Hi all,
I'm from Orlando and am beginning my career as an investor. Specifically exploring the best cities for flipping single family properties at 100k price point in the Central Florida area (or within an hour's dr...

Or is it a mutual contract in most cases where each party is able to put in the contract what works best for each of them?

Are there things that you wished you had known when buying your first rental property that could be beneficial to me?

For the details…Owe $378,712 (just refinanced to 3.25% 30/yr fixed VA); need to put $5,000 into house = $383,712Updates needed: pool liner $3,000; re-paint kitchen cabinets $2,000 (bad DIY “update”)Likely sell price $410,000 (up to $430,000…but staying conservative)$410K: $385,400 (after 6% realtor commission); $382,000 ( after $3,400 towards closing)$383,712 - $382,000 = $1,712 out of pocket to sellRent = break even with mortgage, insurance & property taxMaintenance, capital expenditures, vacancy = $4,000 annually ($333/month negative cash flow)$625/month going into equity from rent - $333 expenses = $292/month overall “benefit” of renting out towards mortgage principal -House is at/above average for the area, so rehabbing/improving not beneficial-“Gaining” $4,000 in equity per year, not taking into account appreciation/depreciation -Selling doesn’t really free up any capital -Selling would allow for regaining VA loan benefit-If we sell/rent, we’ll likely buy a home for half of the cost of this one, which will be more profitable to sell/rent when we leave

The only time you should have to use any money is when you are investing.That being said, if you do not have experience in multi-family it could be very beneficial to have other experienced investors and operators around you.

You will likely find at least one person you can get solid advice from and this could naturally turn into a mentoring situation since you were connected by a mutual contact.

In my experience, an amicable mutual termination of a lease can often work out in the landlord's favor. 

Too many times starting off I would get excited over a verbal agreement, a written purchase agreement, etc. only to have the deal fall through at numerous stages of the process (even the day before closing). 8) I've learned to be a lot more understanding of my tenants and treat them with strict rules across the board but still in a friendly way so there is mutual respect.

I would think that it would be beneficial to work with the same institution on the lending and Refi, if for nothing else than simplicity and prior relationship.

I know investing out of state in low priced markets can be beneficial for me (especially on a NYC salary) but I know it’s crucial to build relationships with agents who know the areas well and build up my core four team.