In the market to purchase 1st Duplex, Triplex or Fourplex in Central Florida

[Thomas Boyd]

Hello BP Colleagues,

My name is Thomas Boyd and I'm new to the RE Investor world. I currently own a STR on the Florida East Coast with my brother in law. I reside in Central Florida and I'm interested in purchasing my 1st small multi-family unit (Duplex, Triplex or Fourplex). There have been some properties hitting the market, but have been scooped up pretty quickly. I've been looking in Lake County and Orange County but was curious if anyone is having luck finding deals in other markets (i.e. Osceola, Polk, Sumter, Hillsborough)? Ideally, I would like to self manage this property, so being within a 1 to 1.5 hour drive would be ideal.

Secondly, as I'm analyzing deals using the BP Calculator, I want to ensure I'm putting in conservative percentages for the expenses section. What percentages do you usually enter for:

Repairs & Maintenance

Vacancy

Cap Expenditures

I realize deals are certainly more difficult to come by, so I want to ensure I'm entering the most accurate data to analyze a potential deal. Any recommendations/suggestions are greatly appreciated. Have a nice week.

Thanks,

Thomas

[Tyler Gibson]

Quote from @Thomas Boyd:

Hello BP Colleagues,

My name is Thomas Boyd and I'm new to the RE Investor world. I currently own a STR on the Florida East Coast with my brother in law. I reside in Central Florida and I'm interested in purchasing my 1st small multi-family unit (Duplex, Triplex or Fourplex). There have been some properties hitting the market, but have been scooped up pretty quickly. I've been looking in Lake County and Orange County but was curious if anyone is having luck finding deals in other markets (i.e. Osceola, Polk, Sumter, Hillsborough)? Ideally, I would like to self manage this property, so being within a 1 to 1.5 hour drive would be ideal.

Secondly, as I'm analyzing deals using the BP Calculator, I want to ensure I'm putting in conservative percentages for the expenses section. What percentages do you usually enter for:

Repairs & Maintenance

Vacancy

Cap Expenditures

I realize deals are certainly more difficult to come by, so I want to ensure I'm entering the most accurate data to analyze a potential deal. Any recommendations/suggestions are greatly appreciated. Have a nice week.

Thanks,

Thomas

 Repairs and maintanance will depend on the age of the home but I usually use about 10%

Vacancy in Central Florida is usually pretty low but 8% is 30 days so I usually use that for a turnover. 

CapX will depend on age of the home or how long since it was last updated. Typically I allot 10%.

Deals are challenging to come by but they are sill out there. You do have to move quickly. on anything good.