All Forum Posts by: Andrew Ashby

@David Song, the SFRs usually have the lowest HOA fees, at least the ones that are not in so-called resort/vacation home communities. In Orlando, for new acquisitions, SFRs are going to cash flow better because of the short supply and high prices of multi-family right now. There are very few multi-family for sale, and they're grossly overpriced. But of course my recommendation for a cash-flowing purely investment SFR will be different than the one I would recommend as a second home/part-time rental.

@Flavio Zanetti, I live and work in the Orlando area but I don't own any rentals here yet. My long term rentals are in Jacksonville and Chattanooga as I've recently moved back to the Orlando area (I lived here previously). However, I'm part of the property management division at my brokerage. 

@Robin Hines, welcome to BP and Orlando! My start in real estate was as an accidental landlord as well, but I'm now up to 4 units (2 SFRs and 1 duplex, in Chattanooga and Jacksonville). I have market reports on the Orlando Metro Area. Let me know if you'd like to meet in person sometime!

@Joe Silva, I'm your friendly local advocate for the Orlando Metro Area. There's great potential for cashflowing rentals here in the outlying towns around Orlando and flipping here is highly competitive but profitable. I have market reports on the Orlando area if you're interested. Just today I helped a couple from Iowa find a great house here for themselves (and they also plan to invest). Orlando International Airport (MCO) is very sizable (and currently undergoing a large expansion) and has many nonstops throughout the U.S. because of the tourism here. Check out this article from the Orlando Sentinel on how a third of Orlando homes are sold within a week: Orlando Homes sell within a week!

@Heather O., yes the  stainless steel appliances are after. They were purchased brand new from Sears scratch and dent at about 40% off retail price. We used a gel stain on the kitchen cabinets 

@Gail K., this isn't my first move-out, but it's definitely my worst so far. I believe some people will live in filth regardless of whether they own it or not. 

As for Allure, you're talking about vinyl plank flooring, right? I looked it up and it looks great but I think I'd rather go ahead and replace this nasty carpet with ceramic tile to match the rest of the house (as closely as I can). I did vinyl plank on my duplex in Chattanooga, but it hasn't been there long enough to serve as a wear test yet. 

I'm just starting this thread to give newbies some perspective on the necessity for CapEx reserves. My tenants of 3 years just moved out and they were pretty "dug in" so to speak. This property was my very first rental. I bought it in 2008 with a no money down VA loan and I lived in it with my family for 4 years during my Navy time in Jacksonville. It has been a rental since 2012 and the tenant who just moved out was only the second tenant. This tenant was under property management (while I lived out of state) and there were no red flags until now. The rent was always on time and we conducted several short notice inspections during their tenancy with no major surprises. As you can see the photos below, they did not keep a tidy house and they managed to sneek in a large dog as well. My move-out rehab will include: full exterior pressure washing and repainting, full interior repainting, removal of all carpet (and replace with tile), resodding the backyard, filling about 50 nail holes, re-installing hardwired smoke detectors (they removed all of them), and landscaping. Total move-out work is going to run about $3,000-$4,000 with some of that going towards upgrades (like bluetooth smart locks, new hardware, new door knobs, etc).

All of the bad things being laid out, my wife and I are excited to get the property turned over and get the rents jacked up to market rates (from $1100 to $1395). 

@Sylvia B., thanks for starting this thread because it's a discussion that needs to be had. I've been called a slumlord as well because I own property in one of the poorest areas of Chattanooga. However, I want to make the case being a slumlord is not about the location of your property, but it's about your actions and the living conditions you provide for your tenants. I've taken excellent advice on Section 8 and low income tenants from great landlords like @Patti Robertson and I'm very proud of living conditions I provide. My properties are located in low, medium, and high income areas and I provide excellent conditions in all of them. Regardless of the property location, the question is never whether or not something will be repaired...it's only about design and finishes (to be consistent with the price point and customer base). 

All that being said, I'm happy to be called a slumlord if the label continues to scare away people from the highest cash flowing areas where I like to invest. I'm proud to be a Section 8 landlord because I'm a good landlord and low income tenants (especially) need good landlords. See the photos below for before and after photos of my Section 8 duplex:

@Katrina Poole, welcome to BP! You're in the right place! Central Florida's (Orlando Metro) population growth rate is among the fastest in Florida, second only to Fort Meyers. I have market reports on the Orlando Metro Area if you're interested.

@Yader Gomez, it seems like you have a lot of great questions. It wasn't that long ago that I decided that Real Estate would be my path and I needed answers to those same questions. I own 4 units myself. I'm available to meet in Orlando if you like. I also have market reports on the Orlando Metro Area.