All Forum Posts by: Eduardo C.

Hello,

I am looking to become a buy and hold investor in the Orlando Area.  I would love to get a mentor, but going to association meetings is a bit tough for me at the moment. Something on the phone or online would be best. 

How do people get an edge on getting properties others don't see?

How would someone structure deals with multiple investors? I plan on doing this to lower my risk and increase my buying power.

Do people use realtors to get them properties?

Are there any in-depths books, posts etc. that detail most issues in finding deals?

I'm waiting on a few things to finish up on my house to be able to refinance, and get a home equity line to fund this.  My goal is reach financial independence and use real estate along with my portfolio to get there.

I am looking to buy another house, and will be looking to sell my current home.

How do people work on the timing of selling and buying a home? I much rather have the home I am going to buy at least in contract with a good idea of the closing date before I commit to selling my current home. Are there any issues with this?

Thank you guys for the quick replies.

I will be looking to sell this house after I can locate another house to buy.

Hello all, I am working on downsizing and moving much closer to work which should save me a ton of money.

I am undecided on what to do with my current home.

Analysis

Purchase Price - 200K
Current Mortgage - $185K
Estimated Sale Price - 235-250K

Money is pocket is sold is >30K

Estimated Rent - 1700

Expenses
Principal and Interest - 860 - about 300 goes to principal
Current Taxes w/Homestead - $3,800, estimate $4500 with no homestead
Insurance - 100
PMI - 94.09
HOA - 75
Lawn Care - 45 (would pass on to renter, told is the norm)

Yearly Rental Analysis
1700 * 11 = 18700
PITI * 12 = 16200
Principal paid down = 3600
Maintenance = 3600
HOA = 900
Depreciation = 1500

Net = (18700 + 1500 + 3600) - (17160 + 3600 + 900) = 2140

Concerns
New to landlording
Capital Gains Tax
Low on Time with my current job
Depreciation would need to be paid back when I do sell
Market could tank
Lose the ability to claim taxes and interest on taxes
Force me to keep more money in cash

Rewards
Learn new skill
Market could appreciate
Inflation can raise rent

Look for advice on my numbers and any recommendations.

Hello,

I'm looking at buying a new home, and renting out my current one. It won't meet the 50% rule, but I would be wiling to do the landlording myself to save some cash. All the quotes I've gotten from property managers is first month's rent and 10% of the rent each month.

I'm in Orlando, and need to learn a lot. What are some good resources and how do I determine if I need an LLC? Would it be best to get a home warranty as well?

Rough numbers per month
Rent: 1600-1800
PITI: 1360
HOA: 75
Equals no margin and likely negative when vacancies and repairs are taken into account.

Fairly new home, built in 2006, and I just replaced the AC in 2013 for the downstairs.

My income can cover the two properties, and I'm ok doing this as long as I net money between the mortgage being paid down, and the tax breaks help me out.

I don't quite understand why it's not a flat fee. So, it would cost less to get a house managed in pine hills than other parts of Orlando. Doesn't seem like the pricing is right. Is this how they recoup on low income rentals? I got a recommendation for one, but they charge 20% for any small repair plus one month's rent and 10%. I'm not looking into some other ones recommended from here.

I am considering moving in the Orlando area. I'm looking a property manager, that has what I consider reasonable fees.

The few I have contacted require one month of rent and 10% each month. I have read of people finding property managers for 10% each month as their only fee.

The house I am looking to rent will likely rent in the neighborhood of 1500 to 1800 and is less than 10 years old.

Does anyone have any recommendations?

Hey Charlie can you message me the property manager as well? Thanks

hello,

I'm looking to potentially buy a property in the Orlando area.

Does anyone have any good ideas on locating a good realtor for the task? I have a few options I'd like to go over and this includes renting out my current place and buying a new place. I don't want to talk with a realtor that will simply say "oh sure, your rent will be higher than your PITI so you're good". I want to talk with a realtor with renting experience.