All Forum Posts by: Chris C.

MSA stands for metropolitan statistal area. So if you are willing to go outside the southeast corner of orlando into outlying areas then you could find a duplex that you can get into for ~200,000.

Also and don’t quote me but I believe you can use a portion of the expected income from renting out the other units as a qualifying factor for your property.

I have listened to lots of podcasts and read lots of books but haven't done a deal yet. Other than submetering, I'd recommend you ask to see the leases and whether each person has a security deposit that matches their present rent. It doesn't look like that on the sheet. I'm confused by the ones that have significantly more in the "deposits held". You need to see the leases to verify these amts and make sure if you do the deal, you get these. A tenant might say they gave him 2 m security and expect it back from you. One guy looks like no security held. Why? We came close to getting a 6 unit but when we looked into the paperwork, the #'s looked like people were in arrears. Seller wouldn't explain so we backed out. Good luck. Remember, they say the first deal is for learning - not making a killing but not getting killed either.

Thank you to everyone, both the naysayers and encouragers! I know most people in my life have advised me against doing this. Their points are valid but so are mine. There's more to my leaving then the following reasons listed here but one of the main reasons is that my family will be moving out of state soonish - so quitting was inevitable anyway. I worked a school schedule and didn't want to start a school year knowing I would be leaving before the school year was up. My career/profession doesn't allow for easy transition out mid-year and I knew I wouldn't be able to perform my job well under these circumstances. Fortunately, my profession is in high demand in most places across the country so finding a job after we relocate, if necessary, will be relatively quick and easy. I was the breadwinner for the past few years while my fiance worked part-time, went to school, and watched our kids (when he could) while I worked. He's now working a TON of hours and clears enough to cover our expenses. So now I'm home watching the kids and getting into real estate more heavily until we move. This wasn't on a whim and there are other factors at play. At this time it's the best decision for my life and my family. Keep on keeping on! Will keep you posted and hopefully write my first blog post for BP about it, whether it works out or not. Cheers ya'll!