All Forum Posts by: Kristen B.

I agree, I think we probably could rent it for more. I am just now helping with his investments, but I would have probably rented for $1600-1700 originally as well. The property taxes are $6k a year because though it's in a historic area and even without other costs (like insurance, security, and upkeep), it'd only produce:

20,400 (1700x12months) - 6,000 = 14,400 a year or just over a 4% ROI minimum without factoring in all the other costs, so we've got to get rid of it :( So kind of a bummer even though it's a great market and in a sought-after location.

I think you're right about there being a lot of other flippers around here though. It's very hard to compete when you're the new kid on the block. I'll try looking into other areas that maybe aren't as flipper-heavy. 

Thanks for your reply!

I agree with most of the other posters but if it is the only bathroom available and your tenant is a long-term renter who has been in the property for years and will more-than-likely stay in the property for many more years, pay the extra.

I'm a marketing major and we learn that it is cheaper to retain a customer than it is to find a new one. I strongly believe the same holds true for renters.

That said, if the tenant is already difficult and it is not the only bathroom or an emergency, stand your ground. You are already going above and beyond doing more than what most landlords would do by offering her 5 days credit. You do not need to do more. If she doesn't like it, she may hold a grudge and move when the lease is up but it sounds to me like your area is desirable and well-maintained. Most people won't go through the hassle to move just because of this.

Good luck!

Hello all! 

My father and I have recently decided to go into the flipping business. He is a 30+ year property insurance claims adjuster and I am a soon-to-be marketing graduate and real estate junkie.

I have convinced him to sell one of his fully paid-off properties in South Tampa that he's had as a buy-and-hold for years. The problem? It's a 2/1 and $350k bungalow that only rents for $1300 a month and has incredibly high taxes and insurance because it is a block from the bay. While it is an easy rental (rented in 1 day) and easy to sell (people knock on the door and try to buy it even when it's not on the market), it's just not ideal for cashflow and I'd like us to use the cash to start flipping. Because the property is already paid off, it will be pure profit. (Do you think this is enough to start?)

Between his ability to easily go into a home and appraise what the damage will cost to fix and MY eye for detail, staging, and layout + the energy to do the things (like put floors in and tile) that he is less-than-excited about, I think we'll make a great team.

My only problem is that I'm struggling to find deals. I find 1 to 2 every month that I feel confident will pass the 70% rule and though we've yet to attempt to purchase any, about half get up-bid past my bottom-line number and in the past three or four months there have only been about 3-4 I would have absolutely jumped on.

I tend to steer clear of foreclosures and look more for short sales and REOs so we can inspect. I also look for 3/2 minimum in North Tampa, family friendly neighborhoods like Northdale, Lutz, and Land O' Lakes.

I guess my big question is: Is anyone in the Tampa area (or in other areas) having these problems? And if you aren't, do you have any recommendations for finding deals? I don't network as much as I should (shy as a button) but surely there must be other ways, right? Most agents are not very helpful, not because they don't want to help but rather because I think they are having problems finding these deals too.

Thanks in advance for your help.  It is appreciated more than you know.

Thank-you @Henry Nguyen :) I'll definitely check out the podcasts, I haven't gotten a chance to listen to any yet.

Thank you for the warm hellos, @Laura Moore@John Hauser @Doug Merriott @Rachel H.@Chris Pastrana @Joshua Dorkin and for all the great advice @J. Martin

P.S. Sorry for the multiple comments! For some reason, it only lets me tag two people to respond to per post! :(

@Sharad M. -- Thank-you for your insight about going from accounting to real estate! It makes me feel a lot more secure about following a similar path :)

@Lenny Longo -- I'm soooo glad you brought up FIU's program! I knew that they had a program but I didn't know it was online until I read your post and I've been looking for something more flexible than USF's part-time option, as I would like to work while I'm in school. The 8 week classes sound perfect, my brother does something similar with his university and says he loves having to focus on just one subject at a time. I'll definitely give it some research :) Thanks a million!

@Cal C. -- Your last comment made me smile lol. My father owns a rental in Hyde Park (too expensive for my taste, I want fixer-uppers lol) and I'd LOVE for him to sell it to fund a Masters! I won't hold my breath though ;) lol

@Brandon Turner -- I was reading through the Beginner's Guide last week but I actually came across your "7 Years to 7 Figure Wealth" book on RealEstateInYourTwenties and loved it! I even made my honey sit through a thirty-minute presentation on it and it turned out to be one of the very rare things to hold his interest (which is saying something when a Lightning game is on lol).

Sorry for the delay in response, it's an exam week for me. Just logged in and WOW! You guys are awesome! Thank you so much for the support :) I'm even more excited now that I joined!

@Ali Boone -- I just checked out your website, it looks AWESOME! I love that you feature your latest deals. I was looking at some of them and it's soooo hard not to be a little jealous! lol. You've got so much figured out, I hope to be like that one day! :)

Thanks for the crime rate map @Doug Merriott ! Love this. I live in Tampa and have been trying to learn a little more about the St. Pete market. This helps a ton! :)

Thanks @Chris Pastrana :) Fingers crossed that I get in when I apply! They have just a few dozen spots each year. Good luck on your Associate's!