All Forum Posts by: Mya Toohey

I'm a Realtor in Tampa Florida and I get calls all the time from Newbie investors wanting my help.  For me to work with an investor they have to be ready to purchase.  They have to be ready to make offers on properties site unseen and have to have proof of funds or pre-approval letter.  Our market is selling well above market price so there is no time to make low ball offers or waste agents time.  Contractors will not even go look at a property unless there is an excepted offer on it.  There is almost no way to get into the market as a new investor given the current market unless you have the ability to buy this way.  I will always help out a new investor with questions and help them get with a hard money lender but I will not put in ANY offers with out them being able to actually purchase.  I have been burned too many time.  I have put in multiple offers in for investors only to find that they don't have enough money to even buy a property.  A Good Investment agent will be interviewing you.  That's how you know you have a good agent.   

I am a Realtor in Tampa.  The best thing to do as stated before, is utilize the CRAM course for your state.  Mine here in Florida gave me the exam workbook and told us how many questions from each chapter were on the test.  It allowed you to know which chapters to focus on the most.  It was a huge help.  Oh, and always go with your first instinct, the questions are trick questions and can get you all caught up if you over think them.  Also, I had 3 questions that all had the same answer.  I though I was crazy but I passed on my first try in both Kentucky and Florida.  Whatever you do, don't ask a new agent what was on the test, most likely you won't ever even have the same question.  They pull from thousands of questions for each test, so they are never the same.  

I would love to hear everyone's thoughts on this.  Are you getting accepted offers with conventional and Hard Money loans.  We are getting beat out by ALL CASH OFFERS on Properties between $150k and $200k.  These properties always have multiple offers and we are offering well above asking.  My buyer is BRRRRing them but we can't get another property under contract.  We got lucky and purchased 2 since May but no luck now.  

@George Blower

Thanks for the info!  I actually used My solo 401k about 5 years ago.  It was a great way to start investing.  I started in Louisville KY and now I'm in Tampa Florida.  I used the 401K loan to invest in my first property. Using you guys was a great experience.  I want to say I worked with Mike???  It was actually over 5 years ago but it was a great experience!  

I am a Realtor in Tampa Florida. I purchased my first rental home at 30. It was before I was an agent. Then I decided to get my license and start flipping. I used the BRRRR method before I even knew about it from here. I used my cash from the Refi to invest as a partner in a flip. And, as they say....the rest is history!

@Silvie Fojon

Hi Silvie, I am a Realtor in the Tampa Bay Florida area. So what exactly is the question? I can tell why they say that, it's because the home will not pass a VA or FHA. They both have very stringent rules they follow on what the house has to have functional and up to date to pass the inspections and appraisal. Also, in Florida, you can use an AS-IS contract for sellers that DO NOT want or have the money to do repairs. If during the inspection process they find that the shower valve was installed backwards, the seller will not fix it and the VA or FHA won't go through without it being repaired. Are you looking to buy the home for yourself or for an investment property? There are ways to creatively finance with investments that don't require 20% down. You can also use your 401K to leverage if you need cash for your own home. I have lots of ways around common hurdles with financing. Let me know if you would like some help! I am happy to do so!!!

@Christopher Sparacino

I am a Realtor in Tampa, Florida. I have an investor that is flipping a home on 29th St in Sarasota. He considered wholesaling it and had 23 offers, none of which he took and decided to do it himself. So, I think that says that Sarasota is a good spot for investing. Are you looking to BRRRR down here as well? What are your parents plans for their condo? the market has become very tight on investment inventory. You have to move fast! Let me know how I can help.

@Paul Anderson

I am a Realtor here in Tampa, Florida. I use my MLS lease. You can get sample leases under the tools tab. I can send you a copy of mine to see and you could take the terms that you like and make your own. The leases are specific to me with my name on it, so, it is null and void for anyone else to use. I am happy to help if that would work for you!

@Karlo Morell

I am an Investment Specialist in the Tampa Bay area. Why do my investors work with me....I know my numbers. They want an agent that can give accurate ARV's and run comps. You need a target area. Be the specialist in that area. You need to know every property on the MLS and if it is a good deal. You have to take deals to them. If they found it before you did by looking on Zillow, then why do they need an agent. Know how to negotiate. Know how to make strong offers that make it to the closing table. Again, most importantly, KNOW YOUR NUMBERS!!!!!!!!!!!!!!!!! It also, helps to have a good referral group of contractors, lenders, title agencies that all know the investing process. Best of Luck to you!!!!!

@david 

@David M. Hi David,  If you plan on moving out of the country, it sounds like you will have to get a property manager.  Fees here are between 8-12% depending on what services you want.  What about using it as a short term rental?  Clearwater is pretty strict but if you have a good manager, you can creatively market it and it falls within the legal limits of the city.  You can charge between $100-$300 a night depending on the time of year.  I would also think about doing the cash out refi.  Like everyone said, it really depends on your strategy and tax implications.  Best of Luck!