All Forum Posts by: Elwyn D.

Thanks, Courtney. No, its not a tiny house community. We have pushed the rent up each year to what the market can bear. Of all options, selling and using equity elsewhere may just be the best.

I'd like to understand if i am getting the most out of this property: 

It is a 1550 sq ft single family 3/2 ranch home in the Orlando Fl. SODO-ish area. Corner lot is 110' wide x 140' deep. house sits right in the middle and is 67' wide x 25' deep. the rest is backyard and front yard. It has been a consistent cash flower for the last 5 years w/ no issues.

It is on E Grant for those familiar w/ Orlando SODO, between Orange and Delaney Park.

As-is, property is worth approx. $300k to the market as a good guess. Bought it for $180k 5 years ago as a buy and hold.

Developers are putting $400-600k homes on tear-down properties all around it.

I looked at tearing down and putting a 4-plex on the lot...not allowed per code.

I looked at tearing it down and doing a duplex...after all costs and penalty of interrupted cash flow...bad move.

I looked at tearing down and putting two single family homes...bad cash-flow move.

It just seems that with a lot so large relative to the size of the home is in such a hot/in-demand area, i should be able to get more cash flow. 

Anyone have any thoughts/ideas? Thanks in advance.

It’s ambiguous when I read it. There is that “DU” figure of  7 units per acre. Next week I’m going downtown to seek better understanding. For now, I’m looking for advice from anyone who’s tried to get more than a duplex approved. Thanks 

I want to tear down a 1600 sq ft ranch in a hot infill area of Orlando called SODO  (south of downtown) and build a fourplex for rent and hold. Currently cash flows ~$1000 per month. There is no mortgage So land is totally owned and  after completion, Cash flow will be significantly greater. Debt will be construction only. That is why I want to convert it....more doors per acre.The lot is 140ft wide x 100ft deep. Zoning is R2-A. This means it can hypothetically carry a 4 unit multi family max at the regulated density but with FAR restrictions of  0.30 meaning the total living sq ft will be limited to about 4200. Has anyone worked with City authorities to get zoning approval for this type of project... Orlando or otherwise? Any other tips/advice in getting Municipal buy-in/Agreement? Thanks in advance.

thanks for the encouragement and practical advice!

In florida, people spend time outdoors so this is attractive but likely not a deal breaker. If your property is nice and prices correctly it will rent. have you thought of using a small piece of high-quality artificial turf and some clean looking fencing? Usually, tenants will use the basic "frame" of the backyard and accesorize the rest. Also, if you do too much, the maintenence will drive costs up. 

ok. add me to your list. pls post your email in a reply to this. most advantageous to me is a lower priced property that has good roof, elec., structure plumbing, foundation, etc. ( the normal needs) but needs paint, TLC, floor update, surface work to attract a good tenant wiling to pay top dollar for a good landlord. that would be something that is an update not needing much permitting. After im done, it will have increased in value beyond what I put in. I have access to a good set of quick workers to do the work. I want to work in desirable neighborhoods close to 32806 but will branch out further for the right deal. I want to minimize the likleyhood of spending over my capex budget while determining how long i will "hold". thanks.

Hello all! I'm new to BP and presently holding 3 rentals in Orlando, Florida with positive cash flow purchased during the recovery; have learned how to be a landlord over the last 3 years and will be listening with all ears on how experienced investors have grown their business in the Orlando market. I'm mostly interested in buy and hold but i'm not adverse to exploring tear down/rebuild/sell/re-invest since one property would be worth much more due to its location (SODO).

Hello All. I'm new to Bigger Pockets. My wife and I bought 3 properties in the 32806 from late 2012 through late 2013. All 3 are rented at $1325.00 to $1400.00. They are all paid for; we received an inheritance and invested it into the recovering market. After enjoying the cash flow income and learning how to be a landlord, we are looking at how to use these opportunities to create a larger business of buying and holding while keeping cash flow positive. Goal is to grow this to replace 9 to 5 income over the next 5 to 10 years. Given our equity and experience, what strategies, in general would any of the BP members in Orlando recommend that we begin to look into, study and act upon? 

We are open to multi-family as well as single family. We are also not opposed to tear down/rebuild/sell/re-invest since one property is 1 block off of Orange at SODO...infill developers are getting >$240/sq ft. two blocks further from SODO. Thanks for any help!