Newbie in Orlando FL - Interested in BRRRR and House-Hacking

[Andrew Denelsbeck]

Hello BP,

I've been interested in saving and starting some sort of passive income for the past few years, and have recently stumbled across the strategy of holding long term rental properties. This is the first idea that has really stuck with me as exciting and feasible, although still challenging. I don't have any experience buying houses or connections with realtors, brokers, etc. I do have experience and connections in construction.

Any advice on where to go to make connections in the area with like minded individuals and potential partners/team members? Or just general advice for a newbie other than reading a lot? 

My main interest at the moment is house-hacking with a small multi-family. I'd love to find something that needs some work and I can scoop up at a good deal to build equity in with a rehab. I don't own a home currently so it seems like the logical first step. From there I'm interested in BRRRR with single family or small multi-family homes.

[Matt Leber]

@Andrew Denelsbeck stay active on the forums (specifically the local forums), make connections on BP, and attend local meetups to network. Check out CFRI and GOREIA in Orlando. Those are the main meetups.

There are definitely some small multifamilies in Orlando, but you will usually pay a premium if they are in good condition and in a good area. You might find some that will help you reduce your monthly expenses if you househack, but just make sure it still cash flows if you decide to move out. Last thing you want is to be stuck with an underperforming/expensive property in a househack you wish you could move out of. Also, consider househacking a single family by the bedroom if you have some friends in the renter pool. I know a few people who have done this successfully. You will find many more single families in greater Orlando than multifamilies, and much cheaper. Not to say you can’t find a deal on a multi, but it will likely be much more competitive/rare. Good luck!