommend a great investor friendly agent in the Tampa / Hillsborough county area for SFH / duplexes?

George, feel free to contact me.  I'd be interested in what you have to offer.