All Forum Posts by: Justin Pineiro

@Eoin Bolger Hello, investing in Tampa is a great place to do so. It is one of the hottest markets in the country. Whether you're looking for a home to live in for yourself, invest in as a rental property, or flip. There are plenty of off market deals for you. If it's on the MLS you're going to pay close to full value, off-market deals are cheaper and can be purchased around 75% after all rehab is done.

Regards,

@Dave E Anthony there is an investor meeting tomorrow (9/11/19) at Little Lady Cafe.

@Melissa Ford well this is a home that has been owned since 2006, however, instead of selling it. We would like to rent it. However, this is the dilemma.

@Andrew B. If there is no calculation then that means the market is based off of what people are willing to pay. Seems like a stretch. These numbers have to be calculated somehow.

Besides, the calculation I found has the Zillow estimate within it's range. So it can't be totally off. I'm not negating you and I appreciate your input, I'm just not totally convinced.

Thank you so much though.

I have a question regarding calculating a rental rate.  I have found that general rule of thumb per SmartAssets.com is 0.8% to 1.1% of the just market value (JMV).  The property JMV is $135,892. Making the rent range from $905.95 per month to $1494.91.  Zillow gives me a rental estimate of $1380.  So the numbers seem accurate.  

However, this is the problem I have discovered. The rental rate is lower than the monthly cost of living here. Looking at the property history the mortgage was refinanced in 2012 at $134,000 for 15 years. I don't know the interest rate, but I do know that the monthly payment is about $1,100 per month and the HOA is $480 per month. Total is $1,580 per month. You can see where my dilemma lays now.

At most I can charge, $1,495 a month and the monthly cost of mortgage and HOA is $1,580. I believe best course of action here is to sell the home to an LLC for the amount owed and finance the home under the LLC with a 15 or 30 year mortgage. Can anyone help me and provide a little insight?

I truly appreciate it.  

@Shawn Hansen

Good Morning Shawn,

How are you doing today?

Tampa is a great market to invest in. If you're looking start you're rental portfolio the Tampa Bay area is great for long term and short term rentals. Recently, a duplex here in Tampa sold from my firm with a cap rate greater than 14%. The surrounding area of Tampa, such as Lakeland, Clearwater, and St Pete are other areas you may be interested in especially as a buy and hold strategy.

Have you done any research on the market for yourself?

Hi @Joseph Mattucci, how are you doing this evening?  If you are looking for a property to invest in, closing costs at my firm is 4% of the purchase price.  If you have not found a lender, my company works closely with one and I can connect you with a representative to answer any questions you may have.

If you are looking for investment properties in St. Pete/Tampa, FL I have many resources that can help you with the process from start to finish. 

I recently read an article by a Bigger Pockets member on Opportunity Zones.  It can be found here, https://www.biggerpockets.com/... 

After reading I was curious to know if anybody took advantage Opportunity Zones here in Tampa.  Does anybody have any input or success stories?

@Daniel Sherman

Wow, thanks for sharing that story. It sounds like you went through the ringer with this home, but you prevailed. The lenders exit strategy was a creative way to get you out of your hard money loan and capitalize on your investment.

Hopefully at the end of it all you came out with the home of your dreams. What do you plan to do next?

Hi Amanda,

I just read a great post from Bigger Pockets on the BRRRR strategy. It briefly explains what Mr. Mike McCarthy is referencing on the closing cost being covered. I hope you enjoy it too!

https://www.biggerpockets.com/...