All Forum Posts by: Ryan Fitzhugh

@Dan Maciejewski 

Thanks for the info. No need for a drive by I am pretty close to that area, I just wanted to crunch a few numbers before I scheduled any showings of the place. I mean, I honestly don't need to go inside, it has been fully updated and looks great. 20% vacancy would be great amazing. 

Hello everyone, 

I am considering buying a 700k short term vacation rental in Indian Rocks Beach, FL. This property has a 3/2 home and a 2/1 home with a minimum of 7 day lease period for the area. Average total weekly rent looks to be around $2,300 conservatively. Multiplied by 4 and then 12 for the year gives me 110k/gross with no vacancy. 

My question what would a typical vacancy rate look like in an area like this. I understand a lot of factors play into this like pricing and time of year. If someone could give me a very generalized answer it would be a huge help. My $2,300 is very conservative when considering other similar rental properties on VRBO and AirBnB. I figure I should be able to keep this place rented for at least 70% of the year, please correct me if I am wrong. 

Thank you for your help in advace. 

This is 100% a real property. I have met the tenants, I have a copy of the leases. The only issue I have found after doing some minor research is that it is zoned single-family and there are two leases on the property. One for the front 2/1 for 1150 and one for the detached garage in the back for 600. The detached garage has been converted and was done with permits. My initial post was a little incorrect. I was under the impression that they were putting in a new kitchen, when in reality they are only painting and they WANT a new kitchen. Lastly, I guess it is in a “War Zone”, but the worst part of South Saint Petersburg is honestly not that bad compared to other places I’ve lived in my life.

Hello everyone, 

I just want some feedback from some fellow investors in the Florida real estate market. I live in Saint Petersburg, FL, but I often do business in Tampa. Hillsborough and Pinellas county are my main focus. 

I am wondering what everyone thinks about a buy and hold investment that is for sale currently bringing in 1750/month and the sale price is 89k. The owner does pay all utilities, but even so it is an above average cap. The only catch is that 89k is about 15k over what the property would sell for if it was rehabbed and in good condition. 

Is this a bad investment? 

It is not in bad condition what-so-ever and the current tenants are repainting and putting in a better kitchen. 

Any thoughts would be greatly appreciated. 

Thanks. 

Julian, 

I admire the tenacity to jump in on BP and make a post! I am sure the nerves will break after a few calls or meetings with sellers. It seems like you have a lot of knowledge under your belt, you just need to take that first leap. I see you are from Miami, do you have any other areas of interest? I am an investor myself, but I haven't tested the market down there yet. I stick to the Tampa Bay area, more specifically Saint Petersburg because I have had no problem finding profitable deals. If you ever have interest in wholesaling further north, please reach-out to me and we can connect. I'm pretty young as well. All I can say is, maintain your initial ambition and keep grinding. Best of luck. 

@John Thedford

I appreciate the response and information. If you don't mind me asking, what is the purpose of the "assignment" portion of the FAR BAR then. There must be a legitimate legal purpose for it right?

Thanks. 

Hello BP, 

I am sure many investors do not want to give away their good wholesale connections, but I am now in a position to begin buying fix and flips in Pinellas County, preferably Saint Petersburg. My questions is, if anyone is willing to share, who have you had success buying off-market real estate from in the Tampa Bay area? If you do not want a persons name shared on this post, please PM me. I am a licensed agent, but offering on MLS deals has been a nightmare. Even with 0 day inspection and a cash offer I get outbid because it seems like investors are just paying to much for properties.

Any recommendations would be greatly appreciated! 

Thanks.

Hey Shannon, 

I just PM'd you regarding the value I bring to the table when dealing with off-market real estate. If anyone is in the same boat as Shannon, please reach out to me. I can be very helpful and point you in the right direction if it is something I am unfamiliar with. 

My network has grown exponentially in the past year, so what ever you need I have it or have the means to find it. 

Thanks. 

@Steve Wittholt

Steve,

I am currently wholesaling in Pinellas county, mostly in Saint Petersburg. I have seen no signs of slowing down on my end. I can show you a list of fix and flip properties I have sold in the last year that have been repaired and resold. Many of my investors have been very profitable from the off-market properties I have been acquiring for them. 

I do not know what avenue you have been taking to find new properties, but that may be why you are noticing a lag in the market. It is extremely difficult for me to find deals worth purchasing on MLS because there are to many people over-paying for investment properties.

To answer your question, yes I do feel like Florida still has great opportunities for investors. I have the spread sheet to prove it!

@Liz C.

Hey Liz, 

From personal experience many markets can be great to invest in, the key is knowing where to find the right deals! My team and I scour almost every avenue to find quality investment properties. MLS, MyHouseDeals, Auctions, Wholesalers, Probate Attorneys, etc. Our best investments come from direct mail marketing, which I understand can be useless unless you know which properties to target.

MLS is very difficult for us because people are paying to much for properties and there is not enough meat left on the bone to make a really good profit. I am more then willing to connect you with some local wholesalers who can help you find the right property without having to go into a bidding war to get.

Lastly, there are many, many wholesalers out there and not all are looking out for you best interest. Make sure you are provided with physical evidence that their values on each property are what they say they are. They should be pulling accurate comps for each deal they send you.

PM if you would like to connect and discuss this any further.  

Thanks.