All Forum Posts by: Gavin Welch

FYI, short-term (weekly) rentals are prohibited in Orange County (Orlando), be aware of that if you buy a property there for short term rental.  The properties that rent best for short-term are typically 5 to 6 bedrooms and 3 to 4 baths and must have a pool.  Typically, the garages include pool table and ping pong tables.. 

There are some great properties with great short-term rental histories available, some of them even include bookings already.  

If the short-term market is something you are looking into, do your research, because most of these owners only BREAKEVEN!!! With that being said, some do really well, but these owners spend a lot of time managing and marketing the property on top of what the management company provides.  

Beau,  I am an agent/investor in Lakeland and I ONLY use Ron Moore.  He has saved my THOUSANDS over the years.. eight six three six nine eight eight eight three seven

Gavin

Sarah, I use a laser measuring device.. As long as you can access one wall and have a clear 'shot' to the other.. You are good.  Maybe get another (newbie) agent to go for you?  Tell them the situation and repay the favor later..

Good Luck..

Gavin

welcome Steve.. 

@Chris Howard try to avoid wrap mortgages.. J Beard is right.. They usually can't qualify.  Several major problems

1.  You could have the 'due on sale' clause called in you mortgage and would have to pay the note off in 30 days..

2  Your buyer could rent the place.. Collect the rent, not pay the mortgage and walk away, then you are stuck. Then you have to rehab it to sell it.

3.  You are married to that buyer for 10 years.  Do you really want this property in your name and you don't control it?? 

This is a loose, loose, loose situation for you.  Why don't you lease option the property, or keep trying to sell outright.

Hi Jordan, all of the above are correct about condos, but you must also keep in mind that it is also more difficult to get financing on a condo.  I know a lot of investors that have condos in South Orlando and they have no trouble keeping them rented or selling them, although the month to month cash flow may be a bit lower than a single family home.

With that being said I believe that a condo bought today is going to significantly increase in price once the lending requirements on them loosen.

Also, a condo is only as good as its condo association.  Make sure that individual owners make up 60-80% of the ownership.  You do not want to get in a situation where one investor owns the majority of properties and controls the building and can force the remaining owners to sell at market price (regardless of loss) to convert the building into apartments.

Gavin

I'm in agreement with the others.. You always want to offer "help" or solutions..

I know in many cases, if you have a vehicle that says " I BUY HOUSES" Plastered on it, potential sellers do not want it in their driveway.  

Be careful of what Bill Gulley was referring to with your advertising.

Alfredo, try craig's list and your local real estate investing clubs.  They are usually the best sources.. 

As an agent starting out.. I'd say no.. As and investor, I'd also say no.  

You are better off networking at REIA meeting..

Mike and Manny, there are some 'shady' rehab guys around.. They typically don't last to long.  We always permit them.  We didn't start out that way years ago, but its not worth the risk now that we are established.  

All I can say is to do a job that you will be proud of.  If the cost of a permit saves your reputation, then so be it.. 

Gavin