Advice on house hacking a multifamily in Orlando?

Question

I am a newbie to real estate investing! I have been doing some research and think I've decided on house hacking a multifamily property. If anyone has done this recently in the Orlando market or if you just have advice to give, please feel free to share! I am very new to this and could use any help. Thanks in advance. :)

Account Closed · Answer

Hey Caitlin! I am currently house hacking in downtown Orlando, bought the property in July! I am also a local Realtor in the area and I would be happy to answer any specific questions you have. It all depends on what your personal goals are for the property ya know? Do you already have a property in mind?

Mike Shulman · Answer

@Caitlin Brennan, I have done a few house hacks in Central Florida. I have a quadplex, triplex, and duplex that I have house hacked.My current property is a BRRR/ Airbnb house hack. I'd be happy to give you any advice I can. Feel free to PM me.

Devin James · Answer

Hey Caitlin, I am currently house-hacking while also doing a live & flip. The property includes a main home that is 3 bed 2 bath with about 2200sqft, a detached unit with about 500 sqft and a basement to the main home with another 500sqft. After done with all the rehab we are going to sell, which will probably be around January. As previous investors stated, it is difficult to find multi-families to house-hack in Orlando (especially in the nicer neighborhoods). Let me know if you have any questions!

Brandon Reed · Answer

@Caitlin Brennan - Unfortunately Clermont MF Properties have eluded us for like 5 years. We've been trying to House Hack a MF here for that long and have off-market and on-market strategies to get something and have just struck out. Inventory is incredibly limited and when it comes up it's overpriced and is often in a multiple-offer situation. Hate to be bleak 😕 but that's just been our experience. We finally moved forward with SF because we really wanted to start getting our feet wet and were spending too much time spinning on MF without results. We are trying to House Hack 3 properties before buying one for ourselves. We're in our first and under contract for our 2nd. But we're still actively on the looking for MF in case an opportunity pops up for us to do that for our 3rd property.

Keep looking! Even though we haven't done any deals MF off-market that is where we've seen the most momentum with sellers getting back to us and such. Best of luck to you!

Caitlin Brennan · Answer

Thanks @Brandon Reed for your honesty! I’m really trying to set realistic expectations for this so I very much appreciate it! Luckily I do have a margin to take it on right now. I see you’re in the Clermont area. I am currently living over there and was considering the area. Have you bought properties there? If so was it multifamily and what was your experience like? Thanks in advance, Brandon!

Brandon Reed · Answer

@Caitlin Brennan - Be realistic with the amount of work you'll do yourself once you move in. One of the most attractive things about House Hacking is the sweat equity you can put in over the course of you living there. However, rehabbing while occupying is tough 😄. I speak from experience haha. Just be realistic with yourself and your situation. If you have young kids maybe try to front-load the rehab to before you move in. Or if you have the margin in your life to take it on then go for it! Just be realistic is my best advice 😊. Best of luck!

Caitlin Brennan · Answer

Hey @Shawn McCormick thanks for your input! I have noticed that Orlando is lacking in ideal multi family properties. I’ve been really trying to set realistic expectations so I really appreciate your honesty. :)

Caitlin Brennan · Answer

Hey @Brett Nyquist thanks for replying! I would say my personal goals would be to live on the property for a year while renting out other units (either long or short term) and eventually moving out and renting all units! I don’t have any property in particular in mind yet just have been browsing Zillow!

Advice on house hacking a multifamily in Orlando?

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