All Forum Posts by: Jeff Morelock

Florida is a great place to invest. My best investor client live in Italy, but they do all their real estate investing investing in the Tampa Bay area.

As Lelith Walker suggested, build your team. My Italian investment group hired an Italian speaking Florida real estate attorney who also has his own title company to set up their LLCs and handle tax issues, a local contractor who runs their rehab, and last but least lol - me. 

Take some time to study the market. It changes from street to street and month to month in Florida. Pick areas that interest you and set up google alerts for topics like "Tampa bay real estate transactions", "Florida real estate investing", and anything else you can think of. Some alerts will be better than others, but you can really learn an area this way.

Let me know if you have any questions.

I agree with Jake Thomas on going through a Realtor. He or she can contact the seller and ask him or her if they are willing to pay a commission if the Realtor brings a qualified buyer. You'll want to have your financial ducks in a row before the Realtor contacts the seller. 

Unless you really know what you're doing you should use a Realtor or a licensed real estate agent, and even if you're experienced using an agent is not a bad idea. Find an investor friendly agent who is willing to split their commission with you (if that's) allowed in your state. I do this with my big dog clients who purchase several properties a month. 

Welcome.

The first thing you will have to do is figure out how you're going to fund your flips. It seems like most hard money lenders want to see some cash reserves in the bank before they will fund a project. 

Until you build up some cash reserves, it sounds like you'll have to find a financial partner as Thomas Franklin mentioned in his post.

You'll also need to learn our market in Tampa Bay. Not only does it vary by neighborhood, it varies street by street in some areas. Out market is competitive and houses are selling fast on both side of the flip, which is good when you're selling a finished project, but challenging when you're buying.

There are several REI meetings in the area, and I suggest attending them, but don't jump on the first deal that is pitched there. Go there with the intention of learning and meeting people first, and then look for deals there later.

You mentioned you love managing projects, but managing a flip is a whole different animal. If you've never done it before, its a lot more involved and stressful than fixing up your own home.

Check out my profile and let me know f you have any questions.

"Reginald Truss Visio is doing owner occupied loans now?? Living in one unit does make Jeff's deal owner occ..."

Thanks

Email sent - thanks

Get your license. It can make you money doing traditional deals and there's also the possibility of getting a commission when you're buying property as an investment. Its like getting cash back at closing.

Looking for private money not FHA or traditional

I'm looking for a mortgage on a tri or quad plex. I plan to live in one unit and rent out the other units for approximately 5 -7 years and then will most likely sell the property but may keep it depending on market conditions when that time comes.

Please contact me privately via biggerpockets instead of posting your reply below.

I agree that a REI meeting would be your best place to find an investor friendly agent, but we're not like landmines. You don't have to approach with caution or tip-toe. Just tell the truth about what you want to do.

Welcome. I been in the Tampa Bay real estate investing game since 93. One thing I've learned about Tampa Bay is that there are markets within markets within markets, and a "market" can change simply by crossing a street.

Google Tampa Bay REI club and attend their meetings. You'll learn a lot. There are also several spin off REI clubs. Attend several meetings with the sole purpose of learning and not to find deals, and don't be in a hurry even if someone pitches what they call a smoking hot deal at one of the meetings. Learn the markets first.

Let me know if you have any questions