Looking to House Hack with a Quad in Orlando, FL or 2hr drive radius
Member since 2023 · 10 posts · 34 votes
Looking to House Hack with a Quad in Orlando, FL or 2hr drive radius
11 Replies
- Lender · West Palm Beach, FL · Member since 2017 · 306 posts · 122 votes2y
Hi Rod,
House hacking is an excellent strategy, and just got a lot easier as conventional loans now allow 2-4 units with only a 5% down payment. The rent from the other units is used to help you qualify for the loan as well. I'd be happy to go over any loan questions you might have, so feel free to reach out anytime!
John - 2yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
Your real estate adventure and interest in house hacking tiny multifamily buildings is fascinating to learn about. Here are some suggestions and things to think about as you start this process:
Do extensive research on the Orlando real estate market and its environs. Recognise market trends, real estate prices, and demand for rentals. To gain insightful advice, think about collaborating with a nearby real estate agent that specialises in investment homes.
Conduct a thorough cash flow study on any possible real estate. Take into account all expenses, such as vacancy, upkeep, and property management. Make sure that after all costs, the property will have a positive cash flow.
Examine your possibilities for funding. You might want to think about financing the acquisition of the quadplex with the proceeds from your existing home, given your track record of success with tax deeds and flipping. Speak with a mortgage broker to learn more about your lending alternatives.
Select if you want to work with a seasoned property management business or handle the property yourself. Choose according to your preferences, level of experience, and available time since each choice has advantages and disadvantages.
Make sure to thoroughly investigate any potential quadplexes you come across. Examine the property for any damage, determine how much renovations will cost, and determine whether any repairs are necessary. This will assist you in making wise choices and avert unforeseen costs.
Best of luck with your house hacking venture in Orlando!
NETWORTH BUILDERS5236 Reviews - Member since 2023 · 10 posts · 34 votes2y
Quote from @John K.:
Hi Rod,
House hacking is an excellent strategy, and just got a lot easier as conventional loans now allow 2-4 units with only a 5% down payment. The rent from the other units is used to help you qualify for the loan as well. I'd be happy to go over any loan questions you might have, so feel free to reach out anytime!
JohnThank you John! Yep, I'm aware about the Fannie Mae change last November! I'll reach out with some specific questions
- Member since 2023 · 10 posts · 34 votes2y
Quote from @Wale Lawal:
Your real estate adventure and interest in house hacking tiny multifamily buildings is fascinating to learn about. Here are some suggestions and things to think about as you start this process:
Do extensive research on the Orlando real estate market and its environs. Recognise market trends, real estate prices, and demand for rentals. To gain insightful advice, think about collaborating with a nearby real estate agent that specialises in investment homes.
Conduct a thorough cash flow study on any possible real estate. Take into account all expenses, such as vacancy, upkeep, and property management. Make sure that after all costs, the property will have a positive cash flow.
Examine your possibilities for funding. You might want to think about financing the acquisition of the quadplex with the proceeds from your existing home, given your track record of success with tax deeds and flipping. Speak with a mortgage broker to learn more about your lending alternatives.
Select if you want to work with a seasoned property management business or handle the property yourself. Choose according to your preferences, level of experience, and available time since each choice has advantages and disadvantages.
Make sure to thoroughly investigate any potential quadplexes you come across. Examine the property for any damage, determine how much renovations will cost, and determine whether any repairs are necessary. This will assist you in making wise choices and avert unforeseen costs.
Best of luck with your house hacking venture in Orlando!Thank you Wale!
Yeah, my idea is to keep exploring tax deeds but also house hack to help my cash flow. Also possible to sell the tax deeds props through owner finance and create cash flow as well, instead of giving out the deed, writing a Contract for Deed and generate monthly payments.
Anyway, back to the house hacking with a quad, can you refer somebody in the Orlando area?
I see you are from Texas. It's not out of the question for me to consider moving out of state in favor of cashflow. Possible because of remote work. What areas in Texas would you recommend?
- Member since 2019 · 7k+ posts · 4k+ votes2y
Quote from @Rod Navarro:
Hey guys!
I started in Real Estate last year with Tax Deeds and flipped a couple parcels for profit, then as I researched more, found and fell in love with House Hacking, specifically with small multifamily, as a mean to create cashflow and eliminate my biggest monthly cost: my mortgage
I currently have a Single Family Home in Haines City, FL which has gain good equity and I can probably net around 70k by selling
My goal is to look for a Quadplex in Orlando FL or within 2h driving, just so I can drive and see the properties realistically.
Any word of advice, experience or recommendations as I embark in this process? Point out good cities / neighborhoods in the area with good cash flow potential is appreciated.
Also, if anybody reading, did this in the area, how was your experience, what would you say to a newbie like me?
Regards!
you don't even need to buy quad, you could do this if the house has ADU/basement/two buildings or has more than 5 rooms with large space.
- 2yShawn McCormickPro MemberRealtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
@Rod Navarro congrats on buying right in Haines City, still a lot of growth in that area, so your equity should continue to grow.
As far as a quad, if that is what you are set on, will be tough to find in and around Orlando. There just aren't that many to begin with and if you do find one, you won't have the luxury of being in an area that you would consider ideal. They are out there, but not in quantity to have much choice on location, age, condition etc. Tampa will have more inventory, but you may face some of the issues on what class the area will be.
I'm happy to have a chat about Orlando to see if there may be other more viable options for you.
Best of luck!
- Investor · Miami, FL · Member since 2015 · 355 posts · 268 votes2y
The flaw in house hacking is that a property is rarely ever both an ideal investment and the ideal place to live. You usually have to sacrifice one or the other, or a bit of both.
- Member since 2023 · 10 posts · 34 votes2y
Quote from @Carlos Ptriawan:
Quote from @Rod Navarro:
Hey guys!
I started in Real Estate last year with Tax Deeds and flipped a couple parcels for profit, then as I researched more, found and fell in love with House Hacking, specifically with small multifamily, as a mean to create cashflow and eliminate my biggest monthly cost: my mortgage
I currently have a Single Family Home in Haines City, FL which has gain good equity and I can probably net around 70k by selling
My goal is to look for a Quadplex in Orlando FL or within 2h driving, just so I can drive and see the properties realistically.
Any word of advice, experience or recommendations as I embark in this process? Point out good cities / neighborhoods in the area with good cash flow potential is appreciated.
Also, if anybody reading, did this in the area, how was your experience, what would you say to a newbie like me?
Regards!
you don't even need to buy quad, you could do this if the house has ADU/basement/two buildings or has more than 5 rooms with large space.
right, my house has 5 rooms but I have kids/wife, so It's not an option to share the same living space with other people, we can be neighbors in the same dwelling though
- Member since 2023 · 10 posts · 34 votes2y
Quote from @Robert Rixer:
The flaw in house hacking is that a property is rarely ever both an ideal investment and the ideal place to live. You usually have to sacrifice one or the other, or a bit of both.
agree. I've set a clear line there. 40% ideal place to live 60% investment. So, investment wins. After a year I'll be moving out to the next project and keeping the cashflow
- Member since 2019 · 7k+ posts · 4k+ votes2y
Quote from @Rod Navarro:
Quote from @Carlos Ptriawan:
Quote from @Rod Navarro:
Hey guys!
I started in Real Estate last year with Tax Deeds and flipped a couple parcels for profit, then as I researched more, found and fell in love with House Hacking, specifically with small multifamily, as a mean to create cashflow and eliminate my biggest monthly cost: my mortgage
I currently have a Single Family Home in Haines City, FL which has gain good equity and I can probably net around 70k by selling
My goal is to look for a Quadplex in Orlando FL or within 2h driving, just so I can drive and see the properties realistically.
Any word of advice, experience or recommendations as I embark in this process? Point out good cities / neighborhoods in the area with good cash flow potential is appreciated.
Also, if anybody reading, did this in the area, how was your experience, what would you say to a newbie like me?
Regards!
you don't even need to buy quad, you could do this if the house has ADU/basement/two buildings or has more than 5 rooms with large space.
right, my house has 5 rooms but I have kids/wife, so It's not an option to share the same living space with other people, we can be neighbors in the same dwelling though
true…Create wall or divider … mine was like basement and I almost heard nothing from my tenant most of the time.
- Member since 2023 · 10 posts · 34 votes2y
Quote from @Shawn McCormick:
@Rod Navarro congrats on buying right in Haines City, still a lot of growth in that area, so your equity should continue to grow.
As far as a quad, if that is what you are set on, will be tough to find in and around Orlando. There just aren't that many to begin with and if you do find one, you won't have the luxury of being in an area that you would consider ideal. They are out there, but not in quantity to have much choice on location, age, condition etc. Tampa will have more inventory, but you may face some of the issues on what class the area will be.
I'm happy to have a chat about Orlando to see if there may be other more viable options for you.
Best of luck!
will reach out!
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