All Forum Posts by: Laura Spaulding

🏡 Boss Lady Property Management – Tampa, FL

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📍 Serving Tampa and Surrounding Areas
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I would rent by the room as well.  Co-living can be quite lucrative when you are tight on profitability due to taxes, insurance, and the mortgage.  

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $235,000
Cash invested: $230,000
Sale price: $595,000

Property was a 3/2. I remodeled into a 5/4. property is currently listed. If it does not sell in 60 days we will turn it into a co-living space.

What made you interested in investing in this type of deal?

Massive mold damage and I am a licensed mold remediator. fantastic neighborhood, and tons of upside.

How did you find this deal and how did you negotiate it?

Owner called me for mold remediation.

How did you finance this deal?

I used a friends self directed IRA for the purchase and my cash for the rehab.

How did you add value to the deal?

Adding more bedrooms, new floor plan, new kitchen, floors, exterior paint, landscaping, and pool rehab.

What was the outcome?

Just listed on the market for $595K. If it does not sell I will pivot and rent as a co-living space.

Lessons learned? Challenges?

I underbudgeted on the rehab. I underestimated the roof cost and the pool repair. I learned a ton and super grateful for the experience.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the buyers agent, and I project managed the rehab. I am now the listing agent on the sale side.

i did it once and will never do it again. HUD undercut the rent from the get go and told me that i would need to request a rent increase after the first year and substantiate it. The tenant trashed the place, smoked in it, left rotten food, holes in the wall, broken doors, and the list goes on. There is little to no recourse on them losing their voucher. She simply moved to another free home that HUD paid for. If you decide to do it, just know that you will need to do a full rehab b/w tenants. If you have low expectations and your house can take a beating then go for it. I prefer tenants that give a crap.

Hi. when is the next tampa meeting?

@Kiet Ho that’s what I do. Then I rehab it a bit and refinance to use the cash for the next one. That is how I got started. No hard money fees.

@Andrew Thomas That helps a lot.  Thanks for the feedback.