All Forum Posts by: Gabriel Araya

Thank you for the input Tyler!

Yeah, I've made two offers on SFH and even one on a Condo but they had multiple offers and they went over asking.

I just don’t see this market environment being sustainable in the long run. I do believe, based on data from the US Census Bureau and Labor Bureau, that a correction will occur.

Alberto,

Thank you for the encouragement sir! I really appreciate it.

Congratulations for closing that deal!! 

I hope I can follow your footsteps pretty soon. I do want the MF but with my rent going up soon, time is not in my favor. On the other hand I’m a bit worried that if I buy something now, I’ll be overpaying for it. There’s a lot of talk about the prices coming down as the market cools due to higher interest rates, making homes less affordable and away the demand. 
I guess that’s just something I need to accept and move fwd.

Definitely interesting times to get into real estate investing haha. 

Thank you once again sir. 

Tim,

THANK YOU for all your advice, I really really appreciate you taking the time to explain everything in such a detailed way. 

I’ll update this post once I make a deal!

Thank you so much for your response Tim!

St Cloud is actually a good area because it's growing. A neighborhood just South of Orlando called Lake Nona is now where everyone wants to live. Because of that it's expensive. This SFR is just 10min further South from Lake Nona. And yes, I'd still be close enough to the airport.

Now, as far as the mortgage goes… of I do a 15year loan I’d pay about $82k in interest, if I go for 30yr loan, I’d pay about $260 in interest. My brain tells me to go for the 15yr and make some adjustments. 
What would you recommend? The APR is a 1% less on the 15yr fixed.

Thank you once again sir!

Hi everyone. I am an airline pilot and a new real estate agent (1 deal so far), currently renting in Orlando FL and I'm not sure what to do next. Here is the scenario:

I need to stay within 30 min of the airport. I've been looking into getting a multifamily property (house hack it), do an FHA loan and use part of my commission towards the closing costs (I'd also be taking a gift from a family member to cover a portion of the downpayment). So far, I haven't been able to find anything that makes sense. I did find a 4plex in Kissimmee, made an offer for it (full asking $675k), but they didn't accept it. Other than that I haven't seen anything else.

On the other hand, there is community in St Cloud, which is selling brand new construction. They pay a commission and they cover the majority of the closing costs. So I could basically get the property for 0 down. Asking price is $385k, which compared to the prices in Orlando especially near Lake Nona, I think is super reasonable even more so for new construction.

With the market being this hot right now, I'm not sure what's the best way to go. Any ideas? My rent is going from $1350 to $1800 in April. 

I'm not super handy when it comes to repairs, and I also don't have a lot of cash to put down. I'd love to implement the BRRRR method but I don't have the capital to do it right now.

I'm fascinated about real estate and want to become financially independent through it, but I'm still learning. Any and all pointers would be greatly appreciated.

Thank you for your time.

@Shawn McCormick thank you so much for your input! I really appreciate you taking the time. 
All very good pointers and things to consider. 

Hello everyone,

 I saw a 6400sqft lot zoned R-3, which allows to build up to 4 units. Considering the size of the lot, I figured 3 units of about 1400sqft each 3br/2ba would work.

However, before I make a decision, I'm trying to figure out the average building cost per sqft. I've talked to a couple of contractors, one told me that they try to keep their cost around $105/sqft, the other one told me that it's about $150. Those numbers are very different, especially when considering the 3 units would be a total of 4200sqft. 

i am planning on living in one of the units and renting the other 2. Which is why I was considering an FHA loan. Could it actually work?

Any input would be greatly appreciated. If you are a lender or GC, feel free to reach out to me. I am also looking to start building my team!