All Forum Posts by: Michael Valerio

In St. Pete there are several small pockets near and around downtown that seem to be undergoing some form of gentrification.  Kenwood has almost surpassed that level, but some great opportunity still exists for flips, scrapes, and value adds.  The rental game for the most seems to be buying houses under $30k and renting them for $850-$950.  Like @Nick C. pointed out in regards to Tampa:

 Originally posted by @Nick Colamarino:

Seminole Heights/Tampa Heights is probably your best bet. As long as you're okay with frame bungalow style houses. You could also give Ybor City a shot. It's rough now, but I've heard good things are coming, although I've been hearing that for years. 

Do you get wholesale deals like this often?  I'm potentially interested.

Has this property sold yet?

You guys seem to have summarized it best. Can't sell for more than 120% for 90 days. I've wholesaled quite a bit of Fannie maes over the years... Things to keep in mind, 30-45 days to rehab, 30-45 days to market... Easily 60 days to close now with TRID... Puts you well outside of the 90 day period. If you get an acceptable offer before the 90 day period, just get a contract and make a provision that it will be rewritten on the day of the 90 day restriction's end. I've done it more than once and never had an issue.

If it's a good flip, get you're offer in before someone else does! Assuming there isn't a first look initiative in effect at the moment.

Because Florida is a disclosure state, zillow is actually a reasonable resource to use when looking at sold comps. It syndicates basic information from MLS. You can get a general, again I stress "general" idea by looking at the sold comps on zillow. In Texas, zillow was rendered useless for comps because it is a non-disclosure state.... Here in Florida, however, the actually sales price is typically correct on zillow.

You might find it challenging to get any type of institutional loan due to property condition.  If you talk with some hard money lenders, they may be able to help you.  As long as you can qualify for a refinance into a conventional loan after you renovate and bring it up to the standards of a 4 point.  Ask around for a bridge to perm product.  There is no shortage of hard money lending around here.  PM me if you want the names of a couple.

Welcome to BP!  How can I help?  I'm here in the Tampa Bay area...

Hi Cliff, the property is currently under contract.  My team and I constantly get new inventory.  Give me a call on my cell.  214 466 0777.  I should have another Lakewood estate property with similar numbers within the next couple of days.

The hedges were also very heavily involved in the Tampa Bay area (i believe it was one of the top markets that blackstone bought in from 2010-2013).  I think that most of those guys have cooled off quite a bit in Tampa and Miami for the most.