New to Orlando & Trying to get started

6 Replies

Hey Everyone,

I moved to Orlando about a year ago and have been able to put save a good portion of my salary. Although I am not fully ready to purchase a property (still trying to up my savings), I believe that the time to do so may soon arrive. As such, I would like to broaden my network and get to know other investors.

My immediate goal is to eliminate my rent expense through house hacking as this process sounds the most appealing to me. Even so, I am still open to other suggestions that could be provided. 

Thank you!

Hi Elvis, as a local resident and professional realtor, I caution you in regard to house hack depending where you want to live. If you are happy with an annual lease, that should be a pretty safe bet in most places, but if you're talking about short-term rentals, make sure you're somewhere between Kissimmee and Davenport in a neighborhood that permits it. Many try to get away with it in Orlando but I frankly don't feel it's worth the risk of getting caught, fined and being stuck if you were depending upon the hack to help pay the mortgage.

Originally posted by @Courtney Bass :

Hi Elvis, as a local resident and professional realtor, I caution you in regard to house hack depending where you want to live. If you are happy with an annual lease, that should be a pretty safe bet in most places, but if you're talking about short-term rentals, make sure you're somewhere between Kissimmee and Davenport in a neighborhood that permits it. Many try to get away with it in Orlando but I frankly don't feel it's worth the risk of getting caught, fined and being stuck if you were depending upon the hack to help pay the mortgage.

Using the annual lease model would be my preference as it provides more stability, and I know that there may be extra taxes associated with short term rental properties. Are there any areas of town you would recommend or even avoid? I have tried to focus on areas away from Pine Hills as there seems to be a high crime rate there.

@Elvis Payano

If you are looking to jump into the STR (Short Term Rental Market) get as close as you can to the parks, with cities that allow it as pointed out above.

I manage properties out there so let me know if I can help at all!

@ElvisPayano:

You should be okay on LT lease in most areas, just be sure to carefully check the H O A restrictions if applicable. (Wrkg w a pro will be really helpful here)

For deciding upon the neighborhood, start with proximity to work, general preferences and budget. 

As a quick example, there are Townhomes in Windermere and Winter Garden in the high 200 to low 300 range, some of which have detached garages with Apartments that would work ideally. If you prefer something closer to downtown, you're looking at a much older property and a little more challenging to find one with a detached apartment. 

If you'd like more help be it guidance, lender recommendations or assistance with the search and purchase, connect anytime.

Hey Elvis,

Do not invest in Pine Hills... crime rate is very high. You want to invest in areas that are building and growing ... I suggest Lake Nona, Winter Garden, Clermont, and Ocoee. Clermont and Ocoee would best for ROI.