All Forum Posts by: Andrew Connor

I definitely was skeptical of the $1450 number at first. After looking at the rents offered in surrounding areas, it seemed in the ballpark, if not just a little high.

If any property managers see this, connect with me!

Hey Adam,

I'm definitely still green in term of loans. Wasn't sure I'd be able to secure a loan with less than 15% down. I've stayed at the condo when in town, and it's updated and would come semi-furnished. There is a $300 HOA/utilities fee, but that is factored in to my numbers above.

Gotcha, thank you for the reply! Good to know about the Cap rate, I hadn't heard that before.

It's very close to the north bridge to go to Siesta Key. Granada is the neighborhood and it's in walking distance to the Publix and shopping mall on 41/Bee Ridge. My immediate family does live there, and my brother has actually lived in this condo the last 2 years. My father is a plumber, although he is getting quite old these days lol. 

I'm 27 and live in Philadelphia, PA. I've been wanting and planning to begin my REI career by house hacking in the Tampa area, so I've been saving money for a down payment and researching the market and area.

However, an opportunity came up for a property in my hometown of Sarasota, FL. It's a 1/1 condo in a desirable area with a Zillow estimated rent of $1450. Asking price is 125k, but I may be able to get it a little lower as the current owners are family friends.

After running it through a calculator, it appears the deal would cash flow at $236/month and have an 12.6% CoC and 6.8% Cap rate.

As a little more background for me, I have good credit at 760+, and some money saved up, but not enough for a 15% down payment. Would likely have to borrow from family/friends or use credit to make up the difference.

I'm very serious about this opportunity and don't want to be paralyzed by fear/uncertainty.

Does this deal seem worth postponing house hacking plans?

Does anyone know of down payment assistant programs for investment properties?

Thanks,

Andrew

I'm also just beginning in RE and looking to house hack in the Tampa area. From what I've seen so far, a lot of the multi-family households available are in bad areas (Sulpher Springs & around 275), or they're priced very high. Starting to think a SFH and renting out the other rooms in the house for a year may be the more likely option.

I'm still trying to analyze deals and stay sharp so when one comes up I am prepared to move quickly. Interested in advice that seasoned Tampa investors have on the area.

I've been looking at house hacking a duplex or triplex in Tampa and there aren't a ton of great options out there in my opinion. Following this thread to hear what others think!