All Forum Posts by: Scott Esmail

We manage quite a few properties, compared to past months I have found recently we are very slow and are having a hard time filling our vacant properties in Orlando and the greater areas. Is anyone who is local finding this too. I am not sure if its just a slow last couple months and will pick up or if this is going to be this way for a while. It is not my prices as I am at the lower tier. I have been doing this 10 year plus so I know the regular rental demand and it just feels extra slow lately. Any insight would be great from others locals 

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Speak to a lender set up a game plan with them and work towards that and in meantime find a good agent and get to know the market and what a good deal will look like when your ready to pull the trigger. 

@Bernadeau C.has a meet up once a month in Winter Park nothing for sale that I am aware of and has a bunch of local investors that go. You can find the next meeting under the network tab on this website

It's usually the 1st saturday of the month and starts around 9am

Go on craiglist in the area you want to buy in. Under the real estate for sale section and contact the we buy homes advertising and tell them to add you to there buyers list and also look for any homes for sale that state they are the wholesaler and connect with them as well on Craigslist. 

There are some crazies but if you come to Orlando you should be fine. Theres lots of normal people too. I second what @John Underwood said I am sure you can find it all or have already heard or seen it all on the forums or podcast. I do not think anything new would be said but the weather is nice here in the winter you may enjoy that.

I would not do paid. Go to local meet ups you can find them in your area under the network tab on this webite. You can also find alot on meetup website and local REI's are great too. Save your funds for the deals.

Get what you have stabilized and making money and get some money in the bank as back up work when people fail to pay. Then re focus your efforts on getting more doors. If you don't get what you got working well then how will you be able to afford more ? Also you may need to pivot a bit somehow in what your buying so that the new property works better so take your time figuring out what works and does not before buying. I own a-lot of properties and even though sometime i don't like it I have to stop buying stablize for a few months what, sell a few problem properties if needed and then start again. This prevents you losing everything you worked for so far. Its tough right now to buy prices are still high and interest rates still high so good time to look at ur current properties and do what is needed to be successful. Don't chase doors focus on what you have being stable. C properties are hard to manage and make money once you get better properties you can rely more on the tenant to pay and on time. I have sold all my C properties and very happy with that. This is just my 2 cents and could be wrong I often am about most thing.

I have done many 1031's Selling cost money you also may encoure a fee for paying off mortgage so soon. Its a very hard time of year to rent. Look at comps see if what the house should be listed for and then slightly rent for less. Also maybe the property manager is the issue ? If you 1031 into a new property there are fees again, mortgage cost rehab closing etc so sometimes your not much head. I would only sell if the actual property was a issue like the area was bad or the property had too many work order issues. Losing $300 per month is a lot but if you can get it rented and possibly rent go up a bit then if might be okay. Your also paying down the mortgage each month so some of this $300 if not all is going to the loan. If it was me and its was just a rent issue I would save all the extra work by selling and finding something new and just hold. Over time you hopefully should get the extra $300 and maybe even more down the road to even out the losses. In regards to sell now the prices are going down next year, people said that at the beginning of covid and  they did not. Its too hard to time the market so do use that as a factor. Even if prices dropped in lets say 3 year and you decide to sell then your 1031 so the new property would have dropped too. The only time a price drop matters is on the cash out i guess. Good luck maybe trying to do a light reno to the property will attract more renters and maybe get a few bucks more per month

I personally feel it saturated. There is so many rental by Disney I often see people who own in that area end up renting out long term for much less because there not able to fill it. The daily rate can be so low sometimes I personally. I am no expert in short term but whenever I look into it doesn't seem to work for me.