All Forum Posts by: Eric Odum

@William Dampier I feel you on the Loopnet comment, but you have to be careful about blanket generalizations about the service. You can miss some great deals.  @Steve Olafson made a good point. Another example is we have picked up deals on Loopnet in the first day it went live. One was a SFR agent doing her first MF deal had no idea how to price the property. But yes, a SIGNIFICANT number of deals on Loopnet are overpriced and the owners+agents are not realistic.

Agree with Steve....and will add, SFR's sometime increase in value for no tangible financial reason. They can become completely unplugged from investment logic. Florida is a perfect example of this (see 2003 to 2008)

Mitch, Jonathan and Joe, you have mail. 

There is also the wives' tale about Section 1031 exchanges ......that you need a year to hold to sell to be eligible.  There is no such rule or even precedent in IRS code, but it is a rule of thumb investors use to consider.

Our brokerage markets a lot of commercial income properties (multi-family and retail, mostly), but recently, an associate took a listing on a portfolio of single family homes.  

They are located in Pasco, just north of Pinellas and Hillsborough Counties (Tampa).  The way the debt is structured, they must be sold as one unit.  In other words, they can not sell one at a time....but that doesn't mean two or more investors cannot buy and split them among themselves at closing.  The Sellers are out of state and are not in a position to hold a note.  

Here is a little more info on the properties:

He just placed it on Loopnet yesterday

http://www.loopnet.com/lid/18871020

Please let me know if you have questions.  

Here you go, Paul.  Welcome to BP!

http://sreia.com/index.html

Sounds like private money might be your best bet, then.

Alejandro, I didn't see mention of Visa status.  Not as important on the investment side as it is on the lending side.  Maybe some others can help, but all the US based lenders I know require green card.  I have done deals with Brits and Canadians who don't have green cards and their banks home lent the money.  They couldn't find US lenders.    

North of Gandy, Incline is pretty steep on the east side of the South Tampa peninsula....flood zone is usually only a block or two.  On the West Side, however, the gradient is pretty shallow.  A mile off of the bay and you can still be in a flood zone.  As a general rule, look for Manhattan to be the boundary on the West side.  Everything west of that north-south road is flood.  South of Gandy, throw those rules out.  There are pockets of flood zone throughout and you can be 10-12 blocks in-land from the east side and still be in the contiguous flood zone.  

Two reasons Gandy is a great divide....flood areas and history of MacDill base/port housing.

The historic Port of Tampa attracted a lot of the riff raff significant port areas typically attract (not really the case anymore as few ships come in and out of there now and definitely not sailors like there used to be 100 years ago...but homes were built and the culture initiated).  AND, there was significant affordable housing built to be close to the base.  The area has definitely improved.  You are seeing a lot of McMansions being built on the East side and tear downs on the West.  I would not worry about the residents as much any more as much of the area is definitively gentrifying.    I think it is becoming a really nice area, but personally, b/c it is the lowest lying area in Hillsborough county, I would be extra cautious. Like 75% of the land south of Gandy is in a Flood Zone..that coupled with  the density of affordable housing that still exists will continue to keep prices below typical South Tampa prices.