Based in the SF Bay Area. Want to invest in Orlando area. I know some nice touch would make it much more appealing to renters and higher rent. But the hassle of finding the contractors and monitor the work seems pretty infeasible for out of state investors.

Have anyone done that before? And what is your experience.

there is a lot of talk on this subject..  if its just normal tent turn over stuff.. you PM should have handy man on staff

I'd get a detailed SOW together and start getting the quotes for it. Have a good reliable person nearby to help assist with the project and make some time to fly over and take a look before everything is said and done. 

Some people say you dont have to at all but I'd like to visit my properties once in a while and see any changes. 

Hi @Serena Li -

It's definitely possible, but you're going to need to be connected to the right people.  As @Jay Hinrichs mentioned, most PMs will have handymen and certain subcontractors that they're connected with, but I don't know of any that will help oversee major renovations ... that's not to say there aren't some out there - I just don't know them.

We do a fair amount of it in the Raleigh metro for our clients - a number of which happen to be from the Bay Area - but, in full transparency, it's not a selfless act. I know that if I don't oversee and drive the project forward, that out-of-state client would not be attempting to flip or BRRRR that property with me ... they wouldn't know who to turn to and I'd end up missing out on multiple deals. We do it because it's a win-win for our clients and us.

If you're planning on buying multiple properties in Orlando, I'd suggest you continue searching for an investor-focused agent that's willing and able to handle this front for you.  If this is going to be your only place there (and the renovations aren't huge), I'd suggest taking a two or three week vacation to Orlando this year to oversee the project yourself :)

Good luck!

@Serena Li I can connect you with an Orlando agent who has found deals for other clients before. Send me a message.

You mentioned adding some nice touches being so that it appeals more to renters and gets higher rent... rather than adding value to the property. What if a property already has all the nice touches to rent it for higher amounts? Like a turnkey property? Or are you wanting to add the value? And why Orlando?

@Serena Li I would be happy to work with you in Orlando.

Originally posted by @Ali Boone :

You mentioned adding some nice touches being so that it appeals more to renters and gets higher rent... rather than adding value to the property. What if a property already has all the nice touches to rent it for higher amounts? Like a turnkey property? Or are you wanting to add the value? And why Orlando?

I mean of course it would add value to the property. I feel I would get better deals avoiding turnkey properties.

I have done some research Orlando seems like an attractive investment location.
 

Originally posted by @Serena Li :

Originally posted by @Ali Boone:
I mean of course it would add value to the property. I feel I would get better deals avoiding turnkey properties.
I have done some research Orlando seems like an attractive investment location.

@Serena Li I live and invest here in Orlando. I currently manage my own rentals but I have a connection to a PM in the area. As for your question to if the market is good the answer depends. Orlando is a very strong rental market. There are reports of hundreds of thousands of people moving to Florida every year. So renting and getting high rents is not hard to do. However, it doesn't pencil if you can't buy right. I feel like property values have really soared back in Orlando in the last 5 years. There is little margin in the rentals that you will find on the MLS especially if you plan to use leverage. That being said there are several D and F class neighborhoods that have some potential but those types of rentals come with their own set of challenges. I have connected with a few wholesalers here in the area and I feel like even they can't bring properties that have the numbers I would want. Blackstone group came into Orlando after 2008 and bought up a giant amount of inventory for the sole purpose of rentals. So you know if a large investment group is doing it there is probably a good reason why.

Moral of the story if you can buy right (which I have found challenging) Orlando is a great rental market. If you have any questions or want to connect with the PM I know then feel free to send me a private message. 

Originally posted by @Tyler Gibson :

@Serena Li I live and invest here in Orlando. I currently manage my own rentals but I have a connection to a PM in the area. As for your question to if the market is good the answer depends. Orlando is a very strong rental market. There are reports of hundreds of thousands of people moving to Florida every year. So renting and getting high rents is not hard to do. However, it doesn't pencil if you can't buy right. I feel like property values have really soared back in Orlando in the last 5 years. There is little margin in the rentals that you will find on the MLS especially if you plan to use leverage. That being said there are several D and F class neighborhoods that have some potential but those types of rentals come with their own set of challenges. I have connected with a few wholesalers here in the area and I feel like even they can't bring properties that have the numbers I would want. Blackstone group came into Orlando after 2008 and bought up a giant amount of inventory for the sole purpose of rentals. So you know if a large investment group is doing it there is probably a good reason why.

Moral of the story if you can buy right (which I have found challenging) Orlando is a great rental market. If you have any questions or want to connect with the PM I know then feel free to send me a private message. 

Hi Tyler,

Thanks a lot for your input. Can I ask by what standards a deal is good for you? 

Serena

 

@Serena Li for me a good deal is something that will cash flow after paying PITI and management and repairs and CapEx. If it makes $150 a month it is a good deal to me. Some investors have high requirements for cash flow like $200-$300 a month but I am buying for long term appreciation and equity growth. My investing does not replace my primary income.