All Forum Posts by: Account Closed

I am starting to invest in the Orlando Florida metro area (Orange County, Lake County, Seminole County and northern Osceola County) and want to network with other investors there.  I am looking for mainly rental opportunities, but do flips as well.  I have been investing for over 20 years and operate in three states right now, looking to add Florida to the list.

I have cash and private funds ready to go for the right deal - please contact me to start a conversation.  Also looking for rehab crews, property management companies, title companies, investor friendly Realtors, and hard money lenders in the local area.

Thanks!  I will be out to Florida in a couple weeks after Thanksgiving and would love to meet up with any investors there, lunch is always on me.

Stuart Fox

Here is a question - I own a few multi's, but mainly SFRs. Let's say I have 28 doors, but 22 properties.  When people ask how many rentals I have, I usually would say 22 - because a rental is a building - not a door - to me at least. I come from 20 years of flipping SFRs so my mindset is very building focused.  This is really neither here nor there, just curious what most folks say that have a mix of single family homes and multifamily properties? Thanks

Congrats on the change. Enjoy the freedom! 

@Clary C.

 Your post from a year ago interested me. I have been a real estate investor for 20 years and flipped many, many deals. Made a lot of money and lost more than I made during the bust.  Your phrase "and I want to do everything the right way" intrigued me. You'll never do anything, in my opinion, if you want to do everything right from day 1. Mistakes will always be made. Money will always be lost. That is a part of the game. The key is to keep learning, keep taking action, and keep going forward with consistent action - never quit. Then you will make more than you lose and you will grow a tremendous amount - both personally and professionally.

My two cents

All about risk tolerance and purchase price.  I have owned many "felony flats" and "war zone" properties over the last 20 years.  Everyone needs a roof over their head - just know the risks going in, and assume the worst!

BP is a great place to get info. I've been a full time flipper in Portland since 2001 and can get you info in this arena and rentals as well (I own several SFR rentals).

Enjoy the BP community!

I am buying a rental in an out of state market in a couple weeks.  I was curious as to everyone's thoughts on entity.  I do not plan to take any money out of the rental initially (the first 3-5 years), and don't plan on ever selling the rental (of course, you never know - but that is the plan).

Do I start a company in the state where I am buying? Use my fix and flip company in my home state? Form a LLC, S Corp, or C Corp? The new company will hold several rentals - once I have 8-10 properties in the new company, I will form another company to do the same.

Thank you for the feedback!

Thanks everyone - I am going to pass on this deal.  Love the BP input

I agree @Jonathan F. , but when you look at zillow there are zestimates all over the area for this much.  I know in the midwest there are great homes that you can get for very low prices.  My brother, in Wichita, bought a 3,000 square foot for for $124,000 with nothing wrong with it.  All brick exterior too.

Coastal markets are just so much more expensive than the rest of the country!

OK, bear with me here folks.  Although I have flipped well over 500 homes since 98 and owned nearly 100 rentals - I have never done anything out of my backyard.  I'm in Portland, where the flipping is sweet right now but cash flowing rentals are hard to come by.

I have someone I met online that is selling a 2 bed, 2 bath, 1,000 square foot home on the east coast.  It's currently rented for $350 a month.  They want $14k for the home.  It zillows at 40k (I know to NEVER trust zillow - but you have to start somewhere, right?).  Property taxes are just $75 (I had no idea there were places in the country that had that low of property taxes) and the fire insurance is $350.  So my monthly insurance/taxes are $36.

The local property managers are charging 10% of gross rents or $35.  Is this a good deal?  I'd pay cash for the home - seems like I would make about $280 a month not including vacancy/repairs. Tenant pays all utilities.  I want to start buying out of state rental properties to find markets that make sense for buy and holds.

Thoughts on this particular deal or starting to buy out of state rentals in general?!?

Thanks!