All Forum Posts by: Adrian Lammersdorf-Scioll

Florida Law states that you must put it in separate non interest bearing account (if interest you must pay most of it back to them), but if you're just renting a room out you can just create a makeshift lease from google that is Florida related for your room, and use that.  I'm pretty sure the law only applies if you are renting out the entire house/unit and/or not living in it yourself.  I did something similar and just told my roommate that I was holding it in a savings account and gave her the interest after she moved out.  She is also a good friend of mine though so I wasn't so worried about the law.  If you had a duplex and you took the deposit from the new tenant at closing, then you would want to let them know where the deposit is being held after closing.  I just did that myself, and I had title company and lender guide me on how to navigate that just to double check.  You should be fine just make sure you don't use that money, and always have at least that much in your account.

Things I learned getting into a deal that needs a lot of work:

1.) Lowes, and Home Depot SUCK at getting you appliances, installation, and doing things on time. Instead ask for references of local appliances or go in yourself and see how they work. You can get things much quicker, and A LOT cheaper

2.) Absolutely NEVER go with the first quote. My first quote was 50k for materials and work done. I paid 20k and got an amazing worker that was quick for the most part, and helped guide me in the process.

3.) Work with your contractors, help them get supplies, and bring them food. They will get things done quicker, and work much harder.

4.) If you are taking this journey with you partner, make sure you have an amazing partner that will support you and trust you along the way. Your connection with each other will multiply. (I would not recommend doing this with a partner if your relationship is not in a good place, you will be tested)

Hope this helps for anyone looking to get into real estate. Don't let fake gurus tell you that the market will drop for no significant reason. There are deals out there, just take your time looking and work with an agent that knows what they are doing. There are some sellers that have come to reality with their pricing, and more will come as interest rates go higher! Ask about seller financing, or subject to mortgages!

Looking for CPA in Orlando area.  I found one that doesn't invest in RE himself but has worked with 100s of people for about 30 years.  Would like to see if I can explore my options with someone who has RE themselves and I can go to for some advice as well if they are out there.  Feel free to send a DM.  Thanks. Couple years experience is a must, and owning RE is a huge plus.

Thanks for the responses, all this really helps me a lot. I have a bit of a lucky situation where I met the owner in the gym that I work at so I think I have some leverage with negotiations. He needs to sell soon so he can 1031 for a property hes trying to get in DC. I probably wouldn't be as interested in the loopnet property if I hadn't met him in person before hand. Either way im not sure how loop net works, do they pay realtor fees or is it a seperate thing? This property does not come up on the MLS as a for sale.

Appreciate the response, but if this is a listing on loop net how would I do the comps?  It was listed as multi family, I was confused on which it was.  I don't have any experience buying anything over one unit at a time.

Thanks for replies, thought i replied back.  I found someone who was able to help me understand it.  @Mike Schofield Thanks for the offer!  I am going to go to your February meeting.

Hi, I am looking to put an offer on a multi family building soon (4 units), and was curious if anyone has a good video they can send, or can guide me into figuring out the value of the property.  I know that you have to take the noi and divide it by the cap rate, but is there another way?  I remember hearing that its not always the best way to calculate value.  It will be my first multi family, but not my first property bought, i'm already doing a house hack.  Thanks

Hi I am a realtor/investor in the Orlando area currently doing a house hack.  I have investors, and would like to learn from someone who has bought multi family units, how to find deals.  Where do I go to find the units, how do I present the opportunity to my investors with funding so I have my name on it as well and get a share, and what should I know before going to my investors before the deal so I can feel confident in telling them how it will work.  I am willing to pay for the time to talk to someone about it.  Please reach out if you can help.  I plan to buy in the next 6 months or more.

Thanks for the responses, and information. I've heard that with condos. Do you have access to off market deals and if so how do you find them? I've heard of looking for distressed properties and calling is a good bet as well, but since im not living there it would be a bit difficult, and considering im doing an FHA loan I know people usually don't want those offers.

I currently live in Ft Lauderdale and am relocating to the Orlando area. I'm trying to find a good deal but having alot of trouble. Duplexes, and triplexes are either too expensive or are gone in minutes. Curious on any suggestions? I was thinking about getting a single family home and either rehabing one and flipping or getting one that doesnt need much renovations and renting the extra rooms out. My other idea was to get a condo since those are going pretty cheap in the area and I could rent it out and get something when im there. I'm a realtor and I have my license placed with a broker in Orlando so that helps alot too. Any advice would be tremendously appreciated. Having a rough time at the moment, and I feel like anything that goes on the MLS isnt even a good deal except condos, but than everyone I talk to tells me condos arent a good move.