All Forum Posts by: Lisa DuFaux

I am a rehab and buy/hold investor in Pasco county...I live in New Port Richey. I am also licensed and have a good feel for values in the area. If you would like to PM or email me the information, I'll be happy to look it over and give you my thoughts. Maybe it would even work for me!

My agent puts me with Tapco, which is through Lloyd's of London.

Hi Amanda,

Back to the sink hole issue - I am licensed and invest in New Port Richey so I'm pretty experienced with this. Two of my best rentals were supposed "sink hole" homes. I put that in quotes because there has been a big issue with people claiming sink holes for the insurance money when there was really just normal settling (after all, small cracks will happen since we build on sand around here!)  I don't think the insurance ploy it's as easy to get away with as it once was but those houses can be worth checking out to see if there is really damage or not. They aren't good for rehabs because the "S" word kills the resale value but for that same reason, they can be great for rentals. I paid $43k and $36k and they rent for $800 and $750. The first one required no rehab (tenant had already lived there 6 years and is still there, the other one took about $5k.)  Anyway, congrats and keep going!

Hi Marco, I am also a rehabber in New Port Richey and I have my license too. Until recently I was doing pretty well with getting REO's from the MLS. I am finding that the problem isn't so much a lack of inventory but that several lenders are now requiring offers to be made on auction sites like HUBZU. That process is very questionable and frustrating.

I have had some success with direct mail to absentee owners and recently have gotten some good leads from wholesalers. I still go through the MLS with a fine tooth comb every day and have modified my approach a little bit. Since the killer deals are getting scarce and things are selling well, I'm moving toward what I call "pre-habbing" instead of rehabbing. Just getting rid of the nasty stuff and bringing properties to liveable condition instead of replacing everything. You might want to consider that for some properties. It's quicker and less expensive and the profits are almost as good.

Good luck. I'm always happy to meet fellow local investors.

Love your creativity in the video and the house, congrats!

I agree with @Sam B.

Lack of existing rentals might be a good sign, rather than bad. Also, I looked up the crime statistics in the neighborhood and there were no hits in the last month. Seems like a pretty decent deal to me. (Disclaimer being that I work north of you in Pasco County and am not extremely familiar with Tampa.)

I work north of Tampa in Pasco county and in my opinion, the answer requires a few more details. I stay away from the tiny 2/1's under 1000 square feet. I have a large 2/2 with a family room that rents for only $50 less than a 3/2 that I have a few miles away ($750 vs. $800.) The Tampa market may be different but I think the individual attributes of the 2 bedroom houses have to be considered. I will only buy a 2 bedroom if it has a secondary living area (family room, FL room...)

Adam, if you have flipped 100 houses in the last few years and are just now looking to do direct mail, can you tell me where you have gotten the leads for those 100+? I work north of Tampa in Pasco county and the MLS has been a tough place to find deals lately. Am I missing something? I have actually had some success with mailing to absentee owners but other than that, I'm kind of hitting a wall.

There are a few specific subdivisions that I focus on for direct mail...Colonial Hills and Orchid Lake primarily for now. But since I'm licensed I also go through the MLS with a fine tooth comb every day and work in other areas as good deals come up.

Welcome Brandon! I am a rehab and buy/hold investor a little to the north in New Port Richey. I have embarked on the path you are interested in...left a 20 year corporate job at the end of 2012 to go full time in real estate. I probably took a big risk and did it a little too soon but it has been going well and I'm loving being my own boss! I am also licensed and do a little retail agent business from personal referrals. Hope to see you at one of the meet ups.