Hope you guys don't mind another newbie announcing thread here.
I've been looking for ways to help me truly become financially independent, and I want to use REI to get there.
I am not looking to do anything fancy. Just plain old, buy, hold, rent out, and hopefully generate enough cash flow to get my financial freedom somewhere down the road.
I'm living in New York, but real estate here is way over my budget. I've been researching Orlando due to its population growth, job growth. ( At least according to stats from Forbes' article)
I heard from someone that houses in Orlando get a lot of damage due to its weather and geographic location, and that one shouldn't hold a property for more than 10 years, which is why there's a lot of new builds there.
Living in NY, houses here last forever. It's common to buy house that are built in the 1960s or even earlier.
Is it really true that houses in Orlando lasts that short?
My budget is 150k to start. My hope is to buy properties, get a property management firm to help me manage it, and rent them out. Over time, accumulate enough cash flow from rents to cover all my expenses.
Is that budget and approach still feasible in Orlando?
Thanks again in advance guys.
Sounds like you have a great plan thought out. I am glad to answer any financing questions.
Welcome to Bigger Pockets. Consider sending messages to other members which is my favorite part of the website
I too am from NY. Now I am a Realtor in Orlando. In Florida cement block houses last a very long time. The oldest house that I have seen here was built in the 1920's. In ten years it is more likely that the property interior will need updating as popular styles change but the structure will remain sound. For rental properties this isn't a deal breaker however it at the 10 year mark you might consider selling a property to purchase a newly renovated property or renovate the property yourself.
If you combine your budget with the proper financing tools you can add several properties to your portfolio in Orlando. With strategic purchases you can have immediate cashflow in excess of your expenses once your tenant moves in.
Feel free to connect with me if you have any questions or needs in Orlando. I am an agent here that works with investors and our company is one of the larger property management companies in the area.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com You can do via phone till you are down there.
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Great game plan for your future. You will soon find out that with your budget and target area you could easily buy low-end starter homes, fix, and flip to accelerate your game plan.
Of course, this after you have found your team members there.
Be sure to set up an alert to include your city, state target area; and maybe along with discounted, light rehab to begin with.
This has been an @information nugget.
May Your Efforts Be Rewarded!
Hi @Han Gu !
Welcome to BP site!
Wishing you all the success on your REI!
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