All Forum Posts by: Robert Wilson

Hey Tom... I have a good referral for you based in Tampa. See your CR.

I may have a contact for you... see colleague request.

You should be able to get your hands on a FAR/BAR AS-IS contract without too much trouble.

Remember, you have nothing if the deal isn't in writing. So get it in writing sooner rather than later. 

When you get anywhere in the 33629 zip code on the higher end you're going to be competing with buy and hold guys who just want to break even.

I'm working with a potential seller right now who is perfectly content to clear 1-3% on their cap rate because they see their entire play as appreciation. I've talked to plenty more like him in places like Beach Park/Swann Estates.

Anyway... the rental market isn't going be strong when you're talking about folks needing to clear $16,000+/month to qualify. That's about double the average income in the zip code... nearly 5x for the market as a whole.

To keep that place rented... you're probably going to need to give someone a deal... or you're going to be dealing with a very rare renter and a lot of vacancy. The bottom line is you're going to be competing with other property owners willing to give that deal because for them any cash flow is a win.

That said if you're ultimate goal is to roll that 1031 in a long term residency... it might get you there.

You probably need a good CPA going forward. A former client of mine, Keith Koehler, is a CPA and investor. Handles taxes for some heavy hitters in Tampa that do development, multi-family, flips, you name it.

Send me a colleague request and I'll be happy to introduce you. He can advise you in terms of setting up your corporation to limit your liabilities.

There are a few places down south of Interbay that could be worth running numbers on. If you want to talk budget and other details please send a colleague request.

We've done a lot in the South of Gandy market that is close to MacDill Air Force Base... great rental market with folks who need to protect their credit due to promotions tied to security clearances and credit reports.

I'd be happy to meet for coffee and talk about the market when you get into town.

I have a couple of contacts who have build on your own lot programs. Do you need something more custom, or the lowest cost/highest SF?

Feel free to add me as a colleague and PM for discussion.

I would also recommend
Eric & Perry Gruman at Peer Title

3400 W. Kennedy Blvd.
Tampa, FL 33609

I went through this property a few weeks ago and the condition is pretty rough and there is a large tree in the back yard which could make getting a new building permit out of the city complicated.

Closing date is reportedly 5-15-16... a 60 day close for a HUD deal is on the long side. It wouldn't surprise me if this one comes bouncing back on the market after the buyer does due diligence and adds repair costs to an inflated auction effect purchase price.