All Forum Posts by: Adrian Lammersdorf-Scioll

Nice! BRRRR is the way to go!

- Of course it's always important to find great deals, but how "great" is necessary for student rentals? I.e. We'd love to buy low and add value, but if the numbers seem to work on a turnkey property, is there a reason not to go that route?

Turnkey homes from what I see are still getting sold pretty quickly, you may be better off finding something that needs a little work, or even a duplex that you can fix up.  Try offering to multiple duplexes and even calling the owners directly (try calling the ones that have owned 10+ years) and seeing if they will sell to you.  I find these are the easiest cold calls to make, but usually they will hit you with a big sticker price at first.  Another route is looking at all the listings that have been sitting for a long time and sending an offer that makes sense for you to cash flow with interest rates and rooms/units rented.  Use FB marketplace to figure out what you can rent the rooms for.

- How risky are student tenants? We were pretty good kids in college, but of course we had parties and made our share of messes. I can handle some college shenanigans, but I'd also love to hear some horror stories if anyone has one.

I would highly recommend screening very thoroughly and asking questions to see what they're lifestyle is like, theres no need to only get college kids either.  I had a roommate like this for my first house hack and she was great at first, but I didn't stay strict on certain rules and things got stretched out more than they should have haha.  Of course make sure you are being compliant and letting everyone get screened and not being discriminatory. 

- What sort of turnover can we expect? The idea of a natural turnover seems more of a benefit than a drawback to me, but I'd love to know some rules of thumb for just how frequent can be expected.

This would be set by you, you could go the Padsplit route which is company that rents by the week and helps secure tenants, or you can find them yourself through FB marketplace or Zillow and get a lease made and take a deposit.

Sounds like a great idea, just make sure zoning allows you to do that.  Why not take out a home equity line of credit thought so you don't need to borrow from someone else?  

Call the city to see what zoning you have, and if you can even do it, and make sure you get a licensed and insured contractor that has done ADU's to see if its possible. I know a good contractor that has a lot of experience with permits if you'd like the contact information.

 I agree with this answer

Heres some books that I think will help you a lot:

"Rich Dad Poor Dad" -  will help you understand the power of investing.

"Managing Rental Properties" - will help you get really good tenants and make you a great landlord that keeps great tenants.

"Tax Free Wealth" - will help you understand all the tax benefits of investing in real estate.

"Finding and Funding Good Deals" - really good book on helping you get properties for a good price even in this type of market.

I would consume these as quick as possible over the next couple months, it will definitely give you a boost.

I started in real estate AFTER the covid boom, and I'm doing well off.  I did the house hack route, about to buy my 3rd now.  I definitely made some mistakes, but nothing really bad that I couldn't recover from.

 There's duplex's out there that are 3/2s on both sides, you could always do something like that.  Theres a lot of percs to owning as opposed to flipping.  Appreciation and depreciation are two really good ones.  

Flips are good, but you definitely want to know what you are doing, if you can find a duplex that fits your family and needs work you could get the experience fixing it up and making it really nice for your family.  

You could also do a live in flip.  Next best thing would be to partner up with a flipper and help get them deals.

Best thing is to just pick one and go for it all in otherwise you get analysis paralysis.

Hi Jodie, I'm a fellow Orlando agent with similar goals, sounds like a great plan.  Feel free to reach out if you'd like to connect!  Best of luck finding a quadplex.

I would recommend also finding a brokerage that has agents doing flips for their clients and doing all the work you can to help that certain agent so you can watch what they do and learn, but also give value to them.  Ex: offer to put up their open house signs, offer to door knock for them or cold call expired/withdrawn listings.  

Attending meet ups is another great option as well, I've met a few money partners through meet ups.  When you go to the meet up just make sure your asking the right questions, such as what you are looking for exactly (money partner, deals, contractors).

I know in Orlando in most areas that don't allow air bnb, will allow you to have an air bnb as long as you live in one side of it while having it as an air bnb. As long as there's no HOA rules there should be no problem doing a medium term rental. You could also try doing a padsplit, its another way to get more rent for a property by renting the rooms individually.

Welcome!  The best way to get started with today's market in my opinion is doing a live in househack/brrrr.  Find something you can live in and finance with low money down and can rent out the other sides, or rooms, and that you can also add value to.  You will cut your cost of living down, and build equity at the same time.  Feel free to reach out if you need some help.