Greenhorn looking to jump into Central Florida

4 Replies

Hey guys my name is Theo and I'm a first timer looking to invest! I've been studying different strategies for the past couple years with seminars, books, podcasts, CFRI gatherings, and of course reading BP material and I made it a goal to get out of analysis paralysis and pull the trigger before this year is over. I am a bit experienced renovating a single family home with my dad, so on the investment side I am going bigger, focusing on multi-family. 

I have a measly savings of $40k to play with and I want to start off with a very affordable triplex or quad to rent and hold with light reno. My key area is the Winter Garden-Kissimmee-Davenport triangle and I also have a special place for the Space Coast, but of course a cashflow property is a cashflow property. My funding strategy is via FHA loan although I'm guessing I can't get a fixer-upper because of the safety regulations of FHA's? (Please share your opinions on this if you have info) I don't own a home so I can make it my primary residence no problem. I was thinking of Airbnb-ing my rooms out if I couldn't legally have tenants in my primary residence.
If that does not work, I may try to jump in head first and BRRRR, which is my next goal. This will open other forms of financing like Hard Money loans and partner investors. Again, please if you have experience with this, I am looking for insight on this scenario.

The goal:
It may help to know my initial goals which is to get a multi-family rental, let it invest in itself plus the small $1k/mo savings from my 9-5 work, and repeat until I can upgrade. On the side, I am planning on hustling hard and Wholesaling on the side to take over my 9-5 job and then transition that to capital building. In the end, I want to BRRRR hardcore.

What I am looking for:
Insight on creative finance that you think could work for my strategy (does it seem like I'm doing this right?), multi-family deals that could fit the numbers, wholesaler connections, and good lenders to look for.

Thanks in advance and hope to talk and meet with the BP fans!
-Theo.

@Theodor Kim Welcome to the game! I think it is awesome that you are jumping in with both feat. I am a realtor and rental property investor here in the Orlando area so I would love to connect with you and talk about investing in this area. I would also be happy to help you find a place. Send me a message if you would like to talk. 

Originally posted by @Tyler Gibson :

@Theodor Kim Welcome to the game! I think it is awesome that you are jumping in with both feat. I am a realtor and rental property investor here in the Orlando area so I would love to connect with you and talk about investing in this area. I would also be happy to help you find a place. Send me a message if you would like to talk. 

 That’s awesome. Will love to talk!