All Forum Posts by: Michael Gangemi

Would you happen to have a pest control company as well?

Need a reliable cleaner in Kissimmee, FL as well as a pool maintenance company. I have a client closing on an STR and we are looking to create a team as they will be self-managing. Please send all reliable resources you have for your team!

I'm thinking as another exit strategy may be padsplit since its already a 5 bedroom home with room to make the living room into a 6th  

Yes this is my first STR that I would be the owner of, but I've been managing STR's for the last two years. This neighborhood in particular has been on my eye for a little and the time to make a move is now due to most sellers being receptive to seller concessions. This has been allowing us to get creative when structuring offers.

Yes it is zoned for STR and LTR. The LTR rate is roughly $3,200/ month but maybe MTR will be a better option at $1,000/ month per room.

I found a brand new townhome in Kissimmee with luxury finishes, resort style amenities, the whole nine. The price is $435K and I was thinking of doing 20% down. This townhome is a 5 bed/ 4 bath with 2020 sqft so it's got more than enough room for bigger families while also being versatile to smaller families who may want to use the extra rooms for storing clothes and suitcases. With a $5,000 rebate back at closing I'm looking to buy down the rate by a point. AirDNA gave me the following estimates: $300/night | 65% Occupancy |$71,100 Revenue with this data I feel comfortable making a move on this one. Let me know your thoughts

What are the details? I have a few buyers and I specialize in STR so I'd love more info on the property

Elevate Equity Group 

406-564-6160

[email protected]

@Yocheved Beer I can help you out! Let's connect so my team can help you submit creative finance deals and acquire properties in Orlando.

Elevate Equity Group 

406- 564-6160

[email protected]

@Heidi Thompson PadSplit is an amazing product!! I've been able to contribute to some amazing returns here in the Orlando market. Let me know if you would like to connect. 

Investment Info:

Condo buy & hold investment.

Purchase price: $235,000
Cash invested: $11,000

2 Bed 2 Bath
1068 Sqft
2 on suite bathrooms
2 HUGE walk in closets
New Roof
New AC
New Water Heater
New Floors
New Dishwasher
New Plumbing

What made you interested in investing in this type of deal?

We needed a new place to live and I was seeing traction in my real estate business so we took a leap of faith and it paid off!

How did you find this deal and how did you negotiate it?

My girlfriend and I were renting because we were new to Orlando. The association raised the rent form $1,400 to $2,000 over the course of a year. Instead of paying the inflated rent prices I doubled down on my calls as an agent to gain more capital for a downpayment. We got the money together and got beat out on offers for months until FINALLY we found THE ONE. This home spoke to me and I knew it would be a steal to pick up this charming villa style condo for $235K with a back yard!

How did you finance this deal?

Hometown heroes program in FL. $25,000 or 5% Downpayment assistance

How did you add value to the deal?

We structured the deal to where the seller (foreign national) was able to walk away with more money at the end even though he was going to be subjected to higher taxes.

What was the outcome?

Within 4 months of living in our new investment home, our neighbor sold his outdated unit for $30K more than what we paid

Lessons learned? Challenges?

Follow your intuition and never stop buying real estate