Guidance/help on my first deal

[Elvin Tolentino]

Good evening BP.

I am working on my first deal. I have a lender, agent, and CPA in place. I am working on speaking with a real estate attorney but I am not sure if it’s necessary at this point. I know it will be for sure in the future.

I am looking for SFH in Orlando to BRRRR. I am looking to buy late his year or early next year. I am most likely going to go with a homestyle loan along with some private funds. I have also been analyzing properties, but none of them have been worth my time. Here's what I'm not sure about: how to accurately analyze properties (ive read the BP post and I'm checking numbers against the stock market cash on cash return)

When to involve a real estate attorney

What areas in my city are “up and coming” and how to find out without relying on RE agent

Basically am I doing things correctly so far? How can I improve? Sorry for long post.

Thanks.

[Joshua Baker]

@Elvin Tolentino

Your RE agent should be your “go-to” when it comes to market and submarket level data. I am very familiar with the Orlando area, there are a several agents that are total rockstars out there so I’d entertain talking to more than one before you commit to one.

A home style could be a decent deal, you’ll be paying a wicked commission on it, but it’s a usable product if you’re looking to roll rehab costs into your mortgage. Your lender should be advising you on how that picture looks long term being so heavily leveraged though so I’d ask some more questions.

As far as having a real estate attorney, there are 5-6 off of Mills/50 that know the area very well so I’d call around.

If you’re looking in Orlando proper, your paying a very high amount for a house, which in turn yields higher rents and can be a solid play long term. Appreciation is pretty much capped at this point outside of the higher end area such as the milk district, Thornton Park, etc.

DM me if you have any additional questions and I’ll answer what I can.

Good Luck!