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Gabriel Araya
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Orlando: wait for the right multifamily or get a SFR?

Gabriel Araya
Posted Jan 26 2022, 20:52

Hi everyone. I am an airline pilot and a new real estate agent (1 deal so far), currently renting in Orlando FL and I'm not sure what to do next. Here is the scenario:

I need to stay within 30 min of the airport. I've been looking into getting a multifamily property (house hack it), do an FHA loan and use part of my commission towards the closing costs (I'd also be taking a gift from a family member to cover a portion of the downpayment). So far, I haven't been able to find anything that makes sense. I did find a 4plex in Kissimmee, made an offer for it (full asking $675k), but they didn't accept it. Other than that I haven't seen anything else.

On the other hand, there is community in St Cloud, which is selling brand new construction. They pay a commission and they cover the majority of the closing costs. So I could basically get the property for 0 down. Asking price is $385k, which compared to the prices in Orlando especially near Lake Nona, I think is super reasonable even more so for new construction.

With the market being this hot right now, I'm not sure what's the best way to go. Any ideas? My rent is going from $1350 to $1800 in April. 

I'm not super handy when it comes to repairs, and I also don't have a lot of cash to put down. I'd love to implement the BRRRR method but I don't have the capital to do it right now.

I'm fascinated about real estate and want to become financially independent through it, but I'm still learning. Any and all pointers would be greatly appreciated.

Thank you for your time.

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