All Forum Posts by: Forrest B.

Wesley,

I've talked with several people in a similar position.  They've told me that instead of banks, they rely upon their reserves or private money (individuals who are willing to lend on a project). 

If that's something you'd like to discuss in more depth & learn more about, send me a PM and we can discuss further offline.

Forrest Baumhover

Nicholas,

Congratulations on your first deal.  If you need help funding your next project, connect with me, and perhaps we can discuss in more depth.

Forrest Baumhover

Hi Gina!

Welcome to BP...feel free to reach out to the community if you need help with your foreclosure property.  There are plenty of people who can help you.

Forrest Baumhover

That's awesome!  Congratulations on your first rental!

Are there any property managers or agents who work in Town N Country?  I'd like to discuss offline to get your thoughts if possible.  PM me if you're interested.

Forrest

BP,

I'm looking for some advice on South Tampa. General guidance for people with families is to stay between Gandy & Kennedy. However, I see a lot of rental properties for sale south of Gandy, both on the MLS and on bandit signs. An example property listing:
-Duplex posted on MLS for $95,000
-Advertises 10% cap rate (not reading too seriously about this)
-Gross annual rents $14,400 (assuming rents are $1200 per month)
-Taxes: $1356
-Insurance: $525
-Water/Trash: $1200

Each unit is 2/1, approx. 1450 sq. ft. States that units were renovated in 2010.

Question is not whether or not this is a good deal (numbers above were simply a part of the listing--I'd rather decide on if this area is worth investing in before I decide what price I'd pay). My question is: what am I missing about living below Gandy (other than bad schools)? Is $600 a month a reasonable rent for similar properties in the area? I'd love to discuss in more depth with someone who is knowledgeable about this area of Tampa.

Forrest

If you're still interested in a good, fair, and competent PM, then PM me (no pun intended).  My PM has been with me for about 6-7 years and I'm satisfied.

I think that @Brian Adams , @Account Closed , and @Colleen F. all make great points. You can justify an exception to the traditional investing rules (to an extent) on a VA property, as long as you are comfortable with the cash outflow ($100 per month + expenses)...after taxes, you'll probably come very close to breaking even or come out ahead. In the long run, you'll be better prepared to manage more and more properties, or anything else you'd like to do in real estate.

Forrest Baumhover

@Michael Leonaedo,

Welcome to the site!  

I'm sure plenty of people might want to help you out. Could you give some details (location, description, etc.)? It might help a potential buyer decide whether it's a property they can help with.