All Forum Posts by: Faisal Farnas

I got my house rented n less than two weeks without using Craigslist. Sometimes I think it is more headache than it is worth!

hi Jay. It is a hot market indeed! Welcome to BP.

been researching this market for a while, it seems that with the low inventory, your best bet might be to buy something that needs some TLC. This way you can add some value. Just my two cents, not sure if more experienced investors agree. 

@Zach KiddLOL I will dig deeper. Are you saying that even though the city served a demo notice, the property could still be rehabbed? Or are you saying there could be some profit made with wholesaling the empty lot? This is where I am confused.

Appreciate the advice! Back to work now...

Thanks for the replies @Zach Kiddand @Brian Turnbough. It seems that there is a demolition notice by the city and several citations/fines against the property. I guess that I am just going to sit and wait to see if they actually proceed with the demo! Did some digging in the city records and it seems there is a HELOC against the property! Somebody is in trouble.

If the city is going to demolish it, I am not sure if there is any benefit from just buying the land for value. The block is just ok, not the best in the area. What are your thoughts?

i am also new to the game but I have been researching the area for a while now. I can tell you that finding properties that satisfy the 2% rule that are not in a war zone are almost impossible. I think your cash flow is excellent. Do you mind telling us what year you bought?

I am not an expert by any means, but if it were mine, I would keep it.

Hello,

Looking for advice from the wise folks on these forums. I own a property in an OK neighborhood in north Saint Petersburg, Florida (close to Mazarro's Italian market for any locals reading this). The house two buildings down from me is abandoned. The roof has a giant hole in it and you can look through the window and see the blue sunny Florida sky! It is pretty bad, I guess beyond repair. The city has several notices stuck on the front door.

I might be able to convince the owner to sell it, but I am not sure if it is worth the hassle. The average prices in the block are around $150k, but there are $300k houses 3 or 4 blocks away. Strategies after buying something like that:

1) Demo and rebuild, then sell.

2) Demo and just sell for land value.

3) Demo and hold on for long term land appreciation.

Is it worth buying something like that? I read somewhere that a fair price should be 1/3 to 1/2 of the price of a new home on that lot. 

Let me know if more information is needed to answer the question.

Thanks,

Faisal

 It is of course highly dependent on the neighborhood and proximity to the water, but in the areas I am looking at probably anywhere between $150k to $225k. 

Hello BPers,

I am currently looking to purchase a multifamily in the Tampa Bay area. I have been looking at the properties on the MLS and so far the best I could find, in north Saint Petersburg (North of Central Avenue) is something like this:

Triplex on 27th Ave North

Asking Price: $179000

PI: $684

Taxes: $125

Insurance: $200

Water, Sewer, Trash: $225 ($75 per unit)

Vacancy (10% of monthly rent): $190

Maintenance (10% of monthly rent): $190

Management (10% of monthly rent): $190 

TOTAL EXPENSES: $1804

Projected monthly rents of $1900

Monthly Cash Flow: ~$100 !! 

Am I doing something wrong? I know this analysis is more on the conservative side, but this is the best I could find on the MLS! Are you guys seeing the same thing? Should I even bother looking on the MLS?

There are better cash flow properties on the south side, but honestly I don't want to buy in an area that I am not comfortable driving at night in.

Any thoughts or pieces of advice are greatly appreciated.

Thanks,

Faisal