Orlando's Businessman diving into the Buy & Hold concept

Orlando's Businessman diving into the Buy & Hold concept

Orlando, FL · Member since 2016 · 36 posts · 2 votes

My name is Edward, I live in Orlando, FL and would like to meet local investors that purchase Multifamily Units to buy and hold and/or Flips. My idea is to network and exchange ideas, where I can enrich my knowledge and also give my feedback in possible lacking areas.

I have an active RE licence since 2004 and practiced Successfully for 3 years, While still practicing RE, I started a concrete equipment sales company in the year 2006, which is very successful today and led me to open 2 additional companies in the related industry, one of them in the USA and another one in Colombia (My home country). Today my companies are more manageable by employees thanks to the systems implemented by me, but I want to return to RE. I have been listening to as many BP podcasts as I can, and loved the idea of having additional Income from renting Multifamily units. Based on what I know from business, and what I have been researching I created my own analysis tool that allows me to quickly know if a deal makes since for me. I recently reactivated my MLS and have been searching for deals (Not having much luck), Spoke to a couple of banks that know me and my companies, and I have been approved to purchase anything with 20-25% down, and refinance the same deal @75% within 3 months to get most of the cash out. One of the banks offered me to repeat this operation up to 7 times. Spoke to some contractors I know in my industry and found good people that is ready to start renovating these properties for me, whether is a flip (to get feet wet) or my actual goal " Buy and Hold". Along with this, my attorney is always ready to research a property for liens at any given moment.

Whoever is reading this must be thinking, "well you have all your ducks in the row" but I have 2 problems. 

One: I have not been able to find any GOOD properties in the MLS, which is understandable for the current market conditions, I even placed security deposit at the court house's auction, trying to purchase foreclosures, but they get sold for too much

Two: I NEED TO FIND HOLES OR POKE THEM IN MY " PERFECTLY STRUCTURED " MODEL, I feel that i need someones experience in the same business model, that would ground my mind. 

I don't just expect things for free, I am willing to also provide my experience in owning several different successful and Horribly unsuccessful businesses for your own feedback, Have been involved in wonderful partnerships and THE WORST KIND TOO, I have good contacts in the construction industry and own many pieces of concrete pumping equipment and real estate, along with a sharp mind for numbers and willingness to exchange information and network.

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  • Property Manager · Orlando Kissimmee, Daytona Beach & Cocoa Beach · Member since 2016 · 331 posts · 166 votes
    9y

    Good Morning, @Edward Salazar,

    Contact @Account Closed who has a list of off market properties. 

  • Lender · Orlando, FL · Member since 2009 · 121 posts · 74 votes
    9y

    @Edward Salazar residual cash flow covers a great many sins as we say. MLS typically does not serve the investment side well as it is never wise to pay retail for an investment. So many things to consider, existing cash flowing assets or distressed assets you will renovate and tenant. You must go off-market and build your network and pipeline through a host of strategies including adding wholesalers and a host of other bird dogs to your power team as @Valentina Naumenko suggests. Identifying viable assets is truly the easy part, the real work comes into play with the systems and teams to fill & manage the tenant process to ensure long term success and mitigatge vacancy issues. Meeting area investors in the field will go a long way to getting you moving forward and that should start with local meet-ups, REIA groups and such simply to find out who the players and posers are. I would also suggest attending the Orlando Economic Development Council meetings and gatherings, as well as, a Rotary Club meeting (by invite only) that is truly where you will find many of the answers and individuals that will prove beneficial to you. Walking the areas of Development within Orlando could serve you well also as there are several projects going up in/around the downtown area you should visit and connnect with the project principals We also host a mastermind within our downtown Orlando office by invite only and I will be pleased to consider you for our next gathering in January. Wishing you and yours a very Merry Christmas and all the best in your latest endeavor. if I may be of service feel free to connect or message me anytime.

  • Orlando, FL · Member since 2016 · 36 posts · 2 votes
    9y

    Good evening @Valentina Naumenko and @Sam Ally, thanks for your information and insights. I contacted Mr. Anderson for the list of properties and also will be looking for the REIA groups recommended by Sam and meetup groups. Sam by the way, I would be interested in learning more about you next gathering, Can you give me more details about it? I am interested in attending to it. Thanks again both.

  • Lender · Orlando, FL · Member since 2009 · 121 posts · 74 votes
    9y

    @Edward Salazar send me your contact information I will put you in our database for follow up. We host separate masterminds for seasoned and novice investors and will gladly alert you about upcoming meetings. REIA groups are truly a "mixed bag" so be careful there, as more often than not they can become "pitch festivals" where everyone speaking is selling a product. Unfortunately in today's REIA Group world it is a "pay to play" scenario which truly dilutes the message and purpose behind these gatherings. All the best and Merry Christmas to you and yours.

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