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The trend of investment groups buying and managing large numbers of distressed, single-family homes, which has been documented extensively in the Review, continues in Tampa.
Stan Lifsey, president of Lifsey Real Estate and Holdings, says his business will be partnering with Frantzen Capital Management to acquire and manage distressed residential real estate properties, Coffee Talk has learned.
Lifsey says his company will be utilizing more of an investment-based strategy than what has been happening. Investors working with Lifsey will purchase and hold residential properties over the course of a four- to six-year time period, and will rent them during that time.
The group hopes to acquire between 250 and 300 homes over the next 18 months, having already bought 23 properties.
Those purchases that have been completed have come at steep discounts, with sale prices between 37% and 76% lower than their previous sales. And it seems they haven't had much trouble renting their purchases, citing an average wait time between one and two weeks before obtaining lease agreements.
For more on this trend, go to review.net and read about Bradenton-based Riverside Real Estate Co., led by John McKay and Ron Allen, and Naples-based Real Estate Advisory Services, created by Kenneth Saundry Jr., both printed in November.
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