All Forum Posts by: Amie Lamb

Welcome to BP @Xi Guo! I too am getting started in REI in Orlando. BP has been extremely helpful for me to get educated about real estate and also stay motivated - which is most important thing.

If you are not already listening to the podcasts and #askbp videos, I highly recommend doing so. I have been listening to one or two a day and it has helped TREMENDOUSLY getting a handle of the REI vocab.

Also, setting up the Keywords is awesome. It will alert you when anyone posts about the keyword - which is great because its a reminder to get active on the forms each day. It's amazing the things you can learn from following a thread. 

Best of luck to you!

Thank you everyone for your comments!

I see what everyone is saying about focusing on cash flow, cap, ROI etc. ...But it looks like these usually correlate with the 1 or 2% rule based on the properties I have been analyzing.

I am starting to realize I need to A. connect with off market distressed sellers and/or B. completely change my target buying area. 

Either way, your comments have been very helpful on defining more REALISTIC buying criteria. 

@Andrew Davis, wow, thanks so much for that awesome analysis! I am definitely a numbers girl and love seeing it laid out this way. How did you pull those numbers? It is looking like I will need to consider taking my search a little farther from downtown Orlando as you and @Richard Ellis suggest. I just feel more comfortable near downtown Orlando because I know the market here pretty well. I will expand my search area while keeping my eye out for that KILLER deal though. :)

@richard ellis 

@Richard Ellis thank you so much for your reply. It is nice to know these properties are out there!! I have toyed with the idea of looking for multi families in the UCF area, but many investors have warned against renting to college students. Is that your primary focus? Sounds like you have found success using that strategy. Do you think it's a good area for a first time owner?

I like the idea of making your own value and finding deal that are not on the market - I will keep these in mind. I am open to some rehabbing, floors, carpets, appliances and paint of course. I will keep up the networking and will definitely keep asking owners if they are interested in selling. Thanks for the tips!

Thank you @Steve Smith for your reply. It is nice to know that I am not the only one having a hard time reaching that 1% guideline. I will absolutely keep in mind that these are guidelines and not rules!

I am new to REI and have been practicing analyzing deals to get a feel for my ideal price range and rent targets. I am getting no where close to the 2% rule and rarely even hitting 1%. I realize these are just rules of thumb, but I am wondering if this is typical for Orlando? What are other Orlando investors getting?

I am looking to buy a small multi-family property near downtown Orlando area - College Park, Delany Park, Thornton, the Milk District, Audubon Park etc. My logic is that these are places that I would want to live -  and I am the type of tenant I want to attract. (Mid to late twenties, working professional, able to pay rent but not quite ready to buy a home, I would feel comfortable managing them etc.). I also feel these are areas that would likely appreciate. 

I would love to hear from other local investors to know if I should hold out for a deal that comes close to the 2% rule, 1% rule or just throw these rules out the window for Orlando?

Hi @Bo Park! Welcome to BP and to REI in general! I think your goal of buying your first property by next July is very doable. You seem like you have a great attitude, just stay motivated and don't get discouraged when things get tough.

I am just getting into real estate in Orlando as well. I am looking for some good REI clubs nearby, would you send me the list that you mentioned of the local clubs? I am planning on trying out CFRI next month - let me know if you will be there and we can connect.

Good luck with all your future REI endeavors!

Happy birthday, @Brandon Turner!! Love listening to you and your real world REI drama on the podcasts!!

Hey Shane! Welcome to BP and the world of REI. I am getting started and am located in Orlando as well. I plan on attending the next CFRI general meeting, hope to see you there!

Thank you everyone!