What's everyone doing in Southwest Florida?

Question

Hi everyone I'm just getting started and I was curious as to what is popular and what works here in the southwest Florida area. My girlfriend and I were renting a house for a year but I moved back in with my parents to save up some money to get started in real estate. We have about 10,000 saved so far. As far as strategy I was leaning toward doing a low or no money down, owner occupied, single family for a year and fix it up a little and raise the value and then move into something else and rent it out. Any advice is greatly appreciated!

Shannon Vinson · Answer

Ok that sounds great! Where are the houses located? And how does the interior look such as cabinets, floors, countertops. Is everything updated? I'm living with my parents currently so I need a place to stay so I was planning on doing a type of live-in-rehab just to kind of update everything and raise the value. And could you give me a more in depth look at the financial side of it? As far as cash flow and expenses? Thank you!

Lord Svetoslav Pavlov · Answer

The lease agreements on 2 of my rentals properties in Lehigh Acres are ending at the end of this month and may be listed for rent next month. They need just some little touches like painting/fixing etc. When tenants move out I will have more info on that. Both properties are single family homes 3 beds/2 baths/2 car garage, 1132 sq.ft and 1408 sq.ft. After leases expire usually I do the repairs necessary and put them back for rent immediately. Rents range from 1250-1400/month depending on current market value. All my properties do have long term tenants as they like the houses and want to stay more. For example, my current tenants in the house that's 1132 sq.ft. are staying there since 2014. If you are interested buying one or more of my houses, I will definitely stop them from re-renting and will not make the necessary re-rent repairs, that way will keep the price lower and sell on AS-IS basis. One more thing - all my houses went good thru the Irma in 2017!

Shannon Vinson · Answer

@Lord Svetoslav Pavlov

Hi! I am definitely interested. Could you tell me a bit more about the properties?

Lord Svetoslav Pavlov · Answer

Hi Shannon,

I am a long term investor and have rental properties in Lehigh Acres that are tenant occupied and producing income. I am thinking to sell some of my properties at lower market value that need just little fixing/painting. This can be your first investment. If you are interested you can reach me for advice.

Shannon Vinson · Answer

Interesting. I'm going to look into those. Thanks!

Eric Mayer · Answer

I see a lot of 4-plexes come up in your area. You could use that same 3.5% down fha loan and live in 1 unit while renting out the other 3 if you really want to start with a bang.

Eric