I'm 21 and I'm looking for cashflow opportunity. I have money saved that I can use for real estate but I have been going through analysis paralysis for a whole year and I don't know what to do I really need some guidance. I live in Orlando Florida I've always heard good things about doing Airbnbs here maybe a duplex, or just buying my own house. idk what would be the best to start me the most to start out
I started looking in Orlando area in the last few months as it seems to be a good opportunity. I noticed that there is some growth and opportunity in Polk County. Specifically Winter Haven, Auburndale, and Lakeland areas seem to be growing rapidly. I also looked at STR but they seem to be higher priced and require more time than i can commit to right now from a distance (I'm in Washington state).
My suggestion to you is to determine what your dream and long term goal is and work back from there. You can break it down until you get to what you need to start now to get you there.
Another option at your age is to find a job in the industry and learn while you earn.
best of luck!
thanks for the advice @jonathan I'm currently on the process of getting my sales license since I've been doing sales since I got out of high school. so it will be great for me to do specially since I get to learn about the area. Lakeland's numbers for rental properties are really good. I'm not that familiar with the different investment methods. I know about brrr, the numbers and so on. but I don't know the advantages of each kind of property. I was thinking of going multi unit 4 (or less) so I could house hack while I start. thoughts on this?
@Alberto Bustillo - that's a great way to start. I am looking at one here in Washington but prices are really high.
I am a Realtor, Investor, Property Manager in The Tampa, Florida area. I work in Pinellas, Hillsborough and Pasco Counties. Congrats on trying to get the ball rolling at your age...I did the same thing when I started out 11 years ago (much older than you) lol. If you have the opportunity to house hack, just to get your feet wet, is a great way to start. You gain trust with contractors and other professionals in the field. I think that your idea of a four plex is a great idea. Live in one rent 2 and rehab 1. Then rent back out at a higher price once rehabbed. As far as short term rentals go...I have a client that does really well in Davenport. Just a thought...But, again, congrats!!!! I wish I would have started at your age!!!!....Best of Luck!!!
@Alberto Bustillo when you say you have money saved, do you have enough for a down payment + closing costs + reserves + personal savings?
I think your idea of househacking a duplex or single family home and airbnbing out the other unit or rooms is a great idea. I am doing this in Houston, Tx, airbnbing out our 3 spare bedrooms which is covering the mortgage plus an additional $500 income on average. I think there would probably be even more demand in Orlando!