All Forum Posts by: Andrew Ashby

Brian Garrett , yes your expectations are absolutely too high. As an investor and a Realtor, my time is far too valuable to screen every single property for a newbie investor who has no confidence in their own judgement and will likely do nothing more than make a few lowball offers and never buy anything. I️ don’t mind pulling rental comps and all those things for a pre-approved buyer, but you have to realize that all the due diligence that either you or your realtor might do on the front end means absolutely nothing until the thing is under contract. Today’s real estate contracts give you so many exits it’s not even funny. There’s no sense in either you or your realtor putting a ton of sweat and headache into due diligence for something that will likely not even make it to contract. Be selective and be respectful of your own time and your Realtor’s time. Flaunt your pre-approval letter, go see a few properties, and develop confidence in your own judgement...until then most agents will keep you in the MLS auto-search purgatory until you prove yourself. I️ only bring real deals to people who will put their money where their mouth is and get the property under contract! And for goodness’ sake, find a REALTOR who owns investment properties themselves...not your wife’s aunt. *Mic drop*

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@Guyoz Golan, I managed to find a 2005 duplex on a quiet street in 37406 on the MLS last year. Bought it for $80,000 and put about $5,000 into each side rehabbing it. I get $1550 combined rents on it. In choosing such a property in such a location, I know this is purely a cash flow play (and guaranteed rent by Housing Authority) and I don't expect any appreciation at all. I also have a very nice SFR in a very nice neighborhood in Hixson with low cash flow but higher chances of appreciation. I highly recommend investing in Chattanooga and using @Brian Levredge, @William Allen, @Thomas DeMoss and/or Levi Eaves (Coldwell Banker Pryor Realty) to help you make your way there. Regardless of where you buy in Chattanooga, or any city for that matter, the basic trade-off equation goes like this: High Cashflow/Low appreciation or Low Cashflow/High appreciation....also reads like this: Less desirable area/high cash flow/low appreciation and trendy area/low cash flow/high appreciation. Good luck!

Average rents in this zip code (32808) for 2/2 units are $927. Only two quadruplexes have sold on the MLS in entire city of Orlando in the last 6 months: one at $237,500 (at very low rents) and one at $375,000 (with average rents of $835).

OFF MARKET QUAD IN ORLANDO! NOT IN MLS!!! Current owner paid $160,000 in 2001. No official asking price, but accepting offers. No interior photos, no financials. Once under contract, I will accompany you to the inspection if needed. 2016 taxes were $3,371, but yours will be significantly higher.

@Frank B., buy a quad. 

I AM YOUR BUYER'S AGENT IN THIS TRANSACTION. I AM 1) NOT THE OWNER, 2) NOT THE LISTING AGENT, 3) NOT A WHOLESALER...but you get my advice as a fellow investor (I have properties of my own), real estate agent, and MBA. 

TENANT OCCUPIED. MARKET RENT IS $700, BUT ACTUAL RENT IS UNKNOWN.

Tons of recent renovations made to this amazingly well-located income property. Just 2 1/2 blocks from Orlando City Soccer Stadium, these 2 bed 1 bath units are newly renovated. The two-story duplex has had structural improvements made, full exterior has been repainted with new exterior doors and hardware and new windows throughout the property. The upstairs unit has been completely renovated to include new drywall and laminate flooring, new interior paint, new kitchen cabinetry, new stove and refrigerator. Downstairs also has a new kitchen to include cabinetry, stove and refrigerator. The roof is also only 4 years old. Large front yard on this property which offers extra parking which could be used for soccer game parking or tailgating parties. The great value is in the steady leasing of this property and the value of the land as the area continues to develop.

@Karl Sivert Skatland, this sounds like a good opportunity. That is indeed a growing area of Davenport and it is convenient to Central Florida's artery, I-4. However, I don't know how much money you're considering putting at risk...so you may want to fly down here and meet those people face-to-face and take an actual look at what's being proposed. Multi-family assets are in red hot demand here because the population growth (and percentage of renters) is showing no sign of slowing down anytime soon. Many large assets close to Orlando are being sold at 3-5 CAPs and the buyers are betting on being able to increase the rents. 

Also wouldn't hurt to cross-check the corporate registration documents on the state's website: http://dos.myflorida.com/sunbiz/

@Brandon Reed, the percentage fee may be negotiable if you have a portfolio of properties to leverage but most property managers are probably not going to discount their "standard" fee for just one property. The additional fees charged will vary widely: new tenant placement (often one half to a full month's rent), lease renewal fee, new lease fee, maintenance calls, inspection fees, etc. 

@Janet S.....seems like it's time to find a new property manager. That one must not be hurting for business or they'd be a little hungrier to retain clients.