Hello All,
I am new to investing and trying to learn as much as possible on different strategies. Currently, my fiancée and I are looking to buy a home in the Orlando, Florida area to live in. We believe this will be a home we will live in for less than 5 years, then we would like to make it a rental property. This home will be our first home purchase. Based on our situation, I would like to ask the BiggerPockets community a few questions:
1) Are there specific property characteristics we should look for in a property that will not immediately be a rental but will be in the future? (Ex. Sq footage, # beds/baths, age of home, single/multifamily, style of home, quality of area)
2) Are there specific types of financing that are advantageous for people using this strategy?
3) Should we pursue foreclosures, short sales, and traditional on-the-market properties? Or focus more on one of those three categories? (We have 5 month timeframe)
4) Has anyone noticed any common pitfalls of this strategy? How can we avoid those pitfalls?
5) For members familiar with the Orlando area, any recommended areas?
Thank you so much! Have a great week!
