Yet another Newbie - I want to buy income!!

14 Replies

Live in Boston - too pricey...thinking Orlando or other areas of FL. I get to travel for a living so I'm always on the road and I need to start small and learn the ropes. Should I aim for a duplex as a first purchase?....Is it possible to finance more than 75% of purchase price?? Thank you!! :)

Hi Mark I am a wholesaler here in Orlando and have many properties for sale, SFR, duplexes, triplexes, quads and small MF. I have two local lenders that will finance any deal at 90% of the purchase price and rehab as long as the total is no more than 70% of ARV. Do you want me to send you the list and info on these 2 lenders?

Also because you are from out of town I also have a company that can provide a complete turnkey operation for you if needed.

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Long term hold/rental income cashflow positive

Stephen - I was told by an orlando agent there was nothing on the market!! I would be interested to look - yes!

I also like the sound of a turnkey op.... Thank you

There's your problem, an agent. I don't see any contact info in your profile. You can contact me by clicking on my picture. Send me an email with your request. 

Mark, there's plenty of SFR deals to wholesale, fix/flip or invest. The MF inventory is light in Orlando but you can great MF deals in other FL markets. You'll be very successful if you set your targets ahead of time (capital going in, hold period, leverage, demographic, equity multiple and/or IRR).

Originally posted by @Ian McKeown :

Mark, there's plenty of SFR deals to wholesale, fix/flip or invest. The MF inventory is light in Orlando but you can great MF deals in other FL markets. You'll be very successful if you set your targets ahead of time (capital going in, hold period, leverage, demographic, equity multiple and/or IRR).

 Thanks Ian - I truly appreciate the insight here. Having been looking at Orlando, I can see that MF may be a challenge - For several reasons PLUS I can get there so easy from Boston (Thank u JetBlue!!) I was drawn to that market - as well as seeing it was becoming quite frothy... Which alt mkts in FL do you like?

@Mark Yaffe ; Miami, Tampa, Orlando and Jacksonville are your big FL markets.  They each have smaller sub-markets that are very good.  Miami is generally overpriced now because of foreign investment.  Tampa and Jacksonville are very good for MF.  

Again, though, you have to set up your individual "program" first.  What do you want to invest upfront, how many units, size of units, what kind of tenant do you want?  

Multifamily is great for transient markets and sub-markets where people come and go a lot.  You can also look at it demographically and target millenials, student housing, low income, seniors, etc.  

Get that stuff set up first, then go look in your markets and find the deals that suit your investment criteria.

The Tampa Bay area is hot! Definitely more SFR here than MF. My team wholesales 10 - 15 off-market properties a month and also lends at 70% of ARV. I think you'll find 70% being a pretty standard number around here.

Side note, if you fly into Tampa, check out Allegiant airline that flies into Clearwater/St. Pete. It's on the budget side if you're looking to save some money. They also fly into Sanford just north of Orlando.

Welcome to BP! 

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