New member from Tampa - interested in rehabing

New member from Tampa - interested in rehabing

Tampa, FL · Member since 2016 · 7 posts · 0 votes

Hi all,

I have been an aspiring RE investor for many years, but more recently decided to act on my desire to free myself from the corporate 9-5 that was taking its toll. Fortunately, I've got a loving wife with a good job that affords us the opportunity for me to explore REI more. I recently obtained my Florida RE license as a way to become more familiar with the transactional aspects of RE. I've always been a DIY kind of guy and hope to source and market my own properties one day, but would like everyone's advice about using a Realtor for my first go.

Specifically, I would like to focus on fix and flips/rehabs to gain some additional working capital, then look into buy and hold rentals. I have done a lot of work myself (plumbing, electrical, trim, finishing) on our 1924 bungalow that we purchased in 2010 that was a duplex at the time. Since then, we have converted it to single family and have enjoyed a good amount of appreciation, allowing me access to a decent HELOC balance to fund my first flip.

I have enjoyed reading BP thus far and look forward to contributing to the community as well. I have picked up J. Scott's book and am making my way through it. I also look forward connecting with other Tampa area investors to network with.

Cheers,

Andrew

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  • Real Estate Agent · St. Pete, FL · Member since 2016 · 134 posts · 29 votes
    10y

    Hi Andrew! Welcome to BP! 

    It depends on the Realtor, your traditional realtor will probably just be looking around the MLS, which you can get access to of course.

    I would try and find a realtor that deals more on the investment side of things so you can gain access to their network and knowledge. 

    I work with an investment brokerage that does about 10 - 15 off-market deals a month throughout the greater Tampa Bay area. I'll send you a colleague request to connect! 

  • Wholesaler · Tampa, FL · Member since 2016 · 53 posts · 27 votes
    10y

    I have a lot of flips under my belt and cover the entire Tampa Bay Area. I also do public bank foreclosures, and tax deeds.

    I can give you complete access to the MLS covering Hillsborough, Pinellas, and Pasco Counties.

    I can set up an automatic MLS feed for you too, based on your parameters, and provide CMA's on properties of interest.

    I use detailed investment analysis programs that you can be tweaked with different costs, growth rates, % financing, interest rates, etc. it gives you not only Cash on Cash Cap Rates but also true Internal Rates of Return IRR%.

    I do REO's including HUD and Fannie Mae. I'm a Realtor with Coldwell Banker and have CCIM and RESSI certifications.

    PM me.

  • Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes
    10y

    Hello Andrew

    Welcome to the club an congrats on getting your license. 

    I started flipping houses and then got my license as a way to make more money on each transaction. I learned I didnt like the flipping as much as I did the finding... and then selling.

    I am building a team of licensed agents who are investors or who want to work with investors. If this is something you might be interested in, let me know.

  • Investor · San Jose, CA · Member since 2015 · 100 posts · 14 votes
    10y

    Andrew, welcome aboard.

    BP podcasts are a gold mine of information.

    Connect with me anytime. Although I am not based in FL, my company is a buyer and private lender on lower $ ARV SFR properties throughout the U.S. We will entertain wholesale assignments.

    Wishing you continued success.

  • Real Estate Investor · Davenport, FL · Member since 2015 · 516 posts · 152 votes
    10y

    It sounds as if you have already done the most important thing... The bumper sticker for it reads...

    PLAN YOUR WORK... WORK YOUR PLAN.

    You have received some great advice here already.

    Consider setting up an LLC that acquires, then, as a Realtor, you can get paid commission to buy, and then list & sell your own properties.

    Also, when looking for a Brokerage, focus on one that is "investor friendly"... Most of our clients do repeat business, and all of us here are investors. We speak the language and also have the support infrastructure to make it simple for them to do business.

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