All Forum Posts by: Tristan Wheelock

Hi everyone I'm a newbie investor just getting my feet wet analyzing deals.

I'll often look up the properties that I'm interested in on the county appraisers website. The variance between the asking price for the homes and the appraised value is all over the map. Sometimes they're within $20k or $30k of each other and other times that asking price will be more than double the appraised value. 

I'm wondering if there's some sort of rule of thumb that dictates how one uses appraisal value to determine price or if there's some resource I can read to learn how appraisal value affects a property. Or if I'm just approaching this wrong. 

Thanks so much!

Out of curiosity how are Tampa Real estate investors finding the Seminole heights area? 

Hey @Kevin Booker I'm a newbie investor from Sarasota county. Looking to move up to St. Petersburg. I'm there a couple times a week to rock climb. I'm always up to meet new people and talk shop.

Thanks for all the thoughtful responses! I think I'll try and throw a low offer and see if the owner bites. Excited to get started!

@Adam Bartomeo howdy. Thanks for the reply! I have vacancy rate set at 8 percent which works out to about one month out of the year, I have property management set at 10 percent of income, Maintenance and and repairs are factored in at $1200 annually with $10k set aside for improvements and CapEx.

If I can get the property for $205k plus $5k closing costs that apparently works out to a cash on cash ROI of 10.37 percent.

Hi everyone! 

I'm new to the REI game. My plan is to buy and hold multiunit properties here in southern Sarasota County.

I ran across a tenant occupied triplex listed at $225k. It's been on the market for 119 days so I'm hoping the number is flexible. 

I checked it out in person with my realtor. The units and building are in surprisingly good condition. Well maintained, no red flags, clean and nothing in desperate need of repair. The property is abutted by two empty lots which gives it a sort of private feel. 

Current per month rental income is $1975. I spoke with my property manager and she said that she thought she could get around $2275 with a little updating. 

I ran the numbers through a SFH Analysis spreadsheet as well as the bigger pockets rental analysis calculator and they both kicked back COC ROIs of over 10% That's with a 30 year mortgage at 4.3 percent 20% down and annual taxes of $2268 and insurance at $700

I have the cash on hand for a 20% downpayment. 

Is this a good deal? Am I missing something? Would I be better off spreading my down payment cash among multiple SFHs? DO you need more information? 

Any feedback is greatly appreciated! Thanks so much!

@Benjamin Pekarekthanks for the tips. I'll definitely look into tracking down a good attorney. Any advice on a place start that hunt? I'm out of town next Wednesday but I think I can make it to the meet up the Wednesday after that. 

@Mike F. thanks!

Hi Everyone!

My name is Tristan Wheelock. I'm based in Sarasota County Florida and am excited to enter the world of investment real estate. 

I'm heavily involved in the stock market currently and am looking to diversify my assets. 

I'm forming an LLC with my brother who has five years of real estate experience as a commercial property manager and owner of his own rental properties.

We plan on using a buy and hold strategy to acquire multiunits.

Thus far we have met with a property manger, a loan officer and a home inspector and have acquired a realtor. We checked out our first triplex yesterday.

I've been voraciously reading everything I can on bigger pockets and beyond and have begun using the tools I've found to analyze properties. I ordered a copy of "What Every Real Estate Investor Needs to Know About Cashflow." I'm open to any suggestions you fine folks have for a newbie. 

I'm looking forward to gaining more knowledge and feedback through this community and contributing what I can. 

Cheers!

T