All Forum Posts by: Mike DeBuccio Jr.

Hey Mark!

Congrats on being approved for 225k loan on a property. What kind of financing have you been approved for (hard money, private, conventional ect.)? There are plenty of deals to be found over here in Tampa, also out near you in the Lakeland, Plant city area as @Tom Parris stated! Great margins in Polk County for sure. 

With a loan of 225k there are many options you have. In that price range you can most definitely find a property with good margins to fix and flip. Buy and hold is definitely an option as well. Turn-key rentals are far and few in between but they are out there for sure. 

Will PM you to see if I can help

Mike

Hey @Shiv Jey,

Check out the market down here in southwest Florida (Tampa/St.Petersburg/Lakeland). It's a hot market down here. Multifamily properties may be tough to come by but they are definitely here. Good cap rates, a lot of purchase prices under 200 (for duplex's anyways).. If you'd like to chat further let me know!

Mike

Hey @Matthew Paul

When I say investor friendly I basically mean just making sure they know what they are getting into with investor projects; can handle full rehab projects? can they work with cheaper materials to better fit the flip and the needs of the investor? can they work fast (hard money) ect. 

Mike

Hello Shane,

Welcome to the REI investment world. Tampa Bay is definitely a great place to start! I would love to chat with you to share what I have learned about investment real estate down here and give you some pointers that would have helped me starting off. I'm sure we would be able to bring value to each other down the road as well. I will shoot you a colleague request to speak further.

Mike

Hey Ryan,

Very interesting! How is the market up there compared to down here in Tampa? I know this market down here is hot and everyone is looking to get a piece of it, causing there to be a shortage of inventory and prices rising for investment properties, which I am sure you are well aware of. I'm always interested in exploring different markets throughout the U.S. Currently I am working for a wholesaling investment firm in Tampa, but looking to start building my personal investment portfolio for sure. Lets connect I'd love to pick your brain about your experience and the market up there in Cleveland.

Best Regards

Hey @Charles Soper,

That is some great advice thank you sir. Seems like that process of vetting is exactly what I need to weed out the unreliable GC's down here in Tampa. 

One thing I have learned about investment real estate in Florida, is that there are an abundance of GC's out there looking for work, but the good ones that check out to all of those standards are few and far between. 

And on the point about owning tools, I have a funny story in which I was interviewing a GC who said he doesn't actually own the tools and that he "out sources" them. Mind boggling to me for sure... 

Another question, how much should the GC get up front for a project, if anything? I have been informed by some that the GC should be able to put up about 1/3 of the project before getting paid, but I do deal with investors saying their GC's sometimes ask for half upfront. Any feedback on that?

Thanks!

Hello from Tampa FL!

When searching for the right contractor for your investment project, what questions do you ask these prospective GC's?

I usually ask:

Are they "investor friendly" or do they usually work with fix&flips?

How many projects they take on at a time?

Can you provide 5 references?

Do you have examples (pictures) of past projects completed?

......

With that being said I am looking for more feedback and some more questions people may ask when choosing the right GC.

Thanks all!

@Melvin List,

Thanks for that input, thats probably the best advice I have gotten to relay to my investors. May seem like common sense, but obviously fraudulent lenders are looking to prey on people that may not be familiar with the financing methods of investment properties (newbies), or have no other financing options. Lets connect! I'd love to hear about your involvement in lending down here in Tampa. 

@Thomas Castelli @Kyle J.

Appreciate the input guys! Will check those out for sure. Looking for a wide range of investment real estate podcasts, all niches and general investment real estate. Those seem like they will cover everything I am looking for!

Thanks, Mike

Hey BP world! As much as my day already consists of investment real estate, I’m looking for suggestions for some REI podcasts. Always great to hear other people’s perspectives, and keep you’re mind running. Would appreciate any feedback. Thanks everyone!