c-class neighborhoods in central florida

[Jon Segura]

Hi Guys am from philly and am looking to invest in c class neighborhoods in central florida i would like to hear your opinion. i've notice very little multi family homes in florida so am willing to start on SFR.

please advise

#muchlove

[Jonathan Taylor Smith]

@Jon Segura - Even though I've lived in Durham NC for over 20 years now and most of my investments are here, I'm originally from the Tampa Bay area of Florida, so this is my secondary market, as most of my family lives in the cities within 1 hour of Tampa, such as Largo, Clearwater, St. Pete, Dunedin, Sarasota, Bradenton, etc... I've also got some knowledge of Orlando, Gainsville, Tallahassee and Jacksonville.

For the B- / C+ areas be it single or multi-family, I began by finding out what the Housing Authority / Section 8 in Hillsborough and Pinellas Counties will pay for 2BR, 3BR and 4BR homes. Also, I got the stats on the number of outstanding vouchers and the waiting list numbers for these areas, in addition to checking GoSection8.com, Zillow and Craigslist for competitive listings within my target cities. This gives me an idea of the demand and expected income. Knowing what to expect for income, I can then run my numbers more accurately.

Next step is to find "Investor Friendly" agents in these areas who have a clue about finding and getting distressed properties under contract. Compare anything they refer to the Trulia.com Crime Heat Map and educate them on what exactly you are seeking. Finding the right agent(s) is HARD. In my case, I'm looking for rehab projects that will allow for forced appreciation (BRRRR). And when I'm in Florida visiting family, I drive around looking for communities and specific properties to target with direct mail.

But I'm not only seeking to rent to S8 Tenants. I want properties in locations that will be desired by a non-subsidized tenants, but will be highly attractive to those with vouchers. This maximizes demand and in many locations, Section 8 pays more than market rent.

Your job is not done once you've obtained an ideal property, as you can kill it all with poor tenant screening. I am a property manager, but you can do this yourself even from thousands of miles away. It just takes effective use of technology, systems and procedures.