All Forum Posts by: Jeremy Kloter

Most of the time a condo/townhome won't be the right fit due to condo fees, hoa fees, etc that make it more costly for the ownership but also more management intensive. Homes can work depending on the price point but we'd recommend just jumping into a 2-4 unit property. Stay away from the lower income areas, typically we see properties more distressed, more challenging situations with tenants and late payments etc, we manage around 400 units and from experience its worth spending a little more money to be in a better part of town with more qualified tenants. There are some transitioning areas (like Ybor) where we like to check out, West Tampa, some parts of St Pete and Clearwater are growing well also. With your price point I'd look for a duplex that is 350k or so, but if all you can do is a good house to start, then start there. 

I agree here, wait 6 months. Who knows you might get a better deal, muddies the water more than needed. Use the extra time to find a good deal or get a hard money loan so you don’t need the tax return proof. 

I thought about replying but @Jeff Copeland hit the nail on the head.

Your cost could be 140-160/sqft on build for something basic, we have great contacts in this space. The challenge will be finding the land, my wife is an Architect and we have a lot of GC contacts, feel free to pm me.

You appear to have experience, building your brand online with friends, family, etc. you can easily find a private lender, that would be the easiest place to start.

If leveraged cash on cash should be a big factor. We typically go off of this when taking down flips and rentals. Although you want to look at other metrics its a great place to start. The 1% rule hasn't really existed in our local market in a long time. Cash flow per door depends on the investor and price point. If it is your first deal or so, just get into the game to start. We've had the benefit of rising rents and when rates decrease you can refi and increase the cash flow.

New Western along with some of the others are there to sell a deal. We have worked with them as well as Net Worth, etc... you just have to trust your OWN due diligence. Take their numbers and repairs with a grain of salt. They do find deals here and there but most of them have not been in the industry long enough to really get their feet wet, usually lots of turnover so just be careful as you should with any wholesaler. The main challenge is you do NOT get an inspection period, so you have to do your due diligence before writing a contract. I'd recommend finding an on market deal first if its your first 1-3 deals. Wholesaling or buying from wholesalers (we do it some) can be a challenge, its very different and we've seen a lot of newer people get burned here because they are eager to find something "off market".

Explore lines of credit and talk with a lender to see what the current rates/terms are. Your individual strategy will dictate if you can or want to pull cash out. You could also consider bringing in an equity partner to cash out some of your position.

Check out TBREIA.com and others on meetup.com there is also a great multifamily one in Ybor at the end of each month.

I second @Oscar Pinto, utilize a commercial broker, pm me for one we use.