All Forum Posts by: Matthew Bossick

The ended up not lending on this deal. I was actually pretty glad when all was said and done since this deal would have closed 2 weeks prior to the pandemic. 

I'm closing on the buying end on my first flip and started a virtual tour business earlier this year. Starting to surmise that turbotax isn't going to cut it any longer. Does anyone have any accountant recommendations for accountants familiar with real estate investing that can help me strategize for the future? Doesn't need to be someone in Orlando as I can always do calls but being in town is a plus for me.

@Dustin Young Thanks for the reply! I was actually able to get the 5/1 ARM changed to a 30 yr fixed on the condotel.

Financing is available (not from big box banks i.e. Chase, Bank of America, etc) usually in the form of 5/1 ARM with 20% down minimum. Google condotel loans.

@Dustin Young Sorry for reviving this really old thread, but I have a question on refinancing a condotel. I am about to proceed with a 5/1 ARM with 20% for a condotel in Orlando, FL but have concerns about refinancing in year 6. Was it relatively simple to find a lender to refinance the condotel?

Hi @Warren Mitchell, how's it gone thus far?

same here. Any updates?

Posting to follow this thread. I currently live in Winter Park (just north of downtown Orlando) and am looking to purchase a SFH as a STR. Doing some research to find the best areas to invest in.

@Mike Arlington thanks for the reply. I did use the rental calculator and the rental rates had to be pretty high to make the cash flow work. I don't see it working great as a first time deal for us. We're pulling out of the contract today and considering some other properties around Orlando right now. Next time I'll post well ahead of time before I need to make a decision haha! Thanks for your help!

Hi everyone -

Little history on my situation:

I have been obsessively learning about real estate investing over the last year and getting my fiance into it as well. I was renting in a nice neighborhood close to downtown Orlando when Hurricane Irma came through. Coincidentally, I was trying to get out of the high rent we were paying and Irma decided to put a large tree in the house destroying the kitchen and dining room (we weren't home). So we placed our belongings in storage the next day and moved into the fiance's mother's home. 

We're currently looking for a home to buy to quit renting. I found a house hack over in Conway (by orlando int'l airport) that we have under contract for 295k. It is a 3/2 with all the bells and whistles and even has a 700 sq ft apartment attached to the garage with its own private entrance. I can expect to be all in (expenses at 2100 with vacancy, opex, capex, pmi, PITI) at $1200 with $900 in rent for the apartment. My fear on this home as that we offered too much with all the surrounding home values being at 200-230k for 3/2's. I do not know how to value an in-law suite and fear I may be overpaying at 65k+ for the 700 sq ft attachment. Does anyone have any experience with evaluating an in-law suite (full kitchen, w/d stackable, walk-in closet, bedroom, bathroom, living room, and dining area with private yard and separate entrance)? There are no comparable homes in the neighborhood and it sits as one of the most expensive homes in the neighborhood (although price per sq ft is slightly lower than the smaller homes) which scares me a bit if there is to be a market correction in the next few years. Anyone have any advice on this deal?

All replies are greatly appreciated!