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Updated about 5 years ago, 12/06/2019
Orlando, FL and Raleigh, NC markets for out of state BRRR’s
Hi BP -
I currently live and invest in Washington State and recently finished David Greene's book on Long Distance Real Estate Investing. After my research I've landed on two markets to dig into and learn more about; Orlando FL and Raleigh NC. My goal is to network and learn more about each market, the areas where people want to live (or even better where the path of progress is headed), the types of construction, the current supply and demand (as it relates to buying distressed SFR / MF), strategies that are working to find these distressed properties (REO, wholesaler, 1/2 rehabbed, etc),how each market measures up to the 1% and 2% rule, successes in building a team, etc. If you, or people you know, are interested in networking and talking I greatly appreciate it. If you have a referral, I would also be grateful and take your recommendations there too.
My strategy to begin will be to acquire all cash, rehab, rent, refinance and keep doing it! Plan is to do at least 10 next year and get comfortable with that market and then buy into larger MF. I currently own an 8 unit and an SFR in Pierce/King county (Seattle area).
Thank you BP community!
@Ryan Judah. Hello. You'll find 1% deals on the fringes of Orlando Metro. You might see 1.5% in some of the rougher areas, but you're generally not going to see anything under-priced here anymore.
@Ryan Judah I am a realtor and rental property investor here in Orlando and @Andrew Ashby is correct.
- Tyler Gibson
- [email protected]
- 407-590-9858
@Andrew Ashby and @Tyler Gibson thanks for the comments. Are there any specific neighborhoods or areas on the fringe of Orlando proper that you would recommend? Have either of you done a deal in Orlando recently that you would be willing to share the numbers on (SFR or MF, ideally a BRRR)? Any additional information is appreciated and I would be open to a call if you prefer. Appreciate anything you can offer.
Thank you
@Ryan Judah, yes send me a private message and we’ll go from there
Hey, just saw your post. I am a new investor/wholesaler to the Raleigh market. Maybe we can get together and connect on some deals.
Hey @Ryan Judah - I actually moved to Orlando from the PNW (Portland, OR) about 6 years ago. Had no idea it would be such a hot market when I made the move.
@Andrew Ashby is correct, a diversifying and growing economy here has led to crazy YOY rent increases which has pushed property prices much higher. When I first started investing here (2014) I was able to find properties in decent areas that met the 1.5% - 2% rule. Not anymore, finding a B class deal that meets the 1% rule is a great find these days.
Both Andrew & @Tyler Gibson will be great resources for you in this market.
@Nikolai Ray also gives a great referral in Joe LaFleur/100 units, they're really active in the market and great to connect with.
Will be interested to hear about your progress and see if you land on Raleigh, Orlando or both.
As others have stated, it's difficult to located properties that meet the 2% or even 1% rule in today's market unless they are located in riskier areas.
Here are two graphics that showcase this phenomenon.
The darker values correspond with higher ratios. As you can see the areas with high rent to price ratios are outside the city or located in rougher areas.
Hope this helps!
Hello all,
I am from NYC but have a lot of family in FL. My mother and I want to start investing but cannot get into the NY market even if we wanted to right now. We have been looking at houses in Florida and talking to friends and family but would appreciate talking to some investors and real estate professionals about the Orlando and surrounding area. Any recommendations would be greatly appreciated.
Best of luck @Ryan Judah I would love to connect and discuss the Orlando area.
Also, @Andrew Ashby I would also appreciate any recommendations that you may have.
Thank You,
Caileen Gonzalez
@Caileen Gonzalez, it all depends on what you are looking to achieve here. If you’re looking at single-family and small multi family, I recommend looking at the fringes of Metro Orlando for 1% deals (for my purposes, I define Metro Orlando as a one hour driving radius to downtown which can be as much as 40 to 50 miles depending on which direction you’re coming from). When considering the city of Orlando and Metro Orlando, it’s important to understand that the city limits of Orlando are still quite small and you’re talking about roughly 240,000 people within the city limits while the greater metro area is in excess of 2.5 million people.
@Nikolai Ray Thank you for the reply and insights. Wish I were in market to attend the symposium, but I won't be able to attend. Appreciate the graciuos offer on tickets. I'll reach out to Joe Lafleur 100 as you mention.
Originally posted by @Andrew Davis:
Hey @Ryan Judah - I actually moved to Orlando from the PNW (Portland, OR) about 6 years ago. Had no idea it would be such a hot market when I made the move.
@Andrew Ashby is correct, a diversifying and growing economy here has led to crazy YOY rent increases which has pushed property prices much higher. When I first started investing here (2014) I was able to find properties in decent areas that met the 1.5% - 2% rule. Not anymore, finding a B class deal that meets the 1% rule is a great find these days.
Both Andrew & @Tyler Gibson will be great resources for you in this market.
@Nikolai Ray also gives a great referral in Joe LaFleur/100 units, they're really active in the market and great to connect with.
Will be interested to hear about your progress and see if you land on Raleigh, Orlando or both.
Andrew - thank you for the reply and great to hear you're from PDX, that's where I grew up. Thanks for the insight and best of luck to you in the SE. If you have any referrals or contacts in the Orlando market (PM, lender, GC) I'd appreciate it, and if I can help you in any way, PM me and we can connect.
@Ryan Judah anytime. I'll shoot you a PM now with some referrals.
Thank you @Andrew Ashby I will keep that in mind.