Tampa Conversion Question from our client.

The email below is from one of our investors who has purchased several investment properties from our group this year. We feel it`s important to share this information with those of you who may very well be reading our blog and may have the same questions. It is our pleasure assisting you with insight that maybe of use to you.When I first started this Blog I had no idea how many individuals were actually reading my posts. Y-T-D I have gotten two clients from this blog.Both purchased from our group because of the posts and the helpful insight and stratergy
we offer.

Question:
Hi Scott,

Hope all is well.

Just wondering what your thoughts are regarding these conversions?
Do you have an idea what we could rent a 2 or 3 bedroom unit for?

Thanks,

Rhonda.

Answer:
Good Afternoon Rhonda,

It`s been a long Hot Summer! I was in Tampa last week and looked at this Condo Conversion. Tampa is booming, it`s a great area to invest in. Everything North of the City is where the migration is heading, because housing is affordable and travel time is only 30 minutes from the International Airport.

These Condo`s are located across from a beautiful public golf course to the West another builder is clearing away land for Single Family Homes that will start in the Mid $250`s-$300`s. The area has plenty of shopping,car dealerships, schools etc in a 5 mile radius, which makes it super attractive.

I have purchased a two bed unit myself. I believe that when I sell it in a year, I should see a $30K profit.

I look for units that I don`t have to put much cash out of my pocket and can be easily sold. This fits our criteria.

Rents on a two bedroom are currently at $850-$875 per month. This will offset our mortgage.

If you have the funds, I would do it. Remember, I`ll rent it out for only 1/2month rental fee. We`ll sell it for only a 3% total commission when you decide to sell. Saving you thousands of dollars .

The preconstruction market is getting harder each day. Builders want us to purchase units at 2007 purchases instead of the 2005 prices. This is not helping investors like you and I.

Thanks for the introduction to Jeff. We`re meeting him in Cape Coral next week.