All Forum Posts by: Andrew Ashby

@Rosa Lepore, it all depends on your goals and how you plan to run things. Cash flow tends to be higher in rougher, more affordable areas. Where are you located? I'm in Horizons West (Winter Garden, SW Metro Orlando). I used to sell pharmaceuticals in Lakeland and the entire I-4 corridor between Tampa and Orlando. The more rural areas are ideal for rent-to-purchase ratios (i.e. 1% rule, 2% rule, etc). 

@Gurpreet Chahal, @Tyler Gibson, no turn key yet, but we're working on it... ;)

I'm here to speak for Orlando as well. 

@Lloyd Silver, I'll echo @Tyler Gibson 's comments about Central Florida. Florida is a net recipient of 25% of all interstate moves in the USA while Metro Orlando is a disproportionate recipient of intrastate moves within Florida. With Florida's high population density and increasing scarcity of develop-able land (huge tracts are protected wetlands), it continues to be a prime state for long term holds. I'm partial to Central Florida for its economic growth, higher elevation, and insulation from hurricanes relative to the rest of the state.

@Pete Abilla, the easiest conclusion to draw is that the glut of housing inventory in the donating (departing) metros will lead to longer times on market and lower prices (buyer's market) while the receiving (arriving) metros will have shorter times on market and higher prices (seller's market). The houses being vacated in the donating metros will likely be ideal for rentals (or flips) as they're likely smaller older homes in need of some value add. 

@Zach Whicker, welcome to BP and Orlando! You're in the right place on both counts. Don't worry about the job switch as it concerns loan approval. The main thing is that you're on a steady W2 salary. A 1099 can work as well, but you'll have to have 2 years of history before approval. The same goes for any bonus portion of your compensation...won't count for the first 2 years.

@Jeffrey M Rauen, a former primary residence on VA loan is exactly how I got started as well. I've owned it for 12 years now and it's still my thinnest margin property, but I'm in it for the long haul. It's appreciated nicely though and stays reliably rented.

@Chad Simmons, like others have said, it's all about your goals and strategy. As with everything, there are trade offs. Yes, there are significantly higher HOA fees with townhouses and condos since you're outsourcing exterior responsibilities. They also have higher risk of special assessments. Also, be mindful of leasing restrictions that are community specific including "leasing out in part" which is what you're looking to do initially with the bedrooms.

@John S., I've never experimented with the self showing system because I agree that it seems risky. At the very least it introduces some unnecessary risk, including potentially a squatting situation. Hit me up with a PM if you want to talk more.

@Elijah Brown, look at the peripheral communities surrounding Orlando for 1% deals on small multi-family. Be prepared to act quickly.