All Forum Posts by: Jared Decker

Hey everyone, have seen older posts with similar asks but wanted to get a more recent response.

Any recommendations for a private lender that can fund the purchase of a small fix & flip package of multiple SFHs in Tampa, FL? Appreciate all the helpful answers and insights!

Hi Thomas,

Renting the ADU out separately is common. ADU's are legally separated dwelling units from the main dwelling structure. Though, I don't have the written evidence from the State/County/City (in other words, I'm not a lawyer!) -- ADU's are built for this very purpose.

The ease on restrictions of ADU's was brought on by the need for additional housing to help lower the cost of living. I think St Petersburg has done a good job adding creative and beneficial ways to reduce prices and maintain a healthy balance for all income levels.

Of course, be sure to know about the utility billing situation for charging the tenants. One meter, two units -- landlord will need to keep utilities in their name and adjust rent price accordingly.

Best of luck!

@Michael Keane 

Hi Michael,

There are several pockets around the Tampa Bay area where investors are able to find decent returns still. As everyone knows, prices are sky-high and not much available on the market. Flips are great strategy as long as you can keep the rehab cost low with the high cost of materials. But, buy and hold is top notch here from appreciation and rent increase factors.

Feel free to message with any questions. Always happy to help a fellow NYer.

Jared

Investment Info:

Single-family residence buy & hold investment in St Petersburg.

Purchase price: $182,000
Cash invested: $12,000

SFH rehab/rental.

To continue @Alex M. original mention of St Pete Beach:

The city of St Pete Beach is nearing the conclusion of their Sewer Project. This project will allow the city to re-engage the development of larger scale condos/hotels/additional businesses in the area as the new waste lines will accommodate a greater population. St Pete Beach is still modestly priced for a vacation heaven and one that is pruned for growth. 

Not to mention the booming city to it's East, St Petersburg -- for those unfamiliar, they are separate entities. This city has had several large tech firms announce new HQs and offices being moved here, plus the current site of Tropicana Field -- home of the Tampa Bay Rays -- is set to be redeveloped in the next 6 years.

Much to talk and be excited about in Pinellas County, Florida.

@Jesse Bibbee Nothing came to fruition to my knowledge. Though, I am always interested in learning, networking and talking REI.

@Alan Davidson were you able to link up with anyone or start a consistent meetup?

@Tyler Hyma, you and your partner are looking into a great area. Tons of growth potential for us here in St Pete! I'm a local property manager, rental investor and resident of St Pete. Feel free to reach out if you have any questions. Happy to help anyway I can.

Jared

@Madigan Tumilowicz,

Either location is a solid play for long term hold investing. I am only personally experienced in St Petersburg, but have several connections in Cape Coral that I speak with consistently.

One thing to look at in both locations:

St Petersburg: Prices have inflated to such intense rates right now. Inventory is very low and even non-investors know how much St Petersburg has exploded so rates are HIGH. (Though, I don't see much of a price deflation any time soon... if ever. No more room to build new homes in St Petersburg/Pinellas County unless leveling others).

Cape Coral: (again, no personal experience but going from my connections in that market) Be careful with the infrastructure and engineering of the neighborhoods. Cape Coral was never developed for large scale population, so now the local govt is desperately trying to alleviate issues caused with the mass migration to SW FL.

Tremendous upside in each area, so I believe you'll make a great investment once you decide!

Trust the numbers.

Jared

@Bradley Sriro, this is a great question. I don't know of any myself, either. I will follow along hoping someone can help answer.

Hi Greg, give Ralph Corigliano a call. He is a manager and investor, treating properties like his own. I'll pm you his number and email.

Jared