All Forum Posts by: Armani Diaz

Hello, I just purchased a rental property duplex through wholesaler. We gave the current tenants a notice that we need them the evacuate in 30 days. We are asking the current tenants to leave as the property is not in optimal condition we like to have our rentals and we would like to fix it up to increase value and rents. Current rents are at $900 each unit =1800 once we refinance to a mortgage the mortgage will be from 2400-2500 total. Market rent is $1400-1500 for each unit. They have been in the property 20+ years and do not want to leave. The predicament we are in is the property is not in the condition to charge that much for rent and we would also leave a lot of money in the deal once we refinance if we cannot get in there to fix it up. Any advice for the situation would be much appreciated!!!

Thank you very much for your replies and insight everybody 

So I’m acquiring a duplex and my lender gave me a 4.125% and is trying to charge me 1.582% in points. I also own other properties so they are saying this is normal once you are reaching loan capacity. Is this normal to pay points on an investment loan even though I have 750+ credit score and good income? Any insight would be wonderful

The Kissimmee/Orlando area is great for STR & LTR. The great thing is that there is an option to do either if you were to get a property here. I say that because STR can make a really high return, but at the same time long term rentals are highly demanded in this area. When we put one of our properties out to rent we get dozens of inquiries leaving basically no vacancy. That's even during COVID as well.

I live in the Kissimmee area and home prices seem to not have been affected as much. Here in Osceola county we have fortunately not been affected by COVID-19 as hard as many other areas. Yes the supply has went down, but odd enough my mother who has been an agent in this area for many years is getting more deals now than ever like if there wasn’t a pandemic going on. Values have remained stagnant, but doesn’t mean it can’t drop in future. Be careful, best of luck 

@Courtney Radmall thanks for your insight! What kind of upgrades would you say gave you the most comments and return on investment? 

@Jonathan Conaghan I appreciate your insight! The property is located in Cumbrian Lakes approx 15min from Disney right off of 192 

@Jonathan Conaghan @Courtney Radmall I got under contract for my STR before all this craziness in Kissimmee. Closing today. My question is does it take long to build traction and get your listings seen on platforms like Airbnb/VRBO? I have some direct bookings already lined up, but wanted to post on those platforms a couple weeks before those ended. Just don't know how it's going to be in the beginning and what you need to do to get higher up in the listings. Your input would be appreciated. Thanks!

@Andres M. I would rate it a C. Kissimmee has some pretty good areas and some areas that I would just say lower income areas. This triplex is one of those lower income areas. The tenants are good people and most of the tenants I have in various houses scattered across different parts of kissimmee has never gave me issues. 

@Nick Khemlani zip codes 34744, 34746, 34743, when you calculate your operating expenses make sure you’re calculating the majority of the expenses upfront if you’re fixing it up. After it’s fixed up expenses shouldn’t be eating up your cash flows as heavily.