All Forum Posts by: Jack Gray

@Cal C. Thanks man, I'm loving the weather here!  

Hey Everyone,

I just moved to the Tampa area (working at MacDill, living in Riverview) and would love to connect with local investors to meetup in person, compare notes/strategies, and talk market dynamics.  If you feel like meeting up somewhere in or near South Tampa please PM me or add me as a colleague...I'm offering to buy the first round of drinks.  

Also, I'm looking to join a local REIA but there's quite a few around. Anyone have any thoughts on what the best one is?

Things I'm looking for:

1. An investor-friendly agent. Specifically I want someone located in or very close to South Tampa who is an expert in South Tampa. I'm planning to purchase my first BRRRR rehab property in South Tampa in the next two months. I promise not to waste your time.

2. A competent wholesaler. Please PM me if you meet the following criteria: you need to be an expert in the South Tampa market, be honest, only market properties you personally have under contract, know how to estimate ARV, know how to estimate rehab costs, and have a minimum of 10 completed transactions under your belt.

Thanks again for the ideas everyone! My goal is to improve ROI by bumping the rents up and I'm trying to determine the most cost effective way to do that. I have an offer in so I'll keep you guys posted.

Any suggestions on how, specifically, to improve the exterior and interior appearance of these duplexes would be hugely appreciated.  Each duplex is 1600 square feet.  Each unit rents for $800/month so the suggestions need to be cost-effective for a blue collar neighborhood. My initial thoughts are they don't have much privacy and the kitchen is a bit dated.  I pledge 1 beer for every good idea!

Does anyone know where to find a good residential lease agreement that is legal and enforceable in Florida?  

I found the standard, generic Florida lease agreement online, but since I'm about to try self-managing a rental property on my own for the first time I'd like something that's been customized to be as landlord friendly as possible to cover all my bases.  

@Brandon M.  Would you mind passing me contact info for your insurance guy?  

Thank you!

As near as I can tell, the general trend for the past few decades is for locations in the Midwest and South to have better cashflow but poorer appreciation potential than coastal locations.  

Are there any places in the U.S. that defy this rule, with consistent job and population growth, rising prices, and solid cashflow for rental properties?  

I can find great 10% cap rate properties in markets all over the country in bad neighborhoods, but does anyone know where  A-quality multifamily properties (duplexes, etc) can be found that beat the 1% rule?  

If you do, please post here or PM me. 

@Jack Tucker 

Hi Jack,

I'm considering the same strategy in Florida but the numbers don't seem to work out nearly as well. Property taxes and insurance are huge and my cleaning costs would be much higher ($100 per cleaning at least 4x/month). How did you get your cleaning costs down to $50/month?

Any other markets you'd recommend for this strategy?  

@Jack Tucker

Hi Jack,

I'm considering the same strategy in Florida but the numbers don't seem to work out nearly as well.  Property taxes and insurance are huge and my cleaning costs would be much higher ($100 per cleaning at least 4x/month).  How did you get your cleaning costs down to $50/month?  

@Cal C.

I spent 7 years in the DC area and have no interest in ever returning or investing there thanks to the traffic =).  I'll end up in Tampa next and probably settle there although I'm not sure how well rental properties cashflow in Tampa in good neighborhoods.  

I'll be sure to say hi to Rich for you.  And I'll start doing some research on Spain, which I hadn't considered.  Thanks again!