How I Bought Rental Properties for 33% Off in a HOT Housing Market

Episode #861

Remy was looking for rental properties in one of America’s hottest housing markets. He knew picking up one rental property, let alone a multifamily, wouldn’t be cheap. But, somehow, even as a newcomer to the area, Remy was able to buy a rental property at a deep discount. He got three rental units for the price of two in a market with loads of investors and immense competition. How did he do it? We’re about to share the secret.

In this episode of the "BiggerPockets Real Estate" podcast, we’re talking to out-of-state investor Remy, as well as Kim Meredith-Hampton, long-time real estate investor and Remy’s agent! Kim operates both in Tampa and Orlando, Florida, serving investor clients looking to buy in a state that has seen immense population growth. Seeking to take advantage of strong demographic trends, Remy picked Kim as his go-to Florida agent, and the rest is history.

Remy and Kim will talk through the three-for-the-price-of-two deal they picked up in the very competitive Florida market and how they were able to get the deal done EVEN when financing fell through, LLC problems came up, and a hurricane froze the Florida state government. You’ll also hear about the final numbers of the deal and why Remy ISN’T counting on big cash flow BUT will make his riches another way from the rentals.

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Explosive Growth Could Be in Store for These Two Real Estate Markets w/Kim Meredith-Hampton:
https://www.biggerpockets.com/blog/real-estate-766?utm_source=youtube&utm_medium=description&utm_campaign=none
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Florida Overtakes New York as Second-Biggest US Housing Market:
https://www.bloomberg.com/news/articles/2023-09-26/florida-overtakes-new-york-as-second-biggest-us-housing-market
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Connect with Kim:
BiggerPockets: https://www.biggerpockets.com/users/kimhampton?utm_source=youtube&utm_medium=description&utm_campaign=none
Website: https://www.hamptonrea.com/
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Show notes at: https://link.chtbl.com/BPRE


00:00 Intro

00:56 The Hottest Housing Market?

04:17 Why Invest in Florida?

07:27 Building His "Buy Box"

11:56 The Underpriced Triplex

16:30 Inherited Tenants

18:11 Final Numbers on the Property

19:35 Financing Troubles

22:36 Stop Waiting to Invest!