All Forum Posts by: Eric Aldridge

Thank you all for the response! 

@Dan H. I appreciate the input. I have mainly been looking at comps in the area to get that ARV. We are in the South Park area and it seems to me that more of a premium is put on the number of units rather than the actual zoning of the property. I may be way off here. I will have to do some more research because I was not aware that this would bring us into any rent controlled situation. This is our primary residence so we currently occupy the studio and STR the main house. I was under the assumption that without having rental income capped, the ROI would be quite good. More research to be done! Thank you

Good morning you happy people. The wife and I own a 3/2 house in San Diego with a studio apartment in the converted garage. Current estimate for the value of the property is $1.6m and we owe $900K. We are able to add a 1 bedroom ADU to the property if we invest about $300k-$400k. If we add the ADU (making the property a triplex essentially) the value would shoot up to almost $2.5M. For you experienced investors, my question is whether to add the ADU and sell immediately? Keep and rent out all 3 units which would bring in over $10k per month? Or keep and rent all 3 units and cash out refi to have some cash to reinvest in other properties. I understand all of these options have their advantages and disadvantages but I am looking for someone smarter than me to give some input that may be helpful. Thank you all so much! Happy New Year.

Thank you both very much for the responses, much appreciated!

Hello Everyone,

We are new to the multi-family scene in Tampa, FL. I am wondering if anyone has a good reference for a property manager in the Tampa area. We are living out of state so we really need to trust whichever company we go with. Thanks for any help!

@Michael Haynes

I really appreciate your help. This is our first time investing in the area, but we are set on doing long term rentals. The reason we dont start in the Portland area is because we are starting off on a bit of a budget and 300K wont get you a shack where we live. We looked in St Pete as well and like that area as well, but with the rate we are getting this place in Ybor really makes sense on paper, even with one unit vacant we will cash flow. I am actually the one under contract on this at about 350K. Inspection came back with some deficiencies for sure but im using that to get a discount, and much i am requiring seller repair before closing. Hopefully we can just keep tennants in there, it has good history. Thanks again for the help!

@Roland Jean Charles

Thank you very much for the response, that is great advice. I think we are ok with the risk here just because there hasn't been another property that has come up on the market with the potential of this one in the whole Tampa area. With current rates it will make money as long as tenants are in, and that's the big variable. Thanks for your help!

Hello BP,

I am in the midst of my first deal, and wanted to get some second opinions on the property, hopefully from Tampa area experts. It is a Triplex in Ybor Heights, definitely a C class neighborhood, but the property has excellent rental history and many recent updates. Hopefully it is ok that I add the link to this post. I have run the numbers and it will cash flow no problem. Mainly wondering about the neighborhood. Inspection is done and only minor termite damage found. Offer is in at 360K. Thanks for any help!

https://www.zillow.com/homedetails/1105-E-28th-Ave-Tampa-FL-33605/45099413_zpid/