All Forum Posts by: Adam Belal

Hi everyone, I've been learning about financing real estate deals and I was curious about partnerships. For those of you that have done "i bring the deal, you bring the capital" type partnerships, how easy has it been for you to find and convince partners to work with you? On the flip side, what's in it for a potential partner to just give money to someone who might be new to investing? Thanks for the insight!

@Shawn McCormick Thanks for the detailed reply! So this condo's address is in Winter Park and it's only about 15 minutes from UCF. I specifically want to buy something near the campus since I myself still attend UCF and because I'm targeting young people to rent to. Once the 1 year is up I don't plan to sell, I'd just keep renting the condo and holding long term.

As far as being able to afford the property's expenses on my own, the main issue is that I'm still trying to build up my client pipeline. I'm in my second year in real estate right now and I was hoping that I would've made more money at this point, but I don't want to let it stop me from investing. The main thing I want to accomplish through buying my first property is to simply get started and start acquiring more.

Thank you again for taking the time to respond!

Hi everyone! I'm a 20 year old realtor here in Orlando and I've decided that I don't want to wait on the sidelines for much longer. I'd like to buy a condo and use it as a house hack. Even if the deal isn't the best possible, I just want to get stared. I've found an opportunity that looks decent in my eyes but since I still have a lot to learn I'm pretty unsure about it. Here are the numbers:

2b 2bth condo, Asking price: $149,000- at a 4% rate for 30 years the math comes out to around $711 per month

HOA fee is $369 per month

I could put down 3.5% so that's $5,215 but I'm assuming I can apply my 3% commission towards the down payment. Closing costs at 3% of the purchase price would come out to about $4,470.

As far as what I can rent it out for, I checked craigslist and I see vastly different numbers for various rooms. Some are asking $800 but I see most hovering around $600 to $650. I'll just go with $625 for this.

Total Monthly Payment would be $1,080

I would rent both rooms at $625 each so that's $1,250.

1,250-1080 = $170 in cash flow

I know there are also utilities but I would add on a utilities charge to the rent. Overall I suppose that I can live for free here or at least pay maybe $200 or less a month to live which is pretty good imo.

Here are my concerns:

1. I feel like the real estate market will crash pretty soon and I'd feel pretty dumb if this condo plummets in value mere months after I purchase it. Of course I'd be holding long term but it still doesn't feel smart to be in a hurry to buy when I anticipate a crash.

2. What if i can't find tenants? I see so many rooms posted on Craigslist and I have no idea if these people are successful in getting them rented out. I even see some rooms posted at $500 per month and If I can't get the rooms rented out then I'll be in hot water.

I really appreciate everyone's time and input!