All Forum Posts by: Dillon Cook

I don't know if it differs by the state, but I'm 99% sure in FL that once notice by A owner is delivered to tenants, it carries over during a sale somewhat similar to a lease.  The difference is the notice is unilateral so as long as the new owner wants to maintain it, they can. 

DM me what you have in Tampa

Welcome!  

Consider STR in Tampa/ St Pete. I've always been partial to long term, but if you haven't bought it yet, it won't cash flow without 30-40% down. I really enjoyed one of the more recent BP episodes "The Golden Age of Cashflow is Gone". He hit some major points and reality checked everyone. BRRRR was incredibly productive over the last 10 years, but it's a full time job just looking for eligible off-market deals.

@Brittany Daubner I just google that exactly - price to rent ratios.  Since I'm based in Tampa, I don't look outside and compare markets.  I'm sure there's other stuff you'll want to factor in - what businesses are moving to and from each areas.  Nestle just announced they are moving their HQ to downtown Tampa which is big.  Most Florida markets will share some dynamics though like taxes and insurance. 

Doesn't equity cost to tap into?  If you don't need it right away...

I have contacts for long and short term managers in the Tampa/ St Pete/ Lakeland area. 

I'm not very intimate with the markets to the north and south, but I would start looking at price to rent ratios and decide what type of rental type and terms you want to invest in.

You won't get much fruit the first couple years after planting a young tree, but after 3-5 years your tree starts growing faster.  As it gets larger, it produces more and more fruit each year.

Cash flow is the fruit, PV is the tree's size.  Both appreciate over time.   Waiting is hard.  

Great point on the density of cities.  Though different, Tampa is getting a crazy number of apartment buildings 3-5 stories tall built in different suburbs.  What's available for sale now 5-50 doors sometimes can be counted on both hands.  Median DOM is 96 days because sellers are trying to sell for impossibly low caps.

Some local legislation you may be unfamiliar with!  Unincorporated Hillsborough (and Pinellas) county requires all long term rentals be eligible for Section 8.  If you've never wanted involvement with the sec8 program, this can be alarming, but there are some nuances to understand.  Sec8 renters need to meet all the qualifications that you advertise.  THA may or may not be able to meet your advertised monthly rent rate, so if you were to approve the tenant based on criteria and background, but find out that THA can only meet you at 1550/mo instead of the advertised 1600/mo, you can either take the reduction or deny the renter based on price, and keep searching for renters who can qualify for your advertised price.

Check in with your agent.  They'll have recommendations who are not on BP as well.