All Forum Posts by: Mya Toohey

Please keep in mind that I only work with reasonable clients. I don't make low ball offers on new MLS, because, yes, it does look bad. The problem here is, I make close to full price and even over list price and still have to put in that many offers. I have to scrub listings and know what my clients are looking for. I have multiple clients all looking for properties. Also, if my client wants to lowball, we focus on 30+ days on market. Sometimes I make 3-5 of the same offer on the same house while it sits on the market. I won't just put in low ball offers on brand new listings. I will bookmark them and put in those offers after 30 days. So, this keeps me busy. I do ask for 10 day inspection and 30 day close on conventional and 5 day inspection and 15 day close for all cash offers. The lower the offer, I always have buyers put more escrow in. It makes the offer sound more serious. I mean if you saw a low ball offer with $500 escrow....HMMMM.... you would think this guy isn't serious. But, you have a low CASH offer with a $2500-$5000 escrow and a 5 day inspection, they are more likely to say yes. It doesn't always work but it helps! More skin in the game. You can always back out during inspections so, you will never lose your money. It's a waiting game. I will say this though, the higher escrow, shorter inspection and closing makes for a stronger offer no matter what that offer is. REMEMBER, you always get your money back if you back out during the inspection period. So, lighten up the numbers, tighten up your offer and get to it! Best of Luck!

@Sean Gribbons @Jake Ernst

@Jake Ernst

I am both, a Real Estate agent and an Investor in Tampa, Florida. I work in parts of 3 counties, Pinellas, Pasco and Hillsborough. Why do you need to see the property? If your offers are low and have the worst case scenario for work needed then, make an offer....Offer what works for you. If the price works for the seller and your offer gets accepted, then you go see it. Of course do a drive by, walk the outside, especially if its vacant. You can estimate the repairs by the pictures and disclosures. Don't waste any time on seeing it first. If the numbers work then go for it. Always have your Proof of Funds ready to go with the offer. The market turns so fast here, this is the only way to get any houses. Busy Realtors, at least the ones that know what they are doing, are always busy. They work in their sleep, so time is very precious to them. Your purchasing on numbers not feelings, so if the numbers work, go for it! I put in 20-30 offers a week for my clients and I haven't step foot in any of them. We have target areas and neighborhoods and we make offers as houses come on the MLS. The worst thing they can say is NO...And if I had a dollar for every time I've been told NO, I would be retired in Italy sipping wine. Best of luck! You can reach out to me if you have any questions!

@Ryan Gallagher

Hey Ryan,

I hope that you off to a great start finding a place here.  I wish I could say it was easy, but when you are in a new place and don't have the hometown advantage, knowing areas, pricing and sales as you did back home.  It's hard.  I hope that you are having some luck!  If you have any questions please feel to reach out!  It's always good to network!!!  I was in your shoes not too long ago!  Best of luck!!!!

@Michael Perry

Hi Michael,

Where to start...I am a real estate agent in Tampa, Florida. I have been investing for about 7 years. Investing is like ripping a band-aid off. You just have to do it. You can a millions reasons not to, you may never start. So, If I were in your position and don't mind moving homes. I would honestly sell your home and take the equity. Find an older cheaper home that needs renovations and do them yourself. Learn the hard way. You build a network of good people and start to trust the people you work with, so, when you do your own flip, you won't get taken advantage of. Your mortgage will be less and you now can save while working at the same time. You now have your equity to use for buying new home and renovations. You keep cost down by managing your renovation yourself. Then after 1 year you refi that house and cash out the equity and turn it into a rental and move on to the next...If you don't want to house hack...I would move into the smaller home and go that route. Save the money and start by purchasing a turn key rental. Flipping is very hard and you can easily be taken advantage of if you don't know what you are doing. Get one turnkey rental then move on to a BRRRR. Get your feet wet learning without all of the risk of a flip. Those are my thoughts, either way, best of luck to you!!!!!

OH and last but not least!!!!  NO MATTER WHAT!!!!  Find a good mentor in your area!!!  

@Marshall Hurley

Tampa's market is HOT right now!!!! I work in Pinellas, Pasco and Hillsborough Counties. With what you are telling me, I think it would be smart to buy a Multi and live in one of the units. Do you have a property to sell or leverage to buy the new one? How much investing have you done already? If you don't currently have one, you would be able to use an FHA loan due to it being your primary residence and the insurance and finance rate is way cheaper than using a conventional loan at first. If you have any questions please feel free to let me know! Best of luck to you!

@Lauren C.

I am a Real Estate Agent in Tampa, Florida. I work in Pinellas, Pasco and Hillsborough Counties. People buy and sell STR's all time. Most of which are out of town buyers looking for passive income. They use the Realtor to buy them and manage the property. It's very common here. It's especially popular around here due to the proximity to Clearwater and St. Pete Beaches. There are regulations but there are ways to get around them as well. The downfall of buying an already running AirBNB is that the new owner then has there own account. So you lose the existing feedback and reviews. That could also be a good thing though if the property had bad reviews. It might even be possible to negotiate buying the listing from the owners to keep the already approved and reviewed space. Keep in mind to do your research because people do run unapproved AirBNB's and you don't want to buy on that doesn't follow the area's regulations. You could get caught in a bad deal. You will need a very trusted agent with a team to manage it. I hope that helps! If you have questions feel free to reach out! All the Best!

@David Brackett Jr

David, congrats on getting your license.  I will agree to join a smaller agency, also to maybe join a team.  Whatever you do, you have to figure out a way to market yourself.  If you want to do investment real estate, you have to have a good mentor.  You have to tell everyone you know that you know that you are in real estate.  Start a business page on BP, Facebook, Linked In, start a twitter and even a snapchat.  Put everything you do on social media.  If you have an open house, looking at investment property, walking a rental and even showing a house to a potential client.  People like to see that you are invested in your business and doing things.  Get yourself out there.  Don't forget to post fun stuff too.  If you go to a local festival, go live on Facebook and invite all your friends to go.  Most of these things can be done from home after the little one goes to sleep.  You want people to Google your name and see that you are an active agent.  Trust me, I have a 3 year old and a 2 year old and I work lots of late nights.  And, truth be told, I have gotten a lot of clients from BP's.  Thanks BP's!!!!!

All the Best,

Mya

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $103,000

Rental investment property purchased for $103,000. Appraisal value $116,000. Small renovation, updated appliances, countertops and painting the inside and out. Will rent for $1200.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $227,500
Cash invested: $640,000
Sale price: $332,000

Full renovation. 4/2/1 with garage 2300 sq feet. In progress.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,000

Fully rehabbed rental property. Rented for $1200 a month.