All Forum Posts by: Matt Nico

 Bryant,

I became licensed this past year and its been great so far. If you listen to the BP podcast(s) and just read a few books it will get you halfway to pass your test. I completed mine in the beginning of COVID in March/April and I did an online class through training 360. Its a bit boring staring at a Computer screen the whole time but it was worth it in the end. I took about 20 pages of notes in a microsoft word document I can send you if you want. It was my kind of study tool.

-Matt

Hey Anthony,

Love the goal setting, but I think you should shoot for a higher Cashflow number as well as ROI. I'm hitting $700-$1,000 a month in cash flow on my newest properties in the Orlando market and that comes out to be about 18% ROI I believe. If you are going to set goals, swing for the fences man and get after it.

Depending on how you want to invest your money, I can put you in touch with someone in Tampa/St. Pete if you want or could help you personally if you wanted to see my area.

Happy Housing,

Matt

 Frank if you are coming into the Florida Market, I would try for a long term rental first and get your feet wet. A lot of the data you are looking at in terms of what homes rent for down here are not accurate btw. I have a client right now that we are buying a house for right up the street from where I live and invest. The old company was renting it out for $1,500. We will be buying it, giving it a good rehab, and then renting out for $2,100 or so. She is using a conventional loan and her mortgage will be $1,600ish so she is getting a solid return.

 Bill P,

I hear what you are saying. I own homes in 3 separate developments. 1 of them are pretty cool and will listen to what the people of the community have to say. The other is a little bit more strict but still reasonable.

The 3rd one is completely insane. They just do whatever they want to do and dont listen to anybody and what they say in the community. I'm actually considering starting to buy every home for sale in there and then I'll just vote them out of the HOA. The community is small so it wouldnt take much.

@Frank Vanegas

Yeah man unfortunately you are in a tight spot. 2 years ago 200k would have been enough to get something good but today theres just nothing even available for that price point in my area.

My advice to you would be to find some other purchasing power somehow by having someone cosign. Or try to find a different kind of deal. The first one is always the hardest.

Hey Frank,

Do you mean you are looking for a home to buy cash under 200k or you are looking to get financing for a home for 200k? You are asking for something that doesnt really exist at that pricepoint. Most homes with pools are at least 250k, with majority being in the $275k+

Feel free to connect and I can try to point you in the right direction. 

@Melissa Wesling

I agree with your advice. Every single development has its own set of rules and regulations.

For anyone reading this post who is investing or is going to invest in Central Florida, my advice would be to make sure you have multiple ways of renting a property within the rules of the HOA. The counties themselves are actually pretty lenient on most things. Its the HOA's that govern a lot of rules & regs. Make sure the home is zoned for STR, long term rentals, there are no minimum stay requirements, and there is parking on the street. Some HOA's don't even let you play music on the back pool area.

I have (unfortunately) read through HOA Docs of almost every community in Championsgate and Kissimmee (for my own investments mostly) until i am blue in the face. Some of the things you cannot do in some of the HOA's around my area is actually laughable. If you need any questions answered feel free to ask and ill try to help as best I can.

Happy Housing,

Matt

@Aaron May

I just want to say that you have put the management strategies and pitfalls of Central FL into words better in 3 paragraphs than i ever could in 100 paragraphs.

You typed out an excellent way of how people should be managing rentals and STR's in Florida (Central FL in particular) with the help of a type of caretaker or assistant, rather than a piece of crap property manager. From my experience most of them are subpar, and its why i manage all of my own rentals here in Florida.

Question for you: From what i gathered in the other posts, you seem to enjoy being in an HOA. I find that almost all of them down here are horrible to the point where i basically pay $100's of dollars a month to follow a set of rules that dont make sense. I actually skew towards cheaper ones because they are always less hassle and of course save me money. What is your experience with them? And would you mind sharing where in Championsgate you own? I have 3 rentals here as well as living here.

-Matt

@Kim Hud

I actually do this with every single rental i own. The reason i do it is because i usually do most of my homes the same way. I usually post pictures of the last property i completed. When they ask about it, i make sure to let them know that the home they will be coming to view will be exactly like the pictures. I usually finish a small part of the house so they can see the finished product. Most people appreciate that i am redoing the entire home.

@Ben Nelson

Your criteria seem okay in todays market, but a couple years ago when interest rates were 4.5% it would not have been.

When you apply for a loan, the lender usually tells you the rate and you say yes/no, or you talk to another lender. There isnt usually kicking and screaming on your part or you making “demands” on how you want them to lend you money. I wish it was...lol.

Talk to a lot of lenders to find the one for you.