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All Forum Posts by: Chris C.

Chris C. has started 6 posts and replied 34 times.

Most banks want a cool off period of 6-12 months before you can refi - but every bank is different. Local and community banks or credit unions will probably work with you more than the bigger guys on this, especially if you have a business plan.

I think another per-requisite is having more than 20%~ equity in the home to create a loan out of.

My advice - RUN. 

Celebration was built in a rush and then immediately sold off after realizing how many mistakes rushed and low-bid contractors made. HOAs and residents are STILL feeling the burn today as they get massive special assessments to fix problems. If you drive by, you can literally see the buildings bending.

Great for a visit, or a night of drinks, but I would personally never buy anything there.

There's a book about Celebration and how it was constructed: "The Celebration Chronicles: Life, Liberty, and the Pursuit of Property Value in Disney's New Town". Read this book before you buy here if you are serious about it.

A much better option: Hamlin, or any neighborhood in Horizon West. There are big plans to build restaurants on the water, and it has great access to the parks and 429.

Post: Real Estate, where to begin?

Chris C.Posted
  • Clermont, FL
  • Posts 37
  • Votes 43

Find an area near a college and jump in man! Florida is full of lost cost housing and college kids want to pay very little. If you're getting into the market for the first time it's a great way to breach the waters.

Make sure you have a strong lease and a cosigner, and you'll probably do fine.

I'm not an economist or anything but there are a lot of businesses that are embracing remote work in efforts to save money on office space and utilities, not to mention offshoring.

With this movement gaining track maybe we see people move inland to those rural areas throughout the country (or even abroad!) that allow them the flexibility to live cheaply or purchase that first home. There's so much of this country that hasn't been developed or even touched yet. Sea to shining sea!

How's the neighborhood? Would it be worth it to demo and rebuild class A, get better tenants and more rents?

Probably not that appetizing to think about taking on a mortgage again, but it could be a way to breath fresh life into the properties.

Hey Mike! My goals are the same as yours but more inland in Central Florida. I'm finding the market is tough right now too.

Another thing I'm finding is that there are a lot of properties in the area marketed as MFH which are actually still SFH with a divider or something put up to function like MFH. I have had to turn away from "deals" like this. Realtors are not always your friends.. Best of luck.

Post: 23 years old , not sure where to start . Please help !!!

Chris C.Posted
  • Clermont, FL
  • Posts 37
  • Votes 43

@Faysal Alam - You've gotten a lot of advice but one thing I haven't heard is - Use the situation with your parents as your strength, not as a weakness! If cultural (and girlfriend!) allows or even encourages it, then take advantage! You have 3 other people in your immediate family that will follow your lead, as the first generation english speaker and from what it sounds like, the financial head of household. This is an incredible boon to someone so young! I am jealous.

My advice - find a community outside of NYC that supports your parent's native language. There has to be other areas, cities even, that support a neighborhood of folks that speak the language - even moving from NYC to an area like Orlando would cut your spending dramatically. Orlando is a large melting pot and your aging parents may enjoy the warm weather on cold NYC bones. They may make more friends that are closer to their age. Most cities area cheaper than NYC - so take your time to do your research and see if you can get out of NYC, maybe leverage your position as the head of household. I realize that a crux of older cultures is that the elders are always in a leadership position, but your situation may be different and don't want to presume.

If you absolutely cannot leave NYC, maybe you can move just outside NYC? There are a lot of ways into the city - boat, train, bus, and each increasingly cheaper. Can you work outside of NYC in a similar environment? Say you are a restaurant server, can you serve in a nice place in a cheaper location?

With the move, you may need to coach your parents into a lifestyle that doesn't require the luxuries of the city. As you are finding, everything comes at a price and to get ahead and for you and your girl to build a life together, you may need to give a bit of that luxury up today to set your family up for tomorrow. Can your family still commute into the city on the weekend to see native-tongue friends? Can you teach them how to Skype, email, text, Google Duo, or Apple Facetime? Or maybe they just pick up the phone and give people a call.

Just some ideas my man. Best of luck!



Post: Did I miss my chance?

Chris C.Posted
  • Clermont, FL
  • Posts 37
  • Votes 43

How long have you been looking? The Orlando market is the same - I started looking around 3 years ago and saw prices in certain areas (Horizon West if anyone is curious) rise 20-35% in that short time. I also have concern about a bubble.

There is no denying that we are in the height of the market. Experts everywhere agree real estate moves in waves. Current administration can move to raise rates... or they may not. The subprime mortgage market, even after all the damage it did, has evolved like a virus and still exists today in other forms. There's tons of factors that go into a crash and you could sit and analyze your days, months, years away. Like I did! I missed out on a savings of around 100k in that target area. My solution (based on income) was to buy in a less hot area, but one still targeted for appreciation. Even though I didn't hit that target, I absolutely have learned from all of the experiences - from purchase process to renting out rooms, it's been an incredible journey since my first purchase one year ago. I thought I had bought at the height of the market, but it continues to grow today.

Your solution could be similar, or completely different. Maybe you take some time to read, or join a local REI club, or find a mentor and pick their brain. This time could be spent watching the market and growing as an individual. OR, you jump in head first and start learning by experience. There's a chance that the market continues to grow strong and you gain rent income, appreciation, and experience in that growth with the market.

Every situation is different man! No one can truly predict the market. Best of luck.

Post: Home Warranty or not?

Chris C.Posted
  • Clermont, FL
  • Posts 37
  • Votes 43

I can't stand my home warranty, but that quote sounds pretty good. How many units does it cover?

I found that when the appliance hits it's natural expiration date, it made more sense to just replace the appliance instead of repeatedly calling the warranty, who will fight you tooth and nail to NOT replace the appliance. My two cents. It's great if you aren't expecting anything though, since some jobs can cost way more than 45$ + the upfront 1000 fee. 

May be worth it for your reputation (at the very least) to allow them a grieving period - Wish them well, pass your condolences, then bring up the move later. The elderly are a massive group in FL and if the wrong person heard you were giving a family a hard time in a difficult emotional season the decision may turn out bad for you.

Maybe you could work with the family to move the belongings into a storage facility while you advertise the unit. Be extra careful not to let slip that someone died in your unit!!! I know I'd get the jitters LOL

It could also work out in your favor - If the stuff isn't old or worn that bad, you could offer to buy the furniture off the family at a very good price and then advertise the place as furnished, which could command higher rent.