All Forum Posts by: Timothy DeCarlo

I have for sale 3 Duplex's and 2 Triplex's all within 3 Miles of each other in New Port Richey (34653,34652,34668). All units are currently occupied except for two. They are being turned and will be rented next month at market rates. Other units have leases ending soon and rents can be substantially raised. I have a hard money lender who will do financing with substantial down payment. Please Message me for Current Rent Roll as well as a Proforma P&L and Trailing 12 P&L. Please, serious buyers only, this deal will hit the MLS in Two Weeks if not under contract by then. 2% to any agents with a client. Properties are currently being offered at a True 10 Cap. I am the owner of all properties. $625,000

I always think of it in the sense of, will it make a profit. Majority of the units I own are individually metered for both power and water. I have a great used appliance guy in my area that will sell me a matching older (yet still good looking) set for $300 with a 6 month warranty. Most units will fetch an additional $50 a month for the washer and dryer when I include them. So I will always break even on my investment of $300 and as long as the units dont break right out of warranty, I profit an additional $50 per month. For units I pay water on, I do not provide washer and dryers, they typically do not have hook-ups and if they do, the tenant gets a water allowance and if they go over on it they are charged the additional amount.

St. Pete and South Tampa are very hot areas. It seems like the area has exploded in the last three years. I invest in the area as well, my rentals are north in Pasco and Hernando tho, I mainly flip in Pinellas. Just make sure to triple check your numbers and review leases, I have seen a lot of shady deals lately, I feel like realtors are really taking advantage in such a hot market.

Hey Clifford Sumner , I am also from the Tampa Area. I stick mainly to Pinellas, Pasco and Hernando. I have been in the housing game for about 8 years, both single and multi-family. If I can be of any help, let me know.

@Adrian Smude I will have to check it out. If I am free next week I will see you there!!

I see a few REIA meets in Tampa/St. Pete. Can anyone recommend a good one for networking?

Thank you for the warm welcome everyone. I always thought of sharing stories as bragging so I have never thought to post anything. When I have some time I may try to type out some of my deal and how I came across them. As far as REIA clubs in the area, I have not been to any. Are there any good ones in the area? I never really looked into it but I am all for networking.

Jennifer, 24 hours is a good turnaround time on a non emergency work order. Dont let your tenants guilt trip you. If you do feel bad about an issue like that, I suggest you hop on craigslist and pick up a cheap portable A/C unit. They are on wheels and all you do is put the vent hose in the window and plug it into any 110v outlet. I picked up a few for $100 each and they came in handy whenever I had an A/C go out on weekends. But dont feel bad about the A/C going down when its 80 out. At Least its not the 95 we have down here in Florida, hell my home A/C is set at 79.

@Troy Norwood

I think that is a great strategy. Living for free will help free up a lot of money to start saving for another property. If you can get a Triplex or even a Quad there is good possibility you can even make money on it while living for free. I would strongly suggest looking at Homepath Firstlook properties as only owner occupants can make offers during the first Thirty Days. They only have a few multi-unit properties, but the advantage of being somewhere investors cant, makes it worth it. There are too many investors throwing cash offers out now a days to really be able to find a true deal on the MLS. I would also suggest taking advantage of the property appraisers website, you can do a quick search of any multi-unit properties that have not been sold in the last 20 years and send out letters to the owners, don't expect many replies, but its paid off for me before.

Jordan,

      I would turn him down. I have been in the exact situation and let them in. In my situation, the abusive boyfriend was constantly arguing with the girlfriend and it caused so much of a disturbance that I had other tenants around them threatening to leave. Once the female tenant came to her senses, she had the nerve to come and ask me to kick him out because he would not leave. At that point he was on the lease and it went to the eviction process and I ended up evicting both of them because they both refused to leave and I was not going to let one bad tenant scare off 3 others. Hope this helps.

Tim