All Forum Posts by: Josh Calcanis

@John Kent That's amazing to hear. I was just about to post about finding an REI group in Orlando. My properties are located in Orlando, but I've moved all over the country and the best advice/networking I've got done was at one of the local Seattle meetups (REAPS or Real Estate Association of Puget Sound). Looking forward to moving back to Orlando at the end of August and attending some of these.

@Mark Hinton I know it's been beat to death, but I can't stress how informative and helpful the networking events have been. I'd recommend volunteering as well. The reason is to not only give some assistance to the association, but also to get your name out there within the group. Unless you are a pro at working a room, volunteering could really help expedite the process of meeting everyone.

I wouldn't have made it on this site without your recommendation @Thomas Abbott. Congrats on the first property!

 Ok. That make sense. In that case delayed financing wouldn't be something you'd use for commercial property because value for anything under 4 is based off of comps and at mercy of the banks. Right?

@Tom Mozzone then where is the benefit here? Wouldn't it just make sense to leverage what you'd spend on one property in all cash between two properties and finance them? 

Maybe I'm missing something?

@Mike Sattem @Tom Mozzone could you both go into a little more detail on the delayed financing exception? I'll be moving back to Florida (where my properties are located) within a year to really start diving into my REI, so I'm learning as much as possible about the creative side of the financing. I appreciate it.

First off congrats on the first property! That does look like something I'd go after.

I purchased a triplex from across the country and was more thorough than I was with my SFH. Only reason is because repairs came up that I should have caught. Those surprise repairs can really throw off the cash flow... I'd make sure you have pictures of everything and possibly papers on the major items like HVAC, roof, and appliances.

Do your research on your management company too! That'll save a lot of hassle in the long run.

Thanks @Gino Barbaro. I'll definitely take a look at them.

@Gino Barbaro could you expand on the RUBS system? I'm not familiar with that. Fortunately the triplex I have is separately metered, but it wouldn't hurt to know what that is...

@Aimen Shawki 

My plan originally in that area was to search in Studio City, Van Nuys, North Hollywood (NoHo especially with the constant gentrification) and just go the FHA route and live within it for a year. If you can handle moving within a year you fall within the FHA loan guidelines and can get a paying tenant in there, unless you wanted to stay in there for some reason.

Hey Yael,

I am a born and raised Floridian and now live on the opposite side of the country. My first property was a SFH behind the University of Central Florida and the other a tri-plex in DT Orlando. Both properties were easy to find and cash flowed immediately (although it took 5 months to find the first one due to my own personal issues). I did find a competent management company and realtor before I put offers in on the properties.

There are plenty of LLC threads on here, but I personally didn't go that route. I purchased both properties prior to obtaining an LLC and personally felt that the asset protection provided isn't something my insurance couldn't cover. My tune will change down the road though when I acquire more.

@Lelith Walker brings up a great point. I invested in Orlando because I'm familiar with the area and it's close to the downtown area and UCF. Looking in a high traffic area like these allowed me to fill the units within a week of both. The SFH was even purchased outside of the summer moving season around UCF and we still locked in tenants within a week. The triplex had tenants already so the only concern was raising the low rents and making sure we had the estoppel letters.