Walter Czmie…, Home Buyer in Sarasota, FL

Hello, I just started to look for multifamily apartment building in great Sarasota. So far no realtor connection, I hope to find helpful professional

Asked by Walter Czmielewski, Sarasota, FL Sun Feb 3, 2013

I can to put down 200k hoping to buy great piece of property to manage it and live of it. Obviously Location/Cash flow is a primary concern.
What are my chances to find solid piece of property in Sarasota, as close to water as possible? Helpful comments highly appreciated.

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Answers

8
Jules Roman’s answer
I invested heavily in 2003 here in SW Fl. I was brilliant until the crash, however in hindsight, we should have seen it all coming. The bottom was hit last year and you should have bought then. We cant identify a bottom until it starts to recover. Never the less, It is still it great time to buy, due to the fact that, like Gold, Real Estate has intrinsic value. We will someday see the effect of the Fed's printing press on the US dollar and when inflation ineveitably rears its ugly head, things that have intrinsic value will increase in dollar denominated terms, not that they are getting move valuable, but rather the dollar is loosing its value. so for the long term, Yes buy something that is in limited supply and enjoy its long term rise against Fiat currencies.

I specialize in Cashflow investment properties that return a good ROI now, but offer a huge hedge against inflation in the future. Feel free to call me with any questions

Jules Roman
Broker/ Owner
Tarpon Coast Realty
1693 Main St
Sarasota Fl 34236
941.366.0000 office
800 376-1408 fax
TcrJules@gmail.com
http://www.TarponCoastRealty.com
0 votes Thank Flag Link Fri Apr 26, 2013
Walter Czmielewski, This is a very difficult task to accomplish in Sarasota county or rather the core of Sarasota county. Most that are for sale, the cap rates are not great. You will have to look in Venice and south or Manatee and north.

Small multifamily buildings are difficult to find and not the norm in Sarasota. The preference has always been towards single family residences. Sarasota has and remains a second home market. It is a resort town. It is not a market of renters for job seekers as there is not a broad diversity of jobs in the area.

To achieve your search you will have to work with an agent. Even then it will be challenging.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com
0 votes Thank Flag Link Thu Feb 14, 2013
Hello,
Just read your link. I am about to list a 22 unit motel currently being used as a halfway house if that would interest you. Consistent income around $12,000 month. $775,000. If interested in this type of property let me know.
kevin
openinct@aol.com

941-346-0263
0 votes Thank Flag Link Mon Feb 4, 2013
I forgot expenses, they are around 4000. month . the property makes money if you can run a tight ship.
Flag Mon Feb 4, 2013
Hi Walter,

David is correct. If you are looking for maximum cash flow from rents, the numbers will not necessarily add up. If you finance any of the purchase you almost assuredly will not have cash flow at all. Not all agents would tell you this but sit down with an experienced agent and work up the numbers before you spend too much time and energy looking. When you add up all your closing costs, maintenance fees, management fees, taxes, insurance, repairs, utilities and all of the other expenses involved with owning a rental or investment property, I think you will find that you end up in the negative. If you are looking for something to purchase now to take advantage of the low prices and interest rates and only want the rents to help you carry the purchase until such a time as you can retire into it or looking to maximize your gain through appreciation then now is an excellent time to jump on this opportunity.

My best,
Terri

Teresa M. Fellows
Broker/Associate
ERA Waterside Realty
941-350-4297
tmf4257@mac.com
0 votes Thank Flag Link Mon Feb 4, 2013
Please feel free to contact me directly as I may have a property that meets your criteria. I look forward to hearing from you.

Mike Holderness
SaraBay Real Estate
mike@mikholderness.com
941-725-0338
0 votes Thank Flag Link Mon Feb 4, 2013
You may want to look for a property in Venice or North Port which are in southern Sarasota County rather than being right in Sarasota. Also, it would be anywhere from 10-20 minutes from the beach. If you don't want to pay high homeowner association fees there are some great newer homes in North Port in the non-deed restricted areas. You would just pay a property management company to handle everything for you. I would speak with some rental management companies to get an idea of rent, fees, overhead costs, etc.

Here are a couple to try:

http://www.RentMeFlorida.com
http://www.FloridaInvestorsPropertyManagement.com

Tammy Hayes, Realtor
Green Lion Realty
tammyhayesre@gmail.com
0 votes Thank Flag Link Mon Feb 4, 2013
Multi family is posible but close to the water becomes the issue. Naturly the closer you get the higher the prices go.But unlike may area's here in Sarasota you are never far from the beach. I live in center mainland and it is 20 minutes away, when I lived in NJ it was over an hour to get to the beach, so it is not so bad here.I think if you can spare some time to get to the beach you will get a bigger and better priced property for your money.You may find a place only 10 minutes to the beach.Please feel free to contact me and I can send you listings right to your email to look at and get an idea of what we have to offer here in then Sarasota area.

Michael Beninato
email: michaelb1@remax.net
cell 908-578-0886
RE/MAX Alliance Group
0 votes Thank Flag Link Mon Feb 4, 2013
I don't think it can be done.

Over the years I've tried to help several potential buyers looking for this type of property and the numbers just don't seem work out as a primary source of income, especially by the time you deduct expenses such as insurance and taxes from your gross rental income.

I'd be happy to send you some property listings and go over them with you if you'd like to see what's available.
0 votes Thank Flag Link Sun Feb 3, 2013
Thank you Dave for your honest opinion, Are you talking about whole Sarasota or location close to water ? Money down to low?The If you have any listings at least close to my goal, I would definitely give it a good look. What in your opinion has to happen to find the property making sense for Investor like me? Best Regards Walter
Flag Sun Feb 3, 2013
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