All Forum Posts by: Andrew Ashby

@Mark D., PM me.

@Liz C., the Orlando Metro Area is one of the fastest growing in the entire U.S. The metro has added over 400,000 new residents in the last five years alone. The metro has seen 9% appreciation in the last twelve months alone. I have analyzed every zip code in the entire Orlando Metro Area and many are already sitting at 0.60%-1.1% average rent-to-purchase price ratios without even adding distress. Rentals that are in desirable areas (areas I have identified quantitatively as those that command rent premiums against the metro average) usually don't sit more than a week or two on the market. While the actual city of Orlando is very small at about 270,000 residents, the Orlando Metro Area is a staggering 2.4 million. You can't confine your Central Florida rental search to just the small borders of Orlando city proper. You need to look beyond at Winter Park, Altamonte Springs, Apopka, Lake Mary, Winter Garden, Ocoee, Clermont, Minneola, Davenport, Kissimmee, Windermere, and more. The City if Orlando is actively revitalizing and redeveloping its downtown area area as well. Historically low vacancy rates around 3%. 

@Bernie Huckestein, welcome to Florida! PM me. 

@Kim Harrod, welcome to BP! You're in the right place. The key to getting such a purchase right is by first understanding your goals. If the emphasis is going to be on your own comfort and enjoyment of the property and any rental income is a bonus, then there's a set of deals for that pursuit...if the emphasis is going to be on a cash-flowing investment and any use you get out of the property is a bonus, then there's a set of deals for that as well. As you mentioned, there are several new construction developments close to Disney that target the vacation rental market. These are mostly in Davenport and Kissimmee. If your goal is indeed a cash-flowing investment, then you'll want to steer clear from any development where you'll be required to use their in-house management at fees from 30-45% of gross rent. 

@Brian Dickerson, my closest property is 2.5 hrs away in Jacksonville and my farthest properties are 8 hrs away in Chattanooga TN. That being said, I manage them myself remotely and I insist on being as physically involved as I can reasonably be. Conveniently, I have to pass through Chattanooga on my way to see my parents in Kentucky and I have to pass through Jacksonville on my way to see my in-laws in Maryland. I never pass through either of those cities without at least driving by my properties. The key is keeping your properties under your own thumb or with a property manager you trust, regardless of how far away they are. You must select properties and markets that fit your investment criteria and your goals. 

@Nelson Garcia, welcome to BP! You're in the right place. 

@Edlira Clevenger, I recommend the multi-family house hacking route in the Orlando Metro Area. You could do the renting of rooms scenario in a single family house, but that absolutely will not fly in 90% of the HOA neighborhoods. You'll have to be sure to comply with both your HOA (if there is one) and any city/county ordinances restricting the number of unrelated adults cohabiting under the same roof.

I also recommend retaining your current primary residence as a rental under that VA loan. I still own my very first primary residence as a rental on a VA loan (I'm ex-Navy and I lived there 4 years). The monthly rent on that house is only a few hundred bucks more than the mortgage payment (as you would expect with a no money down loan), but I try to take a longer more permanent view of my investments. I OWN THAT PROPERTY and its value isn't just about me or my lifetime; it's part of my plan to permanently break the chains of wage slavery for my children and their descendants.

@Dan Beaulieu, I recommend @Thomas DeMoss and Levi Eaves (Coldwell Banker Pryor Realty)

@Joon Lee, with this type of search. You probably want to make sure that you're not buying into a condo-hotel development or "condotel". In this model, you're usually required to use "in-house" management and they will take 30-45% of your gross rents and owners are typically restricted from living there more than 6 months out of the year. I've lived in Kissimmee myself, and it's a great place to invest either for long term buy-and-hold or vacation rentals.