All Forum Posts by: Kevin Reid

Multifamily is hard in Lakeland, it's dominated by SFH. Any of the duplexes that I've looked at are in less then desirable neighborhoods or near the colleges. Not what I would want to invest in.

You have a limited number of townhouses, but no one wants them because of the high HOA fees. Outside of that you have large apartment complexes, and trailer parks.

it might be easier to find Multifamily opportunities closer to Tampa, look in Brandon, Valrico, and Lutz maybe?

I'm in Lakeland and it is growing, but so are the prices. Look outside of the city limits and other cities. Plant City, Winter Haven, Davenport, Brandon..... many good buys near main roads, but outside of the heart of the cities.

Trailers in S Florida are an endangered species. You need to check with Dade County and the City it is in for current regs and timelines. In some areas they can't be replaced once the lifespan is up. This is so they can slowly get rid of the trailer parks and build more apartment complexes that are less likely to get destroyed in the next storm.

Also if you don't own the land under the trailer you are on borrowed time.

While not a heavy investor, I do live in Lakeland. I looked for multifamily opportunities, but property values shot up in price over the last decade, even near derelict ones. 

If you see a multifamily property on the market for more then 72 hours now, there's a reason. As stated, bringing it up to code, plus renovation costs can close the gap on a new build sometimes. 20k for foundation work, 10k for new electrical or plumbing, 6k for A/C not including ductwork, 14k for a new code roof, 3k in landscape and irrigation. If it's an old septic system you may be required to hook into the city's sewer system.... and that's before you need to move interior walls to make proper kitchens or renovate bathrooms and such.

The central parts of the city have older homes, towards the outskirts there's a lot of new developments.

Obviously Firefighters, volunteers, and retirees. There are well over a million in the US. Also military vets, mechanics, gearheads.... then there are millennials, and hipsters.

Think about all the cool old gas stations and garages that have been converted. Now you upped the cool factor because it's a fire house.

On the flip side, cops will hate it.

I don't necessarily believe in climate change, but climate cycles. In the 70-80's the scientists swore we were about to enter an ice age, we did not. The earth goes through natural heating and cooling cycles every 100 years or so.

That said the link you showed, at high emissions, only says an average of 2% of the properties will be under water at high tide in 40 years. So I wouldn't think that will chase most people away.

Lakeland. They have dozens of urgent cares, the busiest ER in the country last year, and 2 new stand alone ER's, and a huge physician's group called Watson Clinic. It's on I-4 so tampa and Orlando are quick trips.

We were working with 4 different realtors last year looking for a home. Most days we would get a hit from zillow or realtor about an hour prior to any of the agents calling us. I thought that was odd.

Emotional support animals are NOT the same as service animals. While it is still grey in most areas, like some states when it comes to housing, the courts are starting to recognize the difference.

On the news the other day they reported a federal court ruled in favor of the airlines. They no longer have to allow most emotional support animals to be in the passenger cabin. Unless they are specifically trained and registered.

I'd Wonder the details of the lease. Every lease I've signed had a maximum lease adjustment section. Typically it was no more then 5% of the current rent payment. 

Either way if you insist on raising the price up to market value, and it's worth the rehab costs, give the month to month a 90 day notice. Once he's out renovate that side and tell the annual tenant it can be there's at market value. If they don't want it someone will and you can do their side when they move out in a few months.