Going to Florida next week to check some properties.

[Paul D.]

Hello Everyone!

As I been doing much research past couple of months with this quarantine time I have had plans and thoughts with moving and doing a BRRR down in Florida. The area originally was Fort Myers BUT now I am liking the area around St.Petersburg and the town itself. I also like the Tampa Area as well. I am seeking info about the areas of Pinellas and Hillsborough counties. I plan on investing in multi families mainly duplexes, but possibly triplexes and quads if possible. Exit strategy will be ro refinance pull equity out and re-invest into same plan. Property prices I am seeking I want to be under 200k, but not an issue if 50k more.

-Are there areas to avoid? (such as hoods and what not if there any from)

-Which areas do you think have some good potential?

-Perimeter areas of St.Petersburg that may be good spots to look at? 

Basically I am asking for information that I should know of the area before I head down next week I have been looking at houses on zillow and what not and I google map them but that's as far of a research I can do. Now I want to take the next step and take action so any advice I will highly appreciate from everyone! Thanks in advance hope everyone is doing well with all that's is going on!

[Dan Maciejewski]

I am a Realtor, so I'm not going to give you neighborhood advice regarding "hoods."

I can say that there are areas in South St Pete that are open to forced appreciation.  You can check rents and see what they are for non-renovated vs renovated/updated and you can see where three's a triplex that averages 600/mo and next door an updated triplex rents for 1100/month average.  That's a spot where opportunity can be hidden.

I'm not sure of your cash situation -- most of these will need a sizable investment in cash to bring up rents, and unless you are good at finding off-market deals, most will be sold at FMV for their current rents. I've been seeing things hovering around a 6-8+% Cap.

There's few enough on-market multi-families that you can (and should in a new area) research the areas around each one that interests you and fits your budget.  Google Street View is your friend!