All Forum Posts by: Parechay M.

Hello Everyone,

Where I am standing: I have done short-term rental, house hacking, rent by room(student housing), and long-term rental strategies in the Greater Orlando area. 

My short-term vision: To buy in more cash flow units either in Orlando or Austin area.

Looking forward to recommendations from the experienced: Any recommendation on the positive cashflow long-term rental single family unit/duplexes/fourplexes to invest in the Austin area? What zip codes do you recommend? 

As per research, the Austin market is more focused on equity-based investment rather than cash flow. So I think it is hard to bring in cash flow, may be wrong. Do you recommend just sticking with the Orlando area where I make a 5 -8%  Cap Rate?

Thank you all for your recommendations.

Pare

Hi BPs,

I am interested in connecting with experienced flippers in Austin(in-person) or any area(online). I want to learn the flipping process, challenges, and the preparation needed before flipping the houses. Any guidance will be appreciated. Thanks

Hey BP team, I have one STR and one LTR in Orlando, both have mortgage on it. I will be moving to Austin this month, so i am thinking to buy something there.

Intro: Started real estate investing 3 years ago in Orlando area, still a beginner.

Situation: I am an immigrant and planning to go back to my country soon once i reach a passive of 3000 and $20000 in emergency funds, i am at 1500+ now. As of COVID-19 STR are not doing well, it will be fine soon or later. cash in hand $120000. conventional mortgage access amount up to 250000. My mentor recommends not to have too many mortgages.

Looking for : Properties around 100000 with cash flow 1250+. Answers for this questions will help me to make better decision. Please help in expressing your perspective.

Questions: 1) Whether to buy in cash or use mortgage?

Pros: Using mortgage i can buy two and will be more profitable.
Cons: Having more mortgages risk of foreclosure will be more.

2) Whether to buy property in Orlando or Austin?

Orlando: I am familiar with Orlando and have people here who can take care once i am out of country. But the problem is situation like COVID-19 will impact Orlando badly as it is based on Hospitality / Tourism industry. 

Austin: I do not want to put all money in one city, so i am thinking to buy in Austin. Orlando and Austin are both great place to invest as rental and job opportunities are increasing in both cities. As per this https://www.cnbc.com/2018/09/1...

3) Just keep cash in hand and invest back in my country?

Pros: I have no idea how things work in my country, so i have to do lot more research.
Cons: It is better to have something invested and taken care by myself.

Any help and guidance will be greatly appreciated.

It's good to have an option like being profitable with long term tenant. STR's are great but for some of the communities it is still a taboo.Things can change anytime .So it's a no go for me. As @Erik W., yes rich communities will take quick actions and have the power to change policies at HOA anytime.

Thanks @Christopher Waddington, All the best for you.

@Nicole Ashey Hey Nicole, am 27 now, i bought a preowned car to being minimalist and it broke down in first week even though i had warranty the dealer was not ready to refund or repair, luckily i paid in credit card but dispute did not worked so i Lost 4000k. At the same time i bought my second property with 35k in equity and it brings 1200 per month in profit.i was feeling bad because i lost 4000k then my mentor helped me to see the bigger picture in life rather than seeing what i lost, i am still in 31k in profit. Now it feels good. My point is let's focus on things that we have and greatful to.

@Caroline C. Thanks for such a amazing response, as you mentioned i am trying to connect to people and get educated by reading and learning from others mistakes also. As you mentioned it's a long journey for financial freedom and i need to be more patient on the path and consistent on gaining knowledge. Please accept my request.

@Darren DeSilva please elaborate your question , where your looking any particular zipcodes, how many BD and BA, budget?

Hey @Robert Montenegro, i never repaired anything , it is fully furnished and well maintained and built on 2003.

Let me start by thanking my parents, mentors and everyone in the bigger pockets. I came to USA in 2014 with just $400 and joined a 2 year Master's in Computer Science Program in NJIT,i completed this in just 10 months.While doing masters i started reading books related to financial freedom.My first book Rich Dad Poor Dad as most of the people's beginners guide.i moved to florida in 09/29/ 2016 and i closed my first property in 09/29/ 2017 which leads to financial security which means total expenses=total passive income.I am closing second one 5/7/2018 which will bring in extra 800 in passive income.

About Properties: First is Condominium for 120000 , 3 bd 2 bath, i do AirBnB in one room, stay in one and rent the other to my friend.This will bring in 400-750 in passive income.

Second one is near Downtown Orlando for 230000, which is worth 265000 as per appraisal. i will be renting the rooms as this property is having 3 Bd 2 Ba and 1 Studio Apartment which will bring me from 600-1000 in passive.

My Goal is to reach 10000 in passive income, Please guide me how to reach this destination as many of you reached.

i am improving myself and these are the action list

1) Reading books related to Real Estate (One house at a time, Buy houses with No Money Down by Brandon Turner, Millionaire Next Door.

2) This Discussion to reach as many amazing people and achievers as possible.

My Questions

1) How to buy next homes ? ( Private Finance/ BRRR method)

2) How to reach 10000 Magic Number.

Any suggestions and guidance will be appreciated.