All Forum Posts by: Colin Mooney

@Bea Cortis,  I have talked with a lot of investors from California that are moving their money to the Florida market. I Work in St. Petersburg and there is a lot of potential in rehabs right now. If you are ready to go I would to be any form of assistance to you. If you would like to talk more about the market down here please feel free to reach out. 

I have worked with a few investors that have had good experiences with these guys.

Kalvin Weathersby

Greg McGhie

I will send you contact info in a message. Thanks

Hey Simona Balca I am glad to see you are investing in the Tampa Bay Area. I work with a lot of investors that have this same question. There are positives and negatives to each strategy. I will try to break some down for you to help you decide. Renovation: based on the purchase price, estimated repair cost, and ARV you are buying the property at 66%. Those numbers are unbelievable in the Tampa market currently. Even though there could be some unseens with a rehab you have a lot of room for error. New build: based on your numbers for the new build you would be buying that at around 84%. The positive of a new build is that there are no unseens. The downside is that you tie up a lot of money for an entire year. Based on the numbers you shared I would personally just rehab the property. This is based strictly on your ROI. Even though a lot of people are doing new builds in Tampa right now, this deal makes more sense to flip. I wish I could provide assistance on a lender, but I do not have any connections with gap lenders who will lend to individuals outside the US. I hope this helps. If you have any other questions or need help finding resources in this are please feel free to reach out.

I have had a lot of success with Greg McGhie Construction. He is a contractor that has done a few flips for investors I sell houses too. I do have a few others I can send your way so you have a few options. If you need any other resources in the area, please do not hesitate to reach out.

Awesome rehab opportunity near Clearwater Country Club. This home already has great bones and plenty of living space at 1,919 square feet. Give it your investors touch with cosmetic updating and this one should fly off the market. Call or message for more details!

Hey @Larry Christian, I am glad to see you are looking to invest in this fast growing Tampa Bay market! I am originally from Charlottesville, VA and have lived in Florida for about 5 years now. I know for sure the weather down here is a lot better than Richmond right now. If you are down the the area and have any questions at all about the market, or hot areas to invest in I would love to chat.

Keep me posted on when you come down this way. I'd love to see chat with some Virginia folks. 

Welcome @Steve Liebroder! You will learn a lot very quickly from this site. I am very involved in the game we call real estate investing from the analytical side. I work with a large number of investors from all over Pinellas and Hillsborough. I Would love to connect and talk some real estate with you. 

On a side note, I really recommend going to all of the investment real estate meet ups you can. Being surrounded by like minded people will jump start your success.    

Hey BP, I just wanted to reach out and see if anyone had good recommendations for contractors in the area? I have a few I keep in my back pocket, but as you all know it is never a bad idea to have options. Thanks in advance! 

Hey @Tim Kaminski, I agree with @Account Closed. Get the property under contract with contingencies that you need to inspect the duplex. They just want to make sure you are serious about buying before they disturb the tenants. I have just recently sold two properties exactly like this one and had no problem getting into all units after contracting the property. If everything checks out, you can move forward to closing. 

I would definitely split the electric up into two panels. Depending on how the house is wired it could change the price a little bit, but for a new panel you're looking at around $1200-$2000.  

Hey @Wesley Weber, Based on those numbers it sounds like that was a top-notch rehab! It is amazing how technology is changing the way people buy houses these days. I sell a good amount of distressed homes to investors from all over the country that just go off of the videos and pictures I send them. I hope the guys wife loved the property in person too. 

I'm glad to hear that you are taking advantage of this great time to raise your flipping volume. There will be a time to get back into the buy and holds, but right now it is time to flip. I will shoot you a private message to discuss how we could potentially connect and help each other out.