All Forum Posts by: Joseph Stern

Hi Chris, I'm a local investor here in Tampa. I have lived here the past 4 years and I currently own several rental properties in Tampa. PM me and let me know a good time to chat, would love to talk more in depth!

Sorry I will clarify, it is the architect and his office that has held me up. So I think relieving him of this and allowing my GC to do it is probably my best bet.

I closed on a SFH in Tampa in the middle of April, I have been working with an architect to get the plans for the remodel drafted and uploaded so the city can evaluate and issue the permit. The office barley ever responds to me and it has been a pain since the beginning. We went back and forth on the plans several times because they were missing standard info that should have been included, once they finally got it together they submitted it for the permit. After 3 days of not answering me they finally got back to me and let me know that the permit tech "clicked the wrong button" and accidentally applied for a trade permit not a building permit so we had to start over and reapply. I just got word that the new application got rejected again because they uploaded the plans as the wrong type of plans not building plans a simple mistake that will lead to me having to reapply again.....I'm very frustrated with them and try to reach out via email or phone but they don't respond much. Conflicted what to do at this point and how to expedite this, I seem to be a bottom priority for them. Any feedback is appreciated, not sure if this is par for the course or just bad customer service. Not sure if I should keep calling everyday trying to get a legitimate update and push the envelope so it gets done ASAP or if I should allow them to do their job. I haven't had issues with something like this in the past for my properties. Any suggestions on who to go to next time would be appreciated as well.

Food for thought Anthony, so far in 2022 there have been 5,113 sfh's sold in Tampa. About 90% of those have sold in 30 days or under. The market is still extremely hot in Tampa, the landscape will definitely change nationwide as rates continue to rise but there is a fundamental difference between 2008 considering there was not nearly the demand there is now for STR's and homes as investment properties, its more mainstream than ever. Demand will continue to be there and people will continue to buy. The government knows they have to bail out the banks to avoid another crash like there was in 08. Florida and Arizona were hit quite hard during the last recession and that can definitely happen again but I expect a last drastic downturn when it does happen, more of a cooling period to perhaps swing to more of a buyers market (more and more foreclosures/REOs will hit the market as well bringing up supply). But with the rise of inflation and prices of everything increasing a lot can happen, many factors at play! Continue to buy investments with 5-10 exit strategies as well as equity and you decrease a lot of the risk! I do tend to agree with your sentiment that Florida will continue to be a bit of an outlier since so many tech companies are moving to Tampa and other parts of Florida. More than likely people will regret not buying more property in Florida 10 years down the line unless hurricanes or floods fundamentally change the state lol.

Hey Edward, check out West Tampa and Seminole Heights.

Welcome Steve, feel free to reach out! I enjoy sharing the knowledge, it all comes back full circle!

@My Nguyen Tampa, Cleveland, Columbus, Tulsa, OKC. In reality the market is not what is going to bring you wealth, it’s going to be where do you have people you trust. You could buy a deal in the hottest market but have horrible boots on the ground and lose money, likewise you could buy a deal in a declining market but if you have the right people in place you’re more likely to succeed there. Point is invest in the area where you have the smartest and most trustworthy team members.

@Marco Egurvide Hey Marco, in tampa by using smart locks for the doors, having specific automated check in/out instructions, a steady cleaning crew/maintenance guy and having the cleaning crew bring in the products you regularly have shipped to the house (paper towel, shampoo, etc) you can automate an STR quite efficiently. There are sometimes weeks go by without having to respond to something on one of my listings.

@Andrey Zohrabyan sit face to face with as many lenders, sellers, buyers, and deal finders as you possibly can

If I purchase a distressed property cash, fix it up, move in, and then take out a conventional loan on the property, what is the most I can get cashed out on an owner occupied property SFH? I have heard mainly 80%, I have also heard 90% but not sure, any feedback would be greatly appreciated.