All Forum Posts by: Account Closed

Hi everyone!

A 2018 goal of mine is to purchase a vacation property in Orlando/Kissimmee close to the attractions & parks. 

I'm based in Pompano Beach, about 4 hours away, so my main concern is finding a reputable and affordable property management company.

I'd like to maintain responsibility for marketing & bookings, but would like to outsource "on the ground" management like cleaning and turning the house over in between guests.

Does anyone have personal recommendations for this type of property management set-up?

Any insight is appreciated. Thanks all.

Well the consensus is clear - I should definitely take the cash and invest in more properties! Thank you to @Omar Khan @Brian Schmelzlen @Aaron K. and @Anthony Gayden for sharing your insight. I had a feeling it was the 'right' decision to do so, but hearing it from multiple investors has helped clarify my confusion and concerns. I better understand and appreciate the concepts of diversifying our risk and scaling the growth of our real estate portfolio.

I would love our next property to be a multi-family so we can eventually live in one unit and rent out the other(s). Ideally we could buy this multi-family in late 2018/early 2019. I totally agree with you, Anthony, and it makes much more sense to me now after reading your response, so thanks again for sharing.

Another long-term goal of mine is to own and operate a vacation rental in Orlando/Kissimmee. My main concern there is around property management, but that's a topic for another day.

In the meantime, we've been renting our spare bedroom on AirBnB and have netted anywhere from $200-600 per month. While it's a modest monetary cushion, it's been great practice for landlord-ing and VRBO-ing one day.

Thanks again for taking the time to respond to my inquiry and share your two cents with a newbie. You're awesome.

Hey, BP fam!

Would love to get everyone's two cents on my current situation. 

I purchased my first property, a 2 bedroom canal-front condo in Pompano Beach FL, this past August. I bought it for $165k with 30% down, and am putting in another ~$20k to upgrade the kitchen, and both bathrooms. It's coming along really well.

I plan to live in this condo for the next two years before renting it out, per HOA policy. When rented, it will cash flow between $200-400/month.

If I can pay off my mortgage in the next two years, it will cash flow at $700-900/month.

I believe I can pay off the mortgage in the next two years by putting 100% of my husband's salary towards the mortgage. We currently live solely off my salary, so it's feasible for our lifestyle. (He's in full-time graduate school and graduates next month.)

OR I can continue paying our monthly mortgage payments and save up towards another down payment for a second property.

Here's where I get confused.

Why would I want two home loans, with each property cash flowing ~$300/monthly, when I can just pay off one home and the monthly income is greater?

Do I let tenants pay my mortgage and I get a smaller income, or do I pay off my mortgage and get a larger income?

I'm leaning towards paying off my mortgage... help a girl out, BP!!

This is so relatable. I read Gary Keller's book back in March, and since then, I've analyzed dozens of properties, met and spoke with multiple realtors/lenders, gotten pre-approved for a mortgage, spoken with a few wholesalers, etc. I found a duplex that meets my criteria, and cash flows between $350-550/monthly. We're about to make an offer.

It's scary to think that four months ago, I thought real estate investing was an unrealistic dream. To ensure I'm not making a rash decision, I've run all my numbers & property analysis through 10 personal friends and family members. I'm gathering as much feedback and opinions as I can. I'm listening, consuming, reading, planning for worst-case-scenario, and biting the bullet. Good luck to you!!