All Forum Posts by: Charles Trimmer

@Dan Maciejewski Thank you very much. This is what I'm heavily leaning towards. I'm going to collect the cash flow for 3-5 years then use that saved up money to buy a house/condo with an FHA, live in it for a year then rent it out then repeat. It might take a long time to build a robust portfolio but that's real estate.

@Bill Brandt thank you for your response. I have thought of this but there’s tax implications to it. It was quitclaimed to me so I would have to pay short term capital gains tax if I sold it instantly. If I hold on to it for a year or more it will be long term capital gains tax so lower tax rate.

@Bruce Woodruff thank you for your response. I will definitely raise the rent in the near future as rents have exploded in this area as of late. I have long term tenants in place that consistently pay me. Once they decide to leave or resign I will increase their rent. Unfortunately, the city of Clearwater has very difficult regulations for short term rentals so that’s not a viable option.

@Stephan K. Thank you! By cash out do you mean take the cash that the rent generates? Or cash out refinance?

Hello,

I just inherited a condo in Clearwater, FL. It's a 1 bedroom, 2 bathroom officially. It's really a 2/2 but the second room does not have a door or window so it doesn't qualify as a room. I estimate it's value to be around $320,000. I own it free and clear. Over the past few days I have been non stop thinking about what I should do with it. Cash out refi? Collect the rent($1750 gross at the moment, 1000 net) and save up for a down payment on another property and go from there? Sell it and buy smaller properties with less tax and HOA.

I need advice from professionals. I feel like collecting 1000 a month from a 300,000 dollar property is wasted potential at the moment when people who started with much less own 20+ doors now.

@Max Baker hi max. I am a licensed wholesaler here in the Tampa Bay Area. Feel free to reach out should you need help!

Hi Matheus, if you're looking for investment properties in the Tampa bay area I would be more than happy to help!

Hi Artem, I can help you in the entire Tampa bay area. Send me a DM!

Hello everyone!

I am currently located in the Tampa Bay Area and I work with a lot of investors looking to rehab houses. The more investors, the more work is needed. Does anyone from this area have any references for good, reliable contractors?

I’m looking to work with investor friendly contractors that provide excellent service and results!

Hello BP community,

After talking to a few members after my first post, I received a lot of feedback stating that I should get a job in the industry to learn the ins and outs of it. I currently live in the Tampa Bay Area and have just signed up for a course to obtain my Florida real estate license.

In your opinion, what are some great companies/brokerages in my area where a recent college grad with an international business degree and minor in marketing can get started?

Do you have any additional tips on how to become successful in RE at a young age?

Your responses are much appreciated.

Charles