Own 2 Single Family, Looking to Learn and Expand
Member since 2024 · 14 posts · 6 votes
Own 2 Single Family, Looking to Learn and Expand
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Full time investor · Cincinnati, OH · Member since 2013 · 405 posts · 312 votes
2yMy advice is to look at non-residential commercial. You can find great commercial properties for the same price as a 4-plex. Commercial has way less overhead and headaches. You rarely get phone calls from your tenants and they are business owners vs. folks with kids, pets, showers and toilets. Usually if there is a plumbing or electric issue, it falls on the tenants.
Most people think Commercial is too hard and too expensive. It is neither. I can't tell you how many investors I have spoken with that chase low margin apartments and they want nothing to do with Commercial because they know nothing about it. This keeps the competition away and the returns higher.
8 Replies
- 2yMark MunsonBusiness MemberLender · Orlando, FL · Member since 2022 · 440 posts · 300 votes
I'm in Orlando as well, in Winter Park. I'd be happy to connect, sent you a message.
- 2yShawn McCormickPro MemberRealtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
@Andrew Galloway Welcome to Bigger Pockets. Sounds like you have a good head start being around agents all the time. I know my daughter just rolls her eyes when her mom and I get talking about it.
Would like to know a little more about your ideal strategy. There are many ways to build wealth in real estate. Do you want to just buy and hold SFR? Are you interested in Short term rentals, multi family, fix and flips or do the numbers get you going like tax deeds, buying notes.
I'm in Orlando and would be happy to have a call sometime and invite you to CFRI (Central Florida Realty Investors), the local chapter of the national REIA. You can network with all sorts of local investors that may be doing what you want to do or attend focus group meetings to specialize in niches like multi family, flipping, landlording and more. I can get you a free guest pass to check out a meeting if you like.
Best of luck
- 2yJorge VazquezBusiness MemberReal Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 684 votes
Hi Andrew,
I've been investing in Tampa's real estate market for over 20 years, and I’ve found a strategy that has been very effective. The key is to target the higher end of the low end. This approach strikes the perfect balance between affordability and quality, maximizing your investment potential.
For those who are just starting in real estate or have limited funds, house hacking can be a game-changer. It is a practical way to dip your toes into real estate by using your primary residence to generate rental income.Meanwhile, for the patient investor, the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat) is an incredibly effective method over time, allowing you to steadily build wealth through real estate.Both methods have served me well in navigating the Tampa market, and I would be happy to share more insights or connect with you if you're interested.Best regards,
Jorge
Graystone Investment Group4.6271 Reviews - 2yTyler GibsonBusiness MemberReal Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
Quote from @Andrew Galloway:
Hello. I am a new investor in the Orlando area. My parents are real estate agents but I just got into real estate investing over the past few years. I am a military contractor and spend a lot of time overseas. I am looking to learn and create specific strategies to create wealth in the medium to long term. I am currently looking and experienced with single family but am interested in learning more about commercial also. I've been targeting new communities between Orlando and Tampa due to greater affordability, my experience in the area and the simplicity of them as single family. I'm open to any connections or advise. I have an MBA and have a decent amount of experience with stock investing. I have a lot of general real estate knowledge but not specific professional investor knowledge.
Hey Andrew, welcome to the forums! Congrats on your success so far and taking the next steps to learn and grow more. I'd highly suggest getting involved in local real estate meetups. You never know who you're going to meet and what you'll be able to learn. @Bernadeau C. has a monthly Meetup that he does as well as another commercial multifamily Mastermind. I'd suggest you get connected with him.
- Full time investor · Cincinnati, OH · Member since 2013 · 405 posts · 312 votes2y
My advice is to look at non-residential commercial. You can find great commercial properties for the same price as a 4-plex. Commercial has way less overhead and headaches. You rarely get phone calls from your tenants and they are business owners vs. folks with kids, pets, showers and toilets. Usually if there is a plumbing or electric issue, it falls on the tenants.
Most people think Commercial is too hard and too expensive. It is neither. I can't tell you how many investors I have spoken with that chase low margin apartments and they want nothing to do with Commercial because they know nothing about it. This keeps the competition away and the returns higher.
- Investor · Tampa, FL · Member since 2020 · 287 posts · 152 votes2y
Hey Andrew, broker and investor here in tampa. always happy to discuss my experiences investing in the area, feel free to shoot me a message.
- Member since 2024 · 14 posts · 6 votes2y
@Shawn McCormick Sorry for the delayed response and thank you for the reply. I'm a military contractor so I spend time working remote and bouncing around some overseas on site. I haven't chosen a specific strategy yet, I figured I had a slightly competitive advantage in single family in the greater central florida area leaning towards buy and hold.
I've done a lot of deal analysis over the last few months and I'm still new. I am interested in other types of deals but haven't seen that many opportunities. The plan was to gain more experience with a few more lower maintenance type single family deals before moving beyond that.
I definitely don't understand the multifamily market, looking around, it looks extremely overpriced. I'm sure there are some off market deals but not being plugged into that I figure the professionals who are mailing out 400 flyers a week are all over those. A multifamily using an FHA primary residence sounded appealing but at least looking in CFL areas, I can't believe the price people are trying to ask for mutlifamily. There arn't and lower interest rate FHA loans to assume on multifamily which would put you in todays higher market rates. I'm sure with enough offers or by using seller financing, it would be possible to get into multifamily in the CFL area. I am guessing there are markets outside FL where its easier.
I was wondering if building multifamily or trying to modify/repermit something as multifamily might be a better plan. I don't know how complicated that process is.
For single family, I have looked at loan assumptions, and currently, what the new home builders in CFL area are offering seems like the best bet, if one can do a primary residence.
I would love to attend a CFRI meeting, I will reach out when I am closer to returning back to Orlando from my current trip. - Member since 2024 · 14 posts · 6 votes2y
Quote from @Ash Patel:
My advice is to look at non-residential commercial. You can find great commercial properties for the same price as a 4-plex. Commercial has way less overhead and headaches. You rarely get phone calls from your tenants and they are business owners vs. folks with kids, pets, showers and toilets. Usually if there is a plumbing or electric issue, it falls on the tenants.
Most people think Commercial is too hard and too expensive. It is neither. I can't tell you how many investors I have spoken with that chase low margin apartments and they want nothing to do with Commercial because they know nothing about it. This keeps the competition away and the returns higher.
Thank you Ash. My brother's father in law actually recommended that also. Do you recommend any books or podcasts to start gaining knowledge in that area? I know Bigger Pockets touches on it occasionally. How do you find deals and what type of capital requirements are there getting started? Is it something where I need to physically be close by. I am often overseas working remote. I have family that are agents in the CFL area, residential agents.
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