All Forum Posts by: Shannon Cohan

Morning Jason! I've had a few clients work with them in the past. Personally I found them to be a little hard to work with. Communication was difficult which in turn caused closings get pushed back etc costing everyone money. I have a few lenders that I are my go to's for just  about everything. I'll send you a PM and drop some contact information for you there. Good luck on your flip! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Tampa.

Purchase price: $142,000
Cash invested: $8,000

Two 1 bedroom 1 bath condos in the heart of Tampa Bay. Both units were bought from New Western Acquisitions in Tampa. The properties sit in-between two major developments, Midtown and the new Westshore shopping district. Both will bring new retail, commercial and residential spaces to the area. Currently market rent sits at $900 to $1000 each within two years once the development projects are completed we expect to get on average over $1100 for each.

How did you find this deal and how did you negotiate it?

New Western Acquisitions Tampa

How did you finance this deal?

Cash Purchase.

How did you add value to the deal?

Updated cosmetics.

What was the outcome?

One is rented out at $925 the other is currently still being updated.

Lessons learned? Challenges?

This deal was smooth and straight to the point.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Represented myself on the transaction.

@Nick Sehy I've been in Tampa for more than 20 years and have been investing for the last 4. The Tampa market has a lot to offer and its economic growth isn't going anywhere soon. This is mainly thanks to the redevelopment of the downtown area as well as the Hillsborough river that runs through the city. Tampa heights as well West Tampa are growing markets that will give you a great return. You're still able to find great deals in these areas especially if you have the right connections. I agree with @Jeff Morelock the Tampa market is very competitive which is why having some feet on the ground is vital. I suggest finding an agent who is well connected in the industry to help you find what you're looking for off-market deals are the best here because less people have access to them. 

Love the idea @Josh Barnett have you thought about doing this in a more centralized area like Seminole Heights or parts of St Pete etc. I know these areas are hot for Air BnB and its pretty easy to get the right kind of zoning for multi-family, especially if you're only doing 2 units to start with. 

@Gabriel P. I agree with @Christian Paez you might be surprised to see what you can get with Air BnB we have 3 rentals and ended up using 2 of them as short term. The benefits are endless really if you can get it rented out for half the month. In our case a half month of short term rentals equals a full month of long term but obviously this depends on the area. Let me know what you find for winter heaven I'd be curious because I see deals out there all the time. 

@Brian G. Personally I like the Fix/Flips right now for certain areas that have higher ARVs. The lower income areas are still appreciating and will continue to in my opinion. These make better areas to hold in and get more money out in the end game. 

PP depends on the area really. South Tampa and Seminole Heights flips usually start around 135K - 160K but these areas have ARVS over 300K most of the time. The more you put into these rehabs the more you'll get out. Areas like Lakeland, Brandon, Temple Terrace (near the university) and Town N Country all have lower purchase prices but are up and coming in the market. Other tried and true areas are Carrollwood, Hyde Park and Kenwood in St Pete. There's more obviously but this is just a ruff idea. 

Rents are mostly above 1200 for 2/1's SF homes and above 1500K for 3/2's in the areas I mentioned above. For buy and holds I like West Tampa, Sulphur Springs and North Hyde Park. These rents will vary depending on the state of the property etc. 

Hope this helps! 

@Steve Janiak I agree with @Jason D. Selling will give you more options for your cash. 

In regards to finding deals in Tampa they're still around but you might have to find other avenues besides a normal agent who only uses the MLS system. Ive found that off-market deals offer the best return usually. Often distressed with some work needed but the end game is better this way in my opinion.

Morning @David Pollitt! 

I agree with @Allan Bishop Jr. finding great networking group to pull information from is vital. As an agent I've been investing myself for the past four years and have found working with someone who has access to the MLS and those sought after off-market deals are the best way to go. What area of Tampa are you looking to start in?

I work with Tiago National almost exclusively. They understand the urgency that comes with investing and work tirelessly and getting the deals done on time. 

Hope this helps! - Shannon 

Unless your planning on selling it in the near future Id keep it and I agree with @Scott Mac

Good luck!