Newbie real estate strategy Orlando

4 Replies

Hello BP,

I am totally new to real estate and I am trying to figure out what the best strategy is for my first property. I really like the idea of a multifamily but I am hesitant about having to live next to tenants. What are the best areas in Orlando (Orange and Seminole counties) for buy and hold cash flow considering that I will live in the property first? Ideally I would like to be within 30 minutes of Apopka.

Thanks in advance:)

@Tram Ambers

Welcome. When you live there you are a tenant not the owner. Hire a property manager to start go to IREM.org search for ARM certified.

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

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

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

@Tram Ambers

Welcome to the site.

Owner occupied multi family is a great way to get started but does have it's negatives.

I would make sure you took your time and only placed someone who would normally qualify as a tenant but also someone who you could get along with.

Originally posted by @Tram Ambers :

Hello BP,

I am totally new to real estate and I am trying to figure out what the best strategy is for my first property. I really like the idea of a multifamily but I am hesitant about having to live next to tenants. What are the best areas in Orlando (Orange and Seminole counties) for buy and hold cash flow considering that I will live in the property first? Ideally I would like to be within 30 minutes of Apopka.

Thanks in advance:)

Hello Tram,

Welcome to the world of REI in this crazy market of Orlando that we real estate pros have a love/hate, but mostly love relationship with.

I'm a local agent and have worked with a few investors who lived in an investment property and the best advice that I can give you is to find neighbourhoods where you will feel comfortable living first, then look for a suitable investment properties in those neighbourhoods. The last think that you want to be is a miserable landlord.

The tenant never needs to know that you are the landlord if you have a property manager. You can let the property manager handle any issues that come up.

In Orlando, you will need to do your due diligence on property managers. Some are good and many are not. Check tenant and owner reviews online. Keep in mind that negative reviews don't necessarily mean a bad manager but a pattern of negative reviews indicating the same conditions or practices is a bad sign. Full disclosure my company is one of the larger property managers in the area but there are a few others that I have had positive experiences with that can share for your research if you would like.

The best strategy will be the one that matches your skill level, resources and tolerance for risk. There are a lot of strategies discussed at length on the BP forum. It is a good idea to search through and learn as much as you can.

Feel free to connect with me. I am local so if you have any local questions feel free to ask.

@Tram Ambers

Welcome to the BP community. You will find a lot of good information here. Make sure to view the BP blogs under "Learn."

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