Sanford, FL · Member since 2017 · 3 posts · 2 votes
Hello,
I am looking to break into real estate investing in the Orlando area. My wife and I currently rent in Sanford, Fl. We are a single income home at this time, my wife is a stay at home mom and we would like to finally get into real estate investing.
I have been doing my research on BP and would like to learn more about the area and possibly house hack a duplex / triplex / etc. We are interested in the buying and holding strategy at this time, nothing written in stone though. Would like to meet up or just follow up on the forums to find out how investors have been successful in Central Florida and surrounding markets.
Attorney · Orlando, FL · Member since 2016 · 40 posts · 33 votes
9y
Hi Bryan,
Welcome to BP! Good job on doing your research, if you are going to invest it is critical that you do it right and be informed. As an agent, every day I search for multi-family properties here in Orlando. Good deals are becoming harder to find, however there are still some out there. If you would like I can add you to my multi-family watch list. There is one duplex that I know of right now that looks promising.
Sanford, FL · Member since 2017 · 3 posts · 2 votes
9y
Wow,
Thank you all for welcoming me to the BP Forum family. I had been searching through it for quite a while getting my education, but had yet to post. I will most definitely message those of you who invited me to do so.
1) Would anyone have any suggestions, if they could maybe do it all over again and/or how they feel they successfully broke in to real estate investing: single family, house hacking, etc. As I said before I currently rent with my family: wife and 3 month old daughter.
2) I am currently waiting to hear back from TrustCo Bank for pre-approval on a conventional loan for my first property to see where we stand on a ball park price range. I'm looking to taking advantage of their 3.5% down, 30yr, no PMI. Anybody have any thoughts, good or bad on that avenue of finanace?
3) As for hunting for properties I've been on as many sites as a non-agent can, Zillow, trulia, realtor, Redfin(any other good suggestions?).
Thank you all again in advance, your knowledge and guidance is priceless to my family and I.
Indianapolis, IN · Member since 2017 · 21 posts · 3 votes
9y
Hi Bryan,
I am an Orlando beginner as well (and a new mom!). I don't have many suggestions, but I am compiling a list of places to look for properties. Two that are on my list that you didn't include in your post are:
Craigslist – can get for sale by owner deals
Realtytrac.com
My task for this week is to try and hone in on specific zip codes that are good for small multifamily deals. We'll see what I come up with.
Have you attended any of the CFRI or other investment group meetings?
New Smyrna Beach, FL · Member since 2013 · 70 posts · 30 votes
9y
Thanks Buddy Holmes
Hey Bryan Covet
Welcome to BiggerPockets and investing in the Central Florida Area. My wife and I wholesale properties and also partner with other investors. If your interested, we can send you some of the discounted deals
that we get. Also I would recommend attending a cfri.net meeting. They are a non profit organization that promotes education in this field. The main meeting is the first Wednesday of the month and you can go to the the website and print of a free guest pass and get more details.
Lender · Stuart, FL · Member since 2017 · 112 posts · 37 votes
9y
@Bryan Covet Awesome best of luck to you! With that bank get them to send you an estimate for FHA also they offer some better income ratios and with one income that might be just the edge you need to find something. Also watch the rate usually no MI means no borrower paid MI but it is priced into your interest rate for the lender to pay it, and it never goes away. I suggest you look at both options and if you are looking for multi family make sure the lender knows that as the guidelines can change.
Investor · Orlando, FL · Member since 2016 · 355 posts · 380 votes
9y
@Bryan Covet, Welcome to BP! There are a lot of great third party resources for market research to familiarize yourself with the investment possibilities around here. I've found great free reports from both Marcus & Millichap and the Florida Realtor Association.