Hello! Another Newbie In Orlando!

[J P.]

Hello all!

I am an RN who's been in Orlando for 4.5 years now (Georgia native) and am looking to embark on my first investment property in the next few months. I've been reading a lot here on BP as well as on my own. Currently, Cash Flow Quadrant and Building Wealth One House at a Time. I've been looking at houses in different areas on Realtor.com and also viewing the crime maps on spotcrime.com as well at neighborhood scout.

What I seek is a SFH or small multi-family unit with good cash flow. I see several different techniques that are used here. I've been reading about the sub-50k which is interesting but I don't know if Orlando is the best market with crime seeming to be generalized unless you are further north (Winter Park) or West in the more expensive areas (Windermere). My budget is preferably less than 140k. It seems like it is a seller's market currently so I'm not sure if now is the time to buy or if it will change in a few months.

With all of that being said, I'm looking to find an investor-friendly REA who is knowledgeable on the market and good areas with low vacancy rates and good cash-flow. I searched Zillow and thought that I'd found someone but upon speaking with him, let's just say that we weren't a good match. He seemed to brush me off because I'm not a cash buyer. I felt like I was belittled and basically laughed at. I've worked hard to save about 60k and hearing people speak, it just doesn't seem like enough. He told me I wouldn't be able to finance anything less than $100k and that all of the investors here are cash buyers who would always beat me out if I ever obtained financing. While I do believe there's some truth to the cash buyers, I've been reading lots of blogs here on BP and I thought that anything over $50k+ could be financed? Is this wrong or would this more so be a hard-money lender? How does a property qualify for a renovation loan?

Sorry this is a long post...I'm rambling...but he kind of crushed my little dreams. I appreciate any and all feedback and look forward to networking!

[Daria B.]

@J P.

Don't be discouraged. Keep talking to RE agents until you find one that works with investors and will listen to you. You could also find an agent that doesn't necessarily work with investors as I have one that is still great at her job in knowing the market and RE. I do a lot of research and pose a lot of questions to her and she is more than willing to help. And she's not considered an investors agent but her knowledge is invaluable and I've learned to fill in the blanks. So far I've purchased 2 good SFR properties with her help.

On the note about the $50+ loans, conventional lenders will finance anything above that amount given all the other parameters are in place. I.e. loan to value, your credit score, you want to put down as much as you can and at least 20% to avoid PMI that is charged by lenders when you put down less. It's an insurance of sorts for them because you put down less.

@Jerry Padilla can chime in on loans they provide and more lender information as he's in the business.

I'm not sure about the renovation loan.

I work full time and do RE any available time I have. Read, read, read and see if you can find a local real estate group that will share with you the knowledge of this business.

Good luck and hope this helps you out.