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Torcana Investment Blog

Thinking of buying real estate from out of state or overseas? We explain what you will need..

Posted by Colin Murphy on Apr 17, 2016 1:00:51 PM

At Torcana our specialty has always been catering to the requirements of out-of-state and overseas buyers keen to purchase turnkey rental properties. Surprising at it may seem, most locally based sellers are simply not tuned into the specific needs of potential buyers located thousands of miles away. They find it difficult to educate them on the market or inform them of what they need to be aware of as a non US resident. They find it difficult to cultivate business relationships with people they rarely (and sometimes never) get to meet in person.  

While most sellers would not be happy with the idea of answering continuous questions and building relationships with potential buyers who may take months (and often years) to take the plunge and invest in a property, it is actually what we thrive on. 

We have always gone out of our way to offer a high quality of customer service which includes:

- A regular supply of blogs, ebooks and podcasts to teach you about our real estate markets
- Providing turnkey rental properties with high renovation standards and competitive pricing
- Optional introductions to vetted property managers, insurance brokers & accountants
- Spending quality time with people that wish to visit the areas we operate in
- Being genuinely available to answer questions before, during and after your purchases 

Our Track Record
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Back in January you may remember that we promoted a 30 page PDF that contained detailed information on 14 single family homes we had recently purchased, renovated and resold in the Tampa Florida area. They ranged in price from $70,000 - $100,000 with estimated net rental returns of 8-9% after all fixed and variable overheads.

We have been updating our records and next week (w/c 18 April)  I´ll be presenting a 75 page "Torcana Track Record" information pack which will contain details on no less than 36 properties worth $4.5 million that we recently transformed into beautiful turnkey homes.

The information pack will include a property description, financial breakdown and before & after photos of each home that was purchased, renovated and resold. They range from small 2 bed 1.5 bath properties in the Tampa suburbs worth $70,000 to two storey pool homes in affluent St. Petersburg neighborhoods worth $400,000. 

To give you a quick preview, here are details of three properties completed in the last couple of weeks ...

1. Valley Court, New Port Richey (Tampa FL). Status: Sold 
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This home probably had the best curb appeal of the 30+ properties we have purchased in this part of Tampa. With great neighbors and bordering the Magnolia Valley Golf Club, his three bed two bath single family with a 2 car garage and large garden has excellent capital appreciation potential.

VIEW TWO PAGE BROCHURE (financials, description, before & after images) 

2. El Camino Paloma Ave, Port Richey (Tampa FL). Status: SOLD
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A beautiful 3 bed 2 bath home in Port Richey which features fresh paint, new flooring, new third bedroom, bathrooms with new granite counters, an open plan living/dining combo and family room. There is an entertainment deck off the family room and the backyard is privacy fenced with a storage shed. Conveniently located near the bus line, shopping and restaurants.

VIEW TWO PAGE BROCHURE (financials, description, before & after images) 

3. Lakewood Drive, Hudson (Tampa FL). Status: Under Contract
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Lakewood is a 3 bed 2 bathroom single family home with a huge garden in a quiet peaceful neighborhood. This lot size is three times bigger than the average property we purchase! The home features a brand new kitchen with granite counters, new air conditioning unit, new floors throughout, a screened front porch, attic and oversized garage.

VIEW TWO PAGE BROCHURE (financials, description, before & after images) 

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As you can hopefully tell from the photos and financial breakdowns above, these are high quality renovations in genuinely nice neighborhoods. More importantly, all three of these properties sold for less than $100,000 and they all have high estimated net rental returns in the 8-9% range.  

Finally, here is a similar property that is available to purchase TODAY

Castanea Drive, Port Richey (Tampa FL): Available for $83,900 with est. 9% net returns

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Castanea Drive is an immaculate home in the sought after Regency Park neighborhood in West Tampa (New Port Richey neighborhood). It two bedrooms, two bathrooms and a bonus room that could be used as a home office or playroom. This is completely rent ready with gorgeous flooring, new bathrooms, newly painted rooms and a huge fenced in backyard. 

The local property manager we work closely with on all our homes in this region paid a visit to the house a short time ago. We spoke on the phone and he said "it was probably the tidiest and most rent friendly home we´ve sent him to yet".

When we told him we were also going to add a dishwasher, some granite counters, new vanities and other miscellaneous items, he just shook his head and said it would be a pleasure to find tenants for it.  

This really is one of the cleanest properties we have secured for quite a while and would make a perfect rental home. With Tampa getting more competitive than ever, this is a rare opportunity to secure a quality, high yielding rental for just $83,900. 

To put this price in perspective - it equates to $48 per square foot! You couldn´t build a house for anything NEAR this price. Big national homebuilders with significant economies of scale could not deliver homes to clients at these prices either. 

Castanea Images: Click here to view full gallery of images 
Note: These images DON´T include the additional renovations we will completing before resale! 
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Financial Breakdown (estimate only)
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Four Point Inspection
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(Click here for full image gallery)

This house is very sound with all major items in solid working order with many years of useful life remaining. Here is a brief summary of our professional inspection:

- Structure: Reinforced masonry
- Foundation: Slab
- Water heater: 8 years old 
- Roof: 9 years hold
- Air conditioning unit: 12 years old (est. life is 20 years)

Each star in the map below represents a home we have purchased and renovated in the past few months. While we also purchase in other parts of West Tampa & St. Petersburg, we know this area extremely well and the properties we have renovated here have always been rented quickly and efficiently. In short, it is one of our favorite neighborhoods for safe and profitable rental properties.   

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Next Steps

If you are interested in reserving the above home (or a similar one), please try get in touch with me by telephone or email as soon as possible to discuss the next steps. 

Finally, please feel free to call me anytime for a general chat. If you are interested in learning more, but aren´t sure when or how you will be in a position to invest, it will still be our pleasure to make ourselves available to offer any guidance we can. 

Colin Murphy
Torcana.com
727 302 1422

Topics: Buying Real Estate, tampa rental property, investing from overseas

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