All Forum Posts by: Matt Leber

@Steven Rubino I listened to a podcast awhile back on either BP or Real Estate Guys Radio about a turnkey provider in Orlando. The company is Greater Orlando Home Buyers. I would google search them and give them a call if it’s something you’re interested in. I have never personally worked with them, so I cannot really vouch or give a specific review. They have quite a few turnkey homes listed on their website.

@Eric Farmelant there are definitely agents in Orlando that can help you find rent comps. Not all agents will be well versed in rental real estate, but that’s true anywhere. Not all agents will want to put in the effort. However, an investor friendly agent (or even better an agent who invests) will be able to help you find the info you’re looking for.

@Nick Rutkowski

1) My wife and I are 26 and we have been able to buy a primary home in Orlando, 2 single family homes & 2 duplexes in the past 3 or so years. Currently on the hunt for the next real estate deal and ramping up our savings goals by saving/investing half our W2 income in low cost index funds and high interest savings. It wasn’t too hard for us to get started bc we started getting educated on how to analyze a deal pretty early after graduating college. We were able to save and buy our first rental with the “1% rule” in mind. We also had some coaching along the way from my father in law, who owns and self manages rentals. A good experience with the first one goes a long way toward buying more deals.

2) As far as social media, we’ve been involved a little with BP, LinkedIn and Facebook a little bit each. We market our rentals on Facebook marketplace.

3) Young people seem to be moving to markets with affordable housing and entry level jobs. I see a lot of trendy areas popping up in affordable cities in the Midwest. As far as Florida goes, greater Orlando and greater Jacksonville seem to have a growing millennial crowd due to these factors.

4) Want to continue to pick up more single families and small multifamilies in the future - potentially exchanging into some larger residential eventually. I think it’s important to have a mix of affordable housing and middle class housing in our rental portfolio. Affordable class will always have strong demand with scarcity and the middle class will have less headaches/issues. Good balance is the goal.

@John Wijtenburg I think of it as deciding not to spend as much money on things that don’t make you money (you mentioned coffee & eating out). Then you can spend more money on the things that make money (taking risks and investing). I think “living below your means” is good advice.

27 years old with a primary home and 6 rental units here (2 MFH & 2 SFH). I credit a lot of it to my father in law who would be in the "older" entrepreneur class. He raised my wife to think in an entrepreneurial way and encouraged us from the start that we could do this & grow a portfolio if we chose to take action and continue to learn.

And, I cannot state how greatly important it is that my wife and I are on the same page for our saving & investing goals. Makes a such a huge difference. Props to Pops for mentoring both of us!

@Natalie Strawn looks like you’ll only be $400 cash positive per month once you’re renting both of them out. Much of that will need to be set aside for a maintenance and capex fund, leaving very little true cash flow. The deal seems a little too thin to me.

@Kateryna Kilinich don't let the fact that you're renting and have a lease coming to an end rush you into a deal. In my opinion, most multis I see on the market in Orlando are highly priced & thin deals, especially when you'll be dealing with more maintenance and turnover than single families. Don't feel like you have to buy an overpriced multi in order to househack. If you see a SFH in an area you like that fits your numbers, you can always live in it and rent out a room or two to coworkers or friends. That's what my wife and I did and it allowed us to really increase our savings. Plus we know that if we ever choose to move we have a good rental to keep in the portfolio. My advice is to keep your options open to both singles and multis, and be conservative in your analysis so you have confidence whenever you choose to buy.

Hello,

I have a busted door jamb & frame in one of my rental’s bedrooms in Melbourne FL (Brevard County). The wood on the door jamb around the hole where the lock enters the jamb has been broken off and the door will no longer close properly. Also, the casing will need to be replaced on the top and side where the jamb has been damaged.

Can anyone recommend a local contractor who does good work with interior doors?

Thanks.

@Terri Hollinsworth good MLS deals in Orlando are hard to come by right now, but not impossible. It really depends what kind of strategy/returns you are looking for. I would recommend looking to surrounding counties (Brevard, Lake, Polk, Volusia, Osceola, etc). I definitely see more potential cash flowing properties in those areas vs Orange County. Just don't rush into something that has thin margins, I recommend being selective in current market conditions. And if you do jump in, make sure it's a fairly quick flip.

@D'Andre Byers talk to her about buying a home in the $100-200k range that could work numbers-wise as a rental if you ever move. Purchase this starter home in a part of town that you both enjoy, where you will both be happy. Don’t rush to move out to make it a rental, but keep tabs on the local rental market and show your wife how your first home could be a wealth building tool should you ever move on to buy another home. Just make sure you buy it right and the numbers work before you jump in. Buy it right and this property could be the “first deal” that leads to more.

I think your marriage and happiness is more important than getting started in REI as early as possible. I think with some time and REI education, your wife could become more comfortable renting your first home to someone she sees familiarity in - someone looking to enjoy the area you both like and are familiar with.