All Forum Posts by: Andrew Ashby

@Solomon Ganz, thanks for starting this discussion because it's one that needs to be had. As someone who just quit a low 6-figure job in pharmaceuticals and became an agent full time this past July, I feel obligated to add my input here. If you decide to do this, I hope your plan includes staying where you are and leveraging your existing network. I say this because my switch involved an interstate move. I quit my pharma job in Chattanooga TN and relocated my family to the Orlando area where I have a very small network (I was raised in Kentucky, went to college in Maryland, and was stationed in Florida and Rhode Island with the Navy). Residential real estate is fiercely competitive and crowded, especially in an MSA like Orando where there are about 14,000 Realtors. Everyday, I have to compete with people who grew up here or have been here for 20+ years and have built-in networks of high school classmates, college classmates, church members, family friends, etc. Most people don't know that new agents are starving for leads and many pay four-figure sums monthly to the likes of Zillow and Realtor.com just for the chance to snag a few buyer leads here and there. I finally closed my first sale last week after doing this for 3 months, and even then I had to pay another agent 50% for that lead. I'm living off my 401k (at steep penalties) and my rental income (I only have 4 units). Fortunately for me, I'm making my way into commercial real estate (and getting paid for it) by working for a mentor. If you decide to make this move, you have to be prepared to be shunned by mortgage brokers for 2 years (or until you can prove 2 years' worth of commission history). You'll need to have a plan for healthcare (my COBRA for my family is $2,200 per month) and housing (rent is $1,750) and know how long you can go without getting paid. I still don't regret my decision, but it's certainly harder to find clients than I ever could have imagined. 

@Richard N., welcome to BP! You're in the right place. 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. 

@David Huynh, 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. 

@Joseph Johns, welcome to BP! You're in the right place. I specialize in investment and commercial sales. I'll PM you. 

@Patrick Philip, I'd say "hot" generally refers to a seller's market where inventory is low and prices are high because of excess demand. This part of the phase lasts of course until the builders catch up with demand and saturate the market...resulting in a "cold" or "cooler" buyer's market. 

@Sulaiman Shah, welcome to BP! You're in the right place. I've analyzed every zip code in the Orlando Metro Area. Many zip codes already sit 0.60-1.1% average rent-to-purchase ratios without even adding distress. What you're searching for can indeed be found in Orlando. I always recommend shooting for 15% cash-on-cash return for SFRs and 20-25% cash-on-cash return with duplexes and small multi-family. 

@Jacob Stone, for A/C I've had a good experience with Reliable Heating & Air and I've also had a variety of handy work (but not yet AC) done by Mike Jenkins. PM me if you want his cell number. 

@Marcus Tanner, welcome to BP! You're in the right place. To start, I'd recommend checking out J Scott's books on flipping houses and estimating rehab costs. As for estimating ARV for someone who does not have access to the MLS, you can make some good estimations by looking at comparable sales using Zillow and property tax records. I'm not telling you to use the "Zestimate". I'm telling you to look at comparable sale history using Zillow and property tax records. If you're a first time flipper, I recommend getting your cash/private money/hard money financing arranged first and then find a willing agent to shepherd you through the acquisition and ARV estimation.

@Ricardo Fainsilber, this is not a marketplace forum, so my reply has to be very limited...do you own properties in Orlando yet? Are you pre-approved?

@Nathan Williams, I own 3 units in Chattanooga (1 SFR and 1 duplex) and I can recommend a licensed GC as well as an unlicensed handyman for flooring, paint, etc.