All Forum Posts by: Obed Calixte

I’m not aware of major plans for that specific neighborhood, but it does abut and is near very major planned and ongoing developments (Ybor Harbor, Gasworx, Ybor District, Channeside/Water Street).

It will garner more interest as more progress is made on those developments. How long- I am unsure but may be worthwhile if you find a great deal.

Save and wait unless you can find a killer seller financed deal.

And by relative willing to lend  you $2000 - you will want to ensure it is a gift (a true one).

There is a difference between lend and gift and it can have a meaningful impact on if those funds are valid for financing sake.

Buyers are more discerning as they have more choices now in Tampa than the past couple years. 
A savvy qualified buyer would condition their offer on you replacing the full roof. Most effective action as shared above is to replace the full roof.

Talk to a qualified lender to go over your intent and run over your income to see your current qualifications.

They will be able to help formulate to plan of action for you to achieve your goal. 

If you need recommendations, let me know and I'll send a few over. 

I've seen my share of mls wholesale deals.

Sometimes they result in solid deals and plenty other times they are laughable.

It all comes down to do they meet or exceed your financial goals.

Had your wholesaler brought you the exact same deal (property and terms) but it was off market, would you still have the same gripe.

Welcome!

Get connected with the local real estate investment groups.

There are quite a bit of real estate minded individuals in the Tampa Bay area.

@Joshua Christensen hit it on the head.

Even if CAP rate were meaningful for residential property, what do you intend to do with that information.

Figure what the most important factors are to you from purchasing an asset.

You’ll want to talk to a CPA to help you estimate what your tax burden would be in both the under and over 2yr scenarios, see if you qualify for a partial exclusion, etc.

It’s difficult to blindly say hold it or sell it now if you don’t have a full picture of what your tax burden.

why not knock on the doors in the neighborhoods that you are doing tear downs and remodels on? It sounds like you already know how to market/find properties for your construction work - leverage that same skillset to find flips.

You have an advantage over most beginning investors in that you know more accurately what the rehab costs will be for a certain project. That piece is often underestimated by many.

For the other key numbers:

The structure is Maximum Allowable Offer (MAO) = ARV - Holding Costs - Rehab - Closing Costs - Profit

ARV (after repair value based on recent sales within a 1 mile radius. Go conservative )

 - Holding Costs (loan payment, utilities, insurance, etc)

 - Rehab Costs (you will have a good handle on this)

- Closing Costs (you will pay closing costs on both purchase and sale of home) 

- Profit (minimum you would want to take on the risk. This is the most "flexible" of all the items)

There are plenty of resources here to help you on your journey!

Renters have alot more options on the market now than 2 years ago. There is a marked slowing in the time it takes to rent a home and the overall rental market is cool now.

I have not heard of a flat fee for a rental listing, but there's a couple things you can consider to help your situation.

You can go back to your previous property manager and see if they would be willing to solely do the listing and lease up for you. 

Additionally, review your listing in the eyes of a renter to see if it is appealing. Consider offering specials or other incentives to get more leads.