Multi unit investing Tampa (Palm Beach: section 8, real estate market, apartment)

[marylynbrodie]

Hi, I am an investor of several out of state properties. I recently sold a property in Palm Beach and I am looking to invest in a multi-unit for a 12 month rental - buy and hold. I have viewed varied reports on the real estate market in Tampa. Of course these analysts do not live there. My question is if this is a good area to find renters as well as fair prices on multi-units. I am also considering other areas of the west coast specifically Tampa. I look forward to your response.

[gulfer]

Yes, there are renters needing places. Rents have gone up as the Investors scooped in more than a year ago and started purchasing like crazy. Competition is pretty fierce, but if you have done it before you understand how it can be.

If you are looking for more than a 4 unit place, you need someone other than your typical Residential Realtor. I thought I would toss that out there more for information for others that will read this.

I recommend really being careful of anything that may be in a flood zone. Nobody knows what the prices are going to end up being there.

[cpfitness]

my only thing to you is that there aren't all that many multi unit properties out there. I don't know what state you live in now but I just came here from NYC after having grown up in Boston so there were tons of 3 family type apartment buildings. Downhere there are very few of those however there are tons of single family houses dirt cheap that you can then rent out with a buy and hold strategy. We are presently getting into the real estate game ourselves and buy and hold is our strategy too. We are closing on a 3/1 in a very nice neighborhood for 92,500. it should command 1200/mo in rent with relative ease. We are working with a great realtor who has a dozen of his own investment properties along with managing a portfolio of about 80 properties for Keller-Williams. He is a tremendouse resource as he was a Tampa Police officer for a dozen years prior. HE really knows every neighborhood as a result and can advise the good and bad. Feel free to message me if you'd like me to get in touch with him as he would also be well suited to find you whatever multifamily units there may in fact be on the market.

[Happyhourhero]

Could you message me the name of your realtor as I am currently hoping to get into real estate during my move to Tampa as well...

[cpfitness]

Originally Posted by Happyhourhero

Could you message me the name of your realtor as I am currently hoping to get into real estate during my move to Tampa as well...

pm sent

[cpfitness]

Figured I'd bump this thread to let interested parties know that I have gotten my real estate license and have been working alongside the agent that helped me find my first investment property. IF there is anything I can do to help you out, I would be more than happy to. What I lack in experience I make up for in desire and I have a great team of people around me that I can leverage. If I don't know the answer, you can rest assured I will find you the answer in short order.

FYI, my 92.500 investment property ended up renting for 1295 a month. we put 20% down and spent about 5k to replace all the fans and light fixtures, paint it, new appliances and boost the curb appeal. Mortgage plus insurance and taxes is $593/month. so we are cashflowing $700 a month! There are great investments to be had here! I just closed on my latest project. a 4bd/2ba property for 25k!!!!! (yes you read that right) it is a full rehab job but it is block construction so it is a good buy. it will need about 25-30k in rehab work but when complete will easily get a section 8 tenant paying $1200/mo. I'm getting married next April, so we may actually just flip this one instead of holding it so we can pay for our wedding in one fell swoop.

Anyways, if I can do anything to help you all out, please reach out to me

[Sunscape]

Thanks for your prompt action!
Congrats on your RE accomplishment.
Enjoy CD!