All Forum Posts by: Wesley Davis

Quote from @Eddy Ogbekhilu:

Hello Wesley...would you consider drawings for an ADU of 900sq ft Hillsborough county to be precise.

thanks

 Yes, Sent you a private message. 

Speaking as an Architect, there are many pros and cons but it always goes back to the old adage. You get what you pay for. 

The first step is to visit your county's building department website to see what the requirements are for receiving your building permits. If they require you to jump through a lot of hoops or you are unaware of how to proceed, you may look into hiring a professional who has navigated those waters several times.

If your house is very plain Jane, then you should be able to go to a local builder and they will pump out one of their models. But if you would like to customize the layout and finishes to meet your personal needs and have it make sense, then look into hiring a professional. 

I have never used a website but I have had plenty of customers come to me saying "I designed my own house, just need your stamp." Those plans end up never meeting local codes and I always end up charging more to revise all the issues than if the customer came to me from day one. 

Disclaimer, I am licensed and live in Florida. Building codes change per state, county, and city. 

Not a problem Franco. If you have any more questions feel free to shoot me a message. I am a Florida Licensed Architect.

Hey there Franco, 

I would have to agree with the previous comments that building a well versed team would be the way to go, especially just starting out. But as I am sure you are aware the market is going crazy right now and these licensed professional are swamped (call any survey company and see how soon they can you a survey) Speaking as an Architect/Developer in the Tampa area, Depending on what your property is currently zoned you are looking at at least an 8 months to a year to receive the approved rezoning (Or PUD approval) and engineered plans. Then about another year before your project is fully built, depending on the complexity and availability of required materials. Meaning you are out 2 years before you are even able to make $1 while paying all of your professional's cash for their services (upwards of $100-$200k). On an optimistic note, there are several ways to finance a project like this. One popular way is a 5/1 ARM (fixed 5-year loan then transfers to an adjustable rate) after five years you refinance. You are also correct in your take that if you build yourself you have the ability to make more money per unit also you have the ability to control the construction budget through material selection and design. 

If you were to find an existing building you do not have to go through the rezoning process as it already exists. You may not be able to profit as much per unit after remodeling but you will be (hopefully) be making money from day 1. Both methods have their pros and cons. It really comes down to your timeline and cash reserve. 

Hope this helps

Hello BP community!!

I have came across the world of tax deed investing but feel that there is still so much to learn. So I would like to hear the good, the bad, and the ugly of investing in tax deeds. I have yet to invest but my background is in architecture (9 years) and more recently a real estate agent (6 months). 

A little background as I understand states and even counties have different rules. This will take place in Florida and there is an online bidding process. To my understanding, the auction starts off at what is owed from the delinquent taxes (like $5k-$15k+) then the highest bidder then "wins" the property. That being said, the "winner" also takes on all active liens against the property. If someone could elaborate about how to find all possible clouds on a properties title and what I am really getting myself into, that would be great. 

Thank you in advance!!

Originally posted by @Przemek Kos:

@Vinh Tran

Fellow New Yorker! I am looking about an hour south of Tampa, in Sarasota and it’s nearly impossible to get your hands on anything. I am primarily looking for small multi family, but so far, no luck!

Something different about this area and why you don't find many tri-plex of 4-plex (small multi-family) is because anything over a duplex is considered a commercial property. Per the local building codes. The amount of hoops you have to jump through to get that permitted and the additional cost is not worth it. Most investors will build townhouses/condos (if they have the land and proper zoning) or they will buy 2 vacant lots juxtaposed and put a duplex on each.

 Hope this helps

Side note, a lot of the Tampa investors are moving down here because of the aforementioned posts.

Originally posted by @Tracy Day:

Hello Jordan,

Welcome. Do you live in southwest Florida? I'm researching this area also and would like to buy some rentals there. Would love to connect to talk about those markets. What are your overall impressions of these areas as pertaining to rental properties? Is this area known for hurricanes? Anyway, Good luck and reach out if you'd like. 

Tracy,

All of Southwest Florida is booming! As for hurricanes, yes very much so. Born and raised in Charlotte County, I have been through several hurricanes and that is why we have insurance and building codes. Google Hurricane Charley 2004. 

Let me know how I can help,

Wes

I agree with @Stetson Miller. The Charlotte - Sarasota market it is exactly the same. I have a line of investors looking for the perfect BRRRR and when one comes on the market it is gone within hours at or above listing price. Sellers will not entertain a lowball offer. Leading many investors to the world of build-to-rent. But even that can be complicated due to the backlog most builders have. You are looking at 8-18 months before construction even starts depending on the builder.

Just some stats as of today (5/13) in Charlotte County,

547 - Active listings (SFR)

1,316 - Pending (SFR)

844 - Closed in the last 30 days (SFR)

While the top may seem very doom and gloom let me provide some light. Do your research and find an area you would like to invest in. Know your HOA fees, taxes, insurance, rental rates, all the goods. So when a potential property hits the market you are able to say yes and put an offer in right away.

Hope this helps,

Wes

Hey there everyone and welcome!! There are some great meet-ups happening in Punta Gorda and Sarasota. Reach out and I can provide you with the details.

Also I am a real estate agent and soon to be licensed architect in the area. So if you have any questions feel free to contact me send me a message.

@Allen Wu

Our inventory down here is also at an all time low. Everything we list is gone full retail price in less than 24 hours. There are still deals out there to find but most investors in this area are building new and renting them out.