All Forum Posts by: Andrew Davis

Hey @Melissa Hasan 

I moved here (Orlando) from Portland a year ago, so welcome back! (whenever you get here).

I've found some great foreclosure deals, but as @Ryan Kopczyk said, you're going to do better outside of Orange County.  There is A LOT of competition for foreclosures in the Orlando area and we get multiple offer disclosures on almost every property we put in an offer on.

I've got a decent feel for the market, so feel free to reach out anytime.

Hey @Dalton Conwell 

Welcome to BP, so glad you are here and decided to say hi!

Congratulations on getting started and on your rental goals for this year, keep us updated on your progress.

There are some great threads on the forums about every piece of the process of owning rental properties: finding good deals, acquiring, rehabbing, managing, and more!

@Peter MacKercher gave you some great tips for getting started.

Great to have you, feel free to reach out anytime!

@Account Closed 's comments. Exit strategies are very important, especially with hard money loans. Go to your local banks and talk to them about the deal and figure out if they will refinance you, how much seasoning they will require, and what LTV (Loan to Value) they will do.

Hey @Michael Baradell 

I, personally would do this deal.  Based on the numbers I'm guessing its valued around 150k?  So you're looking at anywhere from .8% to 1% in monthly rental income. 

If it's in a high demand area, you've got appreciation working in your favor.  You could do a lease option and recoup your initial down and then some.  There are plenty of great people out there with cash who simply cannot get a loan.  Get 10% down... or more, do a 2 year lease option and factor some appreciation into the sales price.  Since it's a newer home your capex should be low.  Figure out what features (i.e washer/dryer, nicer appliances) it needs to be a 1500 a month rental vs a 1200 month rental and you've got 20% for capex.  You could be cash flow neutral with cash in your pocket.

Would love to hear what you decide to do!

@Aaron B. 

Welcome to BP! You have found a fantastic community and a wealth of REI information.

A few things that have been very helpful to me:

The Ultimate Beginners Guide

http://www.biggerpockets.com/real-estate-investing

Packed with great info about investing, deal analysis, financing and more.

Key Word Alerts 

http://www.biggerpockets.com/forums

You can set these up and be notified about topics you are interested in, for example: you can choose "multi-family" , "rentals", "landlording" , "tenants" , "Houston"

Podcasts

http://www.biggerpockets.com/renewsblog/2014/11/06...

http://www.biggerpockets.com/renewsblog/2014/10/30...

http://www.biggerpockets.com/renewsblog/2014/09/04...

These are a just a few that I think you would find interesting based on your interest in multi-family investing.

The podcasts are really an education in and of themselves.  I listen to them while I'm driving, or doing something mundane, and I have learned SO much.  

Great to have you Aaron!  Feel free to reach out anytime,

@Todd Whiddon 

I just spent the better part of an hour reading through this, and wow!  Firstly, thank you for taking the time to share your experience.  You are obviously very busy, and your generosity of time/knowledge is so appreciated.  I feel so much more equipped for evaluating rehabs, although a pop-top is probably not in the near near future for me.

I love the NEST idea!  Really such a minor cost, but demonstrates your commitment to quality and efficiency.  I had never heard of in wall pest control, that. is. genius!

You mentioned loving the design process.  What are your thoughts on butcher block counter tops?  They seem to be very trendy these days.

Where are you budget wise?  Over/under?  What is your ECD (Estimated Completion Date) ... making up acronyms as I go:)  ADOM in this area?  Do you list your own properties?   

Again, thank you so much for sharing this project.  In one word: awesome!

Glenn McCrorey Congratulations sir! RDPD was the lightbulb for me as well. It's awfully encouraging to see a fellow Floridian get out of the rat race. If you're ever in Orlando, a celebratory lunch is on me!

@Kristi Gaffery 

Welcome!  Real Estate Investing can be very addictive.

If you haven't already, check out the Ultimate Beginners Guide:

http://www.biggerpockets.com/real-estate-investing

Also, check out these guides on How to rent your house & Tenant Screening:

http://www.biggerpockets.com/renewsblog/2013/01/04...

http://www.biggerpockets.com/renewsblog/2013/01/27...

This will teach you how to get the most out of BP:

http://www.biggerpockets.com/starthere

So glad you're here Kristi, feel free to reach out anytime!

@Linda Crandell 

Welcome!  I second all of @Peter MacKercher 's advice!

Since you're into flipping (and reading/learning), check out @J Scott 's books on flipping houses:

http://get.biggerpockets.com/flippingbook/

I learned SO much from it and continue to use it as a reference.

Welcome @Hugo Lopez 

You will find everything you need here to grow your business.  @Peter MacKercher gave you some fantastic advice.

Since your role is marketing for deals, I would start here:

@Brandon Turner wrote a fantastic book:

http://get.biggerpockets.com/nomoneydown which includes interviews with some incredibly successful wholesalers (wholesalers are always great marketers/negotiators).

Check out these podcasts:

http://www.biggerpockets.com/renewsblog/2014/11/13...

http://www.biggerpockets.com/renewsblog/2014/10/23...

http://www.biggerpockets.com/renewsblog/2014/10/09...

I'm a new investor as well and would love to hear updates on your progress.  You'll see my 2015 goals in my signature.

Go get em' Hugo!