All Forum Posts by: Mitchell Conyers

I am a new member of this community, only posting a couple times with questions about potential deals. I am located in the Tampa, Florida area. In three weeks I will be hitting the time clock at my 9 to 5 job for the last time. It is a job that I have worked at for 8 years, since I was 23 years old. In the past year I have immersed myself in the world of real estate investing, learning as much as I possibly can. I picked up one rental property, which cash flows extremely well, and currently have my first flip on the market, hoping to make a decent profit after the holidays. I have finished the course to get my real estate license and will be taking the the state exam within a couple weeks after leaving my job. My intent is mainly to use the license for my own deals, to streamline viewing properties and making offers, as well as increase profit margin. I believe wholeheartedly that this is what I am supposed to be doing with my life at this point. I am working with a couple of agents in the area, and am seeing some potential deals, but if there's a hole in my game right now, that's it. I have the means to close a deal, and complete the rehab (I have some really good subcontractor connections, but could use a couple of good GC connections). But the deals coming across my desk are scarce currently. My intent is to do some of my own direct to seller marketing, continue to hit the internet hard, and network with agents and wholesalers to increase my stream of deals. Anyways, I am very excited to see what the next year brings. I know that this is not something I can do on my own. I have made a lot of great connections so far, but can use many more. Any advice on building these connections, finding deals, and just general advice on beginning a full time career in real estate, and beginning a life of self employment would be greatly appreciated. 

Hey Anthony,

That's funny that you saw it too. I'm sure there's plenty of other folks crunching the numbers on it as we speak. Lots of competition around here. Yeah most duplexes in the area are going for 150-160k. Of course these are all on one lot so they're technically valued differently, But it's really all the same in the end. Monthly expense versus income. We'll see what happens, I'm talking to some people and exploring options. Thanks for the reply. Nice to get confirmation that it's a good looking deal. 

I am a new investor in the Tampa Bay Area..I purchased my first rental property last year, and am currently rehabbing my first fix and flip . As of right now I only have enough capital to do a flip or two at a time. But I've found a large multi family that seems like such a great deal that I am looking for a way to make it work. It's six duplexes on one lot. All units are 2/1 and tenant occupied. Net operating income is 90300, net operating expenses are at 22000. Seller is asking 778k. So just above current value based on cap rate, income, etc. Current rents are 625 per unit which is very low for the area. I own a rental in the same neighborhood. Units like this rent for 750-850 easily. The properties do not look to be in bad shape, the grounds are well maintained. A rent increase to 750 per month should bring the value to 988k. The way I see it if I can just find an investor for the down payment I can easily refinance their money back out once I add that value, and pay them back with interest. So far though I haven't been able to find anyone. Any help as far as if this is a deal I should continue to pursue, and any tips on how to find a way to finance it would be greatly appreciated. Thanks for any help or input.