All Forum Posts by: Tyler Gibson

So I feel like I'm stuck and need advice on the best possible route. So I currently have (only real estate) a 2 bed one bath at 815 sq ft home that has been completely remodeled with a recently built a detached 405 sq ft loft style ADU in the back. I owe about $200k (1st mortgage) on the primary with a small equity agreement (second position) and a separate 68K 20 yr renovation loan to build the ADU. 3 percent rate on the 30 yr 1st mortgage, no payments on the equity agreement, and 8 percent on the 68K.

I'm looking to scale/upgrade to a larger home for a second property, but seems like no matter which way I look I'm at some sort of roadblock or disadvantage. I don't make enough to afford a second property without using future rental income and/or using equity. whatever money I borrow, It's expensive now with rates and I'd just be increasing my DTI.

I don't want to cash out refi with a 3 percent rate and increase my term and payments, I can't take a second mortgage without settling the equity agreement in second position, I can't do a heloc either without settling the equity agreement, and I'd rather not give up more equity as my ADU doesn't count when it comes to the equity sharing loan, in that I used the money to build and they don't count future improvements, only the property was which is my 815 sq ft home.

Rates and prices are so high and no matter what I get it will need improvements. I really can't afford any more than the $2k I'm spending all in on the property a month. FYI I will be making roughly $1500 cash flow pre expenses by renting out my home and the ADU if I move on. I can use that towards my new investment if they count it since I have no rental history/profits to show. So that puts me at about $3500-$4k max a month on the second property minus the 1500 rental income I'back to what I currently pay. If I buy a duplex, renting the second unit could help too, but I don't want to rely on that because I will need extra for repairs and other expenses should tenants not pay.

What would you do as a new investor with limited income?

 It is in Orlando, so Orange County.

I did not know about the HOA can foreclose. We bought it as our personal home initially and then we started getting intrigued with real estate and air bnb

Hello everyone! I need your expert opinion on this property. 

We have a 2 bed 2 bath furnished condo in orlando. We bought it 2021 august for $182500, placed down 20% and will pay for 15 yrs. We use it as short term midterm rental 3-30 days and we earned $80000 for 2024. Mortgage with hazard is about $1550 @ 2.25% per month very affordable however HOA is getting steep at $415/month. Recently, the HOA saw our ads in Airbnb and wants us to remove our listing since HOA bilaw indicates they only want 6 month minimum listing. Most of our guests are from airbnb, some from furnished finder. The HOA does not know about the furnished finder platform. With this kind of situation, with HOa limiting us with renting our property, should we just sell it? Or keep it?

We really love this property, very safe, good neighborhood! However, we want to hear others opinion.

We have other Airbnb in Orlando, non HOA and it is really wonderful! Non restrictive! Should we just invest in Washington where we currently live?

Thank you in advance! All your info will be appreciated!

Hello all! 

I am back here searching for a new CPA in the Orlando or central Florida area. I am a real estate agent, real estate investor, and also work in television production. I would need a CPA with experience handling filing for multiple businesses and one who can offer tax planning and strategies. It's a huge plus if they have also worked with clients in the broadcast television industry - not every accountant is familiar with that field and how to strategize write-offs, etc. 

My current CPA got a promotion and is no longer serving in the same role. :( I'm not happy with the new structure that the company has - they are growing to be a big firm giving me less and less access to direct communication with their accounting team. I'm looking to build a business relationship with my CPA, one who I can trust and work well with as I grow my businesses. I'm not opposed to a bigger company but I would like to be able to communicate directly with my CPA and not have a middle man. 

(A few of you have DM'd in the past - I'll be reaching out to you as well!)

Thank you in advance for your recommendations!

-Abby

Thank you Zane for the reply! I've owned my rental SFH for 1.5 years, and noticed my property tax is significantly higher than my neighbors' properties with similar square footage and conditions. I understand they purchased their property bit earlier at a lower price, but the difference shouldn't be so significant. Any recommendations for me with the property tax appeal?

Hi All,

My name is Jesus and I’m eager to get into the real estate realm. I have lived in Orlando, Florida for over a decade. I look forward to network, learn and help as much as possible. 

Respectfully,

Jesus Rodriguez

Hi everyone! I'm looking for a reliable title company/attourney that has experience in assigning contracts or completing double closings in the Central Florida area. Any help with this would be greatly appreciated! 

I have no properties yet - just working a regular job and doing some freelance work on the side. I'd like to start earning some "unearned income" and building wealth. I've read quite a bit and I've watched a ton of videos. I'd like to check and make sure I'm on the right track.

BTW: I make around 80k per year and I live in central Florida.

Here's my strategy:

- I'm currently living with family and reducing spending. Looking to save for a year or two. That should give me about $15k-$25k.

- Buy a multi-family home - I've seen some for as low as $250k, but I'm sure there will be different deals by the time I'm ready to pull the trigger.

- Take out an FHA loan for 3.5%. That's $7,500 on a $250k home which should be much less than my savings. That means I can either have a cash cushion for any renovations or covering some of my mortgage until I get a tenant or get into a property quicker.

- That puts my mortgage at around $1,500. Looking at the comps, I think I can rent it out for $750 - $1,000. That would put me at negative cashflow of -$750. Maybe call it -$1,000 to cover upkeep. Also, even though this is a negative cashflow it's basically what my rent would be. So, I guess I'm paying $1,000 to live in my home to earn equity in my duplex. 

- According to an amortization schedule, it'll take about 10 years to get 20% of equity in the property. Ideally, I'd put more towards my principle faster if I have the cash.

- Once I get 20% equity in the property, use another FHA loan to buy and live in another multi-family property then rent out both sides of my first duplex leading that to positive cash flow.

- Repeat..

Am I on the right track? Basically, take out an FHA loan for a multi-family, get 20% equity as fast as I can, and then do it again.

Hi all! My name is Richard and I'm a new investor located in the Orlando, FL area. Really looking forward to getting to know as many people as I can and growing together. Would love to connect with people from my area if there's anyone on here who's from around me! 

I was wondering what is everyone's set up.

We have the basic things set up such as having a LLC, realtor, and a broker. We went under contract twice but we haven't bought anything yet. Plan is to start with a multifamily house, or a single family with an in-law suite in the back. The challenges we run into is trusting the realtor and the realtor's inspector to fully disclose all the problems with the property...to basically be our eyes and ears. We noticed there were some major problems not brought to our attention until towards the end of the contract where we were under pressure to make a decision.

Since this is all done remotely, how did you set up a reliable system or team to be your eyes and ears from start (property search) to finish (to closing on a deal) and who are they? OR do you actually take a trip to visit all properties then decide? 

We're thinking we'll need a buyer's agent, a lawyer in Tampa, and a inspector to do pre-inspections before we ever decide to put in an offer. What are your thoughts? 

Ideally, we'd like to buy multiple properties this year and do minor cosmetic work if needed but since we're all remote, we can't do any flips. So strategy is buy, rent out rent it out, and sell 3-5 years down the line.