All Forum Posts by: Patty Cox

I live on Oviedo Fl which is like saying I live in East Orlando and my husband and I became full time real estate investors last November.  Our company is set up as a C Corp.  We purchased out first flip in 2015.  We are searching for a CPA or someone who really understands real estate when it comes to doing taxes.  Can anyone give me a suggestion on who to use?  Thanks in advance!!

Hattie, Texas is getting to hard to find a good deal on a flip unless your pockets are really deep!  Florida is getting that way too.  I live in Florida but have only flipped one house here.  All the rest of my flips are in Baltimore Maryland.

I just flipped a manufactured home in a 55+ community and did well but I knew from the beginning that I had to sell it as there was no renting allowed.  The lot rent in this community started at $608. and up.  It is a nice manufactured community not what you would think of as a "trailer park".  The lawns are mowed weekly and they have tons of great ammenities.  I for this home for a price that I knew I would make money or I would never flipped this type of home.  My brother does have a friend who has purchased quite a few regular trailers and rents them out and does pretty well at it.  Just research and know all the park rules before you purchase. Good luck.  By the way, even though I sold our flip in a week, we did have several calls where people were floored when we told them what the lot rent was and said "no way".  However, my view point is, where are you going to get a beautiful w bedroom 2 bath apartment in this area for that?  Your not unless you want to share it with rats!!

Cheyenne, I am not an expert in this field, I am only answering this based on personal knowledge.  My parents owned a home on a canal in E. Orlando and they experienced, along with several other neighbors, sinkhole problems.  Their Insurance company paid off their house and my parents had the house professionally fixed by having cement poured under the house and some kind of backs put in each corner.  Eventually they sold the house to my sister and she was able to fully insure the house.  Hope this helps.

I just got a Heloc Loan to purchase and flip a house.  I live in Florida also.  I did get the Heloc based on the fact that my personal home was totally paid off.  They have me 80%.  The bank was BB&T.  They have good interest rates.

Kathleen Salinas, was your 3/2 brick in Tennessee a house or condo?  If that is a house, what a Great price!  Please clarify as I may have to start taking a Good look at Jackson Tennessee!!!

Business is business and I also say keep the emotions in check.  You did the nice things by offering to go into this as partners.  He chose to say no.  I say, may the best negotiator win.  At the very least he may learn a very valuable lesson which will help him succeed better in the future.  This is your BUSINESS.  Do not just let someone take it from you.  It's NOT personal.

James Joseph, thanks for the heads up.  When we have some freed up money in a couple months, I may be contacting you!  You have a nice evening!

Are u it familiar with Bonneville?  It is east colonial drive area going towards Bithlow.  It's even further but fairly nice duplexes out there and cheap safe area.  There is also a duplex community on south Goldenrod which is southeast Orlando.  My husband and I were recently searching for a duplex somewhere in Orlando to buy, hold and rent out but they don't have a lot of them in Orlando so we have been researching the west coast of Fl. We always make sure the area we buy in is safe, has top schools and a good resale value.  The problem with Hiawassee is not Hiawassee, it's that it is to close to Pine Hills (fondly known to locals as Crime Hills!

Stay away from Pine Hills, Hiawassee and Parramore.  There could NOT be worse areas when it comes to crime!  I have lived in Orlando for 30 years and I know these areas well.  College Park is a up and coming Hip area.  It's smaller older homes but investors are fixing them up and people are buying the lots and tearing down the houses to build newer larger ones.  Same with the down town area around Lake Eola.  Seminole County is probably the best county around for investing.  The schools are all A+ schools.  I live in Oviedo and year after year it is voted as one of the 100 Best little cities in America.  The medium 3/2 house in my neighborhood just went up from about $170,000 to $200,000 in the last couple months but you can still find good deals on houses that are about 30 years old, for sale but never updated.  I just met a young couple who are real estate investors who bought 5 houses last month in my neighborhood for $150,000 to $170,000.  I strongly advise to stay away from those 3 areas.