All Forum Posts by: Account Closed

Would you consider Tampa/Saint Petersburg FL?

Commercial property is valued by the income it produces, appraisals don't mean as much. What is the NOI and unit mix of the property? What kind of expenses are you paying on a monthly basis? These are the basic questions that need to be asked. (NOI = Net Operating Income this means all of the income minus expenses not including debt service, debt service means if you are financing the property. It is NOT included in an NOI). Unit mix means how many bedrooms and bathrooms per apartment.

Like everyone mentioned this is a property that is NOT worth the time but what you can do is work on analyzing this property and get good at finding a deal that is worth it.  

There is a LOT of gun violence in the area, you do not want to drop 300k in an area with that kind of crime.  

Congratulations.....Good job!

(In my opinion) I would find a job that I have experience in first when moving to another city. From my experience Lenders don't really care if you find another job within the same job sector but if you change careers that is another story, (Been there done that). Work full time in your current experience, (Human Resources) and work as a Realtor part time to see if you like it or not. Getting started in another city as a Realtor is tough, (but doable) it takes time.

The transition between an Hourly employee to a transaction employee takes time to generate enough business to replace your full time income as well.

If you work full time in HR and work part time in Real Estate and you are committed and consistent enough. Soon you will generate enough business to replace your full time income and you can decide if you want to quit or not. That is a much better position than just starting out in Real Estate and not knowing when your next deal is going to come.

Just my opinion!

In my opinion, if you are getting a return on your investment the 2% rule is not important at all. Just have a fund to absorb the inevitable change in your situation, (Something breaks, a tenant leaves..etc) because it WILL happen.

Welcome from Saint Petersburg FL,

Let me know if you need anything on the west coast of Florida!

Investment advice: NEVER slaughter the goose that is producing golden eggs, (Golden Eggs=Cash Flow).  Cash flow is what keeps the lights on, it's what you make when you are awake or sleeping.

I would save some of the cash flow and use that money as vacancy\maintenance protection and down payments for other rentals that will cash flow. Set yourself up for FHA financing in some cases they will do 3.5% down.

From my experience there are a lot of Realtors that claim they are Wholesalers as well. To find the really good ones you have to kiss a lot of frogs or start out asking around your Real Estate club in your area.

Here is a free way to generate leads and not many people are doing it.  Find a target market with a blue collar neighborhood and go door knocking. Introduce yourself as a Real Estate Investor looking for homes to buy.  Remember: You are not selling anything, you would like to BUY. So those  "No solicitation" signs won't apply to you.

It's free but it isn't easy, you will get rejected A LOT. I can honestly say you WILL find deals that no one else knew about. Real Estate is a Relationship business. It's not what you know it's who!!

As a Saint Pete FL resident who just got my license...Welcome! If you have any questions about the exam let me know and I will help you as best I can.