All Forum Posts by: Matthew Edge

Im a local agent and full time investor here in Dayton.  We buy and hold throughout the area.  

I recently bought a property in Tampa that I was looking at flipping (in west tampa near north Hyde Park).  At this point I may not end up flipping and may just keep it as a long term hold (long story, but basically wasn't as good a buy as I thought).  

I now need to get a mortgage placed on it after renting it out.  Looking for any recommendations for banks in the Tampa area that would be good for an investment property.  Not looking necessarily to pull cash out but it should appraise higher than what I paid for it a month ago, so smaller local banks would probably work better.   I'm in Ohio so not familiar with the area there at all, so any advice on great banks there would be appreciated.

@Matthew Masoud are you planning to self manage? If not there could be a big chunk of profit removed.

We work with some smaller banks up in the Dayton area that have no seasoning requirements.  Granted we have a relationship with them at this point, but would be good to look around for some smaller banks that keep their loans in house, then they can loan without the typical Fannie/Freddie guidelines.  We buy with cash, fix and finance and typically pull all cash back out after we have the tenant (normally 2-3 months).  We do pay slightly higher rates - 4.25 and 20 years right now, but the ability to immediately pull all the money back out and our long term relationship is worth it. 

Is there more to add to this?  Just curious if there were more details?

@Chris Niemeyer

We have been doing some buy and holds for the past few years, currently have 11 sfh and a duplex. I've started trying to get more deals going this year, but havent found anything that made sense to me for flipping or larger multifamily (which is what I would like to get into more of). Just closed on a land deal that worked out well as a flip, but nothing besides that so far. 

@Chris Niemeyer

Sounds like a winner for sure. That area has really improved over time and seems like it will continue to. I'm currently in the Dayton area and this is the type of deal I would love to find and do.

@Nancy Bender

This is the same question I have. I have been looking in that area as well. I think a lot has to do with the amount of competition and standing out from the competition with theming. Unless you can stand out I think it will be hard to generate a lot of bookings at higher rates, but would love to hear if that is not the case.

@Joe S.

We have not found renters to ever care about ceiling fans, with the exception of when they call to complain they do not work. We never put them in rentals we are rehabbing.

@John Menton

Are you set on a property manager for sure? It may be hard to turn a good profit if you don't self manage especially in that area