All Forum Posts by: Rick C.

Keeping it as a rental property could get tricky, because even if your brother and you get along, there are certain issues that will need to be ironed out in writing prior to it becoming a rental. One example would be, when the roof gets old, who makes the decision on whether or not to replace it? Who chooses the contractor? Who deals with the contractor?

Sounds like you are leaning more toward selling it, but if you decide to keep it with your brother, proceed cautiously.

Agreed with @Patrick Nuciforo. My first rental was a townhouse as well, and while I have moved onto SFRs and Multi-families, I have continued to have good luck with the townhouse.

A lot of it comes down to the HOA. If I were in your shoes, I would do the following:

1. Review the HOA's financials (i.e. are there enough reserves built in, are over 95% of the properties in the complex up to date with and regularly paying their HOA fees, etc.)

2. Talk with the neighbors that might have some insider information on the operations of the HOA (i.e. do they have a history of giving residents ridiculous assessments, imposing obscene rules, etc.)

3. See what major expenditures the HOA covers (i.e. roof, etc).

4. Check the rental rules for the HOA (i.e. do they only allow rentals for a certain percentage of properties in the complex, are there any restrictions on the length of the lease, etc.).

If all of that checks out and your numbers still look good, then this townhouse might be an easy way to get your feet wet in real estate. Good luck!

First off, I think 5 deals on your own in less than a year is a great start! However, if you are looking for other avenues to reach sellers, the only other one that I would recommend is to try reaching out to property management companies in your area and see if they know of any investors that are considering selling.

Welcome Dillon! Great idea to try buying a duplex that you can live in, especially now while you are young and do not yet have family obligations. Let me know if there is anything I can do to help. Best of luck!

Sorry to hear about all those troubles, Engelo. Sounds very stressful, but you will learn from these mistakes, which will make you all the better suited for your next deal!

Congrats and nice job!

Hello,

I recently acquired three residential rental properties in Tampa, Florida, and I am looking to get a commercial loan on them, since they are owned by my LLC. Are there any banks that you would recommend I contact for this type of scenario?

Thanks,

Rick

Thanks everyone. I drove through a lot of Southeast Seminole Heights (i.e. south of Hillsborough between Nebraska and N 15th St) when I was in Tampa last week. Although I liked that neighborhood, I did also notice that it has already started to get pricey when compared to some of the neighborhoods that border it.

I plan to hold for awhile, so I am fine with cash flowing neighborhoods that have not yet gentrified much, but have a good potential to begin gentrifying a few years down the road. With that criteria in mind, if I were to look in surrounding areas, how far east of N 15th Street and how far north of Hillsborough Avenue would you recommend I go?

Hello,

I am looking to further expand my rental portfolio in the Tampa area. Although I am located in the Philadelphia area, I have owned and rented out a townhouse in Westchase since 2012, so I have a basic understanding of the city.

This time around, I would like to invest in a part of Tampa that is not currently an A neighborhood like Westchase, but is undergoing the early stages of gentrification and still contains properties that cash flow. Does anyone have suggestions on neighborhoods that fit that description?

Thanks in advance for your advice.

Rick

Hello - I would also be interested in a meet up for investors interested in the Wilmington / Northern DE area. Has anyone found a good one?