1st buy and hold in Orlando, FL
Investment Info:
Single-family residence buy & hold investment in Orlando.
Purchase price: $218,000
Cash invested: $51,000
Down payment $43,600
Closing Cost $4,300
Rehab $2,000
Holding cost $ 1,000
Total cash up front $51,000
Regular Expenses:
Mortgag$712
Home ins: $ 80
Prop. tax: $200
HOA: $ 41
Total: $1,033
What made you interested in investing in this type of deal?
Other expenses to factor in:
Vacancy 5% (Orlando has 3-4% vacancy rate, but to be conservative)
Repairs 7% (7-10% is standard, mostly new items so went with 7%)
Cap. Ex 6% (roof is 8 yrs old, new water heater, 2 yr old HVAC)
Prop Mgmt 8% (standard 10% but received discount)
Total: $416
Gross rent: $1,600
Regular Expenses: $1,033
Other Expenses: $ 416
Net cash flow: $151
I wanted to live and retire in Orlando
How did you find this deal and how did you negotiate it?
Bigger Pockets, agent negotiated lower offer price
How did you finance this deal?
Standard conventional financing
What was the outcome?
Purchased
Lessons learned? Challenges?
If you did your numbers right, you won't hesitate when the right deal comes on the market and you'll have confidence to pull the trigger quickly
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tyler Gibson