All Forum Posts by: Steve Janiak

Oldsmar is nice with better rents and tenants than Gulfport! My PM thinks I might be able to get $140-1500 on the high end but I agree take some profit cash out, pay taxes and pay off my HELOC is a good move for me. My realtor is confident she can sell 220-250K and she has worked that area for years. Thanks for the advise on new construction... I agree no deals and it's definitely more speculative based on it's the first community in the USA with a really cool unique crystal lagoon in Wesley Chapel called Epperson and first phase pricing but I'll probably pass on buying there. Thanks again! Steve

Yes I got lucky buying back then!! I've looked at 1031 since I agree a home valued at 200-250K with $1200-1400 makes no sense if I bought it now for that price but I only paid 120K so it cash flows. yes timelines are tight for a 1031 but I've been looking and the Tampa market is harder to find those great deals now! I've considered a 1031 into new construction SFH in Tampa area for 200-250K which will pull in $1750-2000 rents but after sell/buy fees I'd probably have a larger mortgage or put in more my own cash for a low cash flow on the new home. New home probably better tenants and appreciate better.

Yes just looking for opinions from more experienced investors. You may be right to Keep it with cash flow... It's a hot market so before it goes back down if it does anytime soon and I've used ~100K HELOC from our primary home so thought if I cashed out on 1 of 5 rentals it would pay off most HELOC. Gulfport I've found tenants tend to pay late more and put more wear n year on my house than all my tenants in Oldsmar which is why I'm considering a 1031.

I'm new to bigger pockets and I've done well buying rentals by luck back in 2011-2104 when the market was down. I own a rental in Gulfport FL and owe 130K with 30 year fixed 4.5% and its worth 200-250K. Current tenant is moving and pays $1200 so I barely cash flow but I only paid 85K plus 35K initial repairs paid for by HELOC on primary. Trying to decide 1. Cash out while market is hot and pay down my HELOC which I've used for deposits to buy 5 rentals in Tampa area 2. Do a 1031 exchange to buy another property in a better area of Tampa like Oldsmar/Wesley ChapelDunedin/Palm Harbor where I can get higher rents, potentially better tenants, lower crime and/or better schools 3. Keep this house and raise rent to ~$1400 which should be doable Any thoughts?! Thanks, Steve