CA-based Investor looking to build FL portfolio (Jax / Tampa)

[Elihu Bogan]

Hi all! Been lurking for a while as I catch up on the podcasts, etc.

About to close (next week or two) on my first 'turnkey' SFR through HomeUnion (great experience so far, ask me if you need details, I've read all the BP posts about them to date), and already setting my sights a little higher. While I don't buy the '50 roofs vs. 1 roof' argument completely, the idea of refinancing or consolidating 50 properties at once down the road has me reluctant to start down the (admittedly simpler) route of buying every SFR with good numbers.

I'm a numbers geek and my interest is in 'commercial' (4+ units) in Tampa Bay (particularly between St. Pete and Odessa) or in Jacksonville. I'm hoping to put in some cash offers that can be refinanced in a year or two. Hoping to meet brokers or agent in the TB/Jax areas that play this game and can filter MLS for 2%'ers, etc. (I got 1% and change with HomeUnion if it plays out along the pro forma). I think the sweet spot for me is 'medium-fixers' that still have some meat on the bone for value-added rehab. With that in mind, I'm also hoping to make some good connections with rehab people in the TB/Jax areas as well. Love this place!

I would be managing from a distance or through a management company, so anyone else (specifically in the Santa Barbara area) who has had good luck with distance relationships in Florida would be a welcome connection. 

I almost made an offer on a commercial property (1300 sqft office building/house) in Santa Barbara last week, but just couldn't pull the trigger with a conservative 4% cap rate. Not sure how anyone still invests for income in this state...

Here's to no fed rate increase in September!