All Forum Posts by: Lenny Reinstein

Quote from @Bruce Woodruff:

I just looked online and they have plenty at Lowes. I'm sure HD has a bunch too.....

You're measuring correctly, it just is what it is. Too much trouble to reset that flange, you'd have to jackhammer up the floor and all that tile...

Just get a 14" toilet. Problem solved!

I don't see plenty at Lowes. If I search for the 14" rough-in in white color, I see 7. And only 1 of them is of a known brand (American Standard) and it's close to $700 and has a 1.28 GPF rate, which I don't like - prefer 1.6. 

I need to replace the 2 old toilets. I measured the rough in as seen below. Seems that I need to buy the 14 inch rough in toilets (which is hard, because only few models are available at Home Depot and Lowes, since this is a non-standard size). Am I doing it right? Any advice on the model? I wanted Toto, but Toto are all for the standard 12 inch rough in.

Quote from @Bjorn Ahlblad:

Up top on the left you will see a tab, Education, start there, look at some podcasts. Don't buy anything until you know what you are doing. Be patient.

Cheapest, meaning cheapest that is good, safe & reliable. It can be 100K, 200K, 300K. I am patient, and that's why I am asking for advice before putting any of my money at risk. 

 That is more than sufficient for my goals. Even 5% would make me happy. I don't want to buy my 1st property and lose big time. That's my main concern.

What property/properties and where would you recommend at this price range? 

Quote from @David Dachtera:

Quote from @Lenny Reinstein:

Even though I am almost 50 and work in finance in NY, I have zero practical experience with the real estate investment. Dreamed about real estate investing fore years... 

I would like to buy my 1st property and try it out. I cannot be in FL to manage, so will need to hire a management company.

And don't want to start with a large loan. Want to start small. Where could I buy a studio or 1br that is a ready to rent condition that would make sense with the current interest rates and market situation,  and what would be the price range? Would love your advise. 

As I'm sure you can imagine, the purchase price is not what determines the cash flow, though it does play a part.

You'll need to study up on analyzing properties so you can answer your own question.

Also, real estate investing is one thing. STR is the Hospitality Industry has has considerations of its own.

Lots of reading and studying to do ... :-) 

The honest truth is that the reason I am writing here, asking questions is to shorten the "reading and studying process" and leverage the experience of others.  

Quote from @Tyler Gibson:

Quote from @Lenny Reinstein:

Even though I am almost 50 and work in finance in NY, I have zero practical experience with the real estate investment. Dreamed about real estate investing fore years... 

I would like to buy my 1st property and try it out. I cannot be in FL to manage, so will need to hire a management company.

And don't want to start with a large loan. Want to start small. Where could I buy a studio or 1br that is a ready to rent condition that would make sense with the current interest rates and market situation,  and what would be the price range? Would love your advise. 

 What's your budget look like? The cheapest property you can buy is not always the one that's going to be the best investment. It's important to look at other factors not just cash flow will there be appreciation? (This is how you really grow your wealth)

The budget is that I can easily come up with 60-80K in cash. And can borrow up to 200K. But would rather start at a lower price point. 
I.e., a studio in a popular spot that is easy to rent out would be something I'd be looking for.

Quote from @Austen Mueller:

Congradualtions on deciding to jump into real estate. 

 Do you REALLY want to buy the "cheapest" rental that will cashflow. I think your asking for a bad first exprience. I agree you should start small but too small is a seperate issue.  One bedroom studio is going to be a condo. Condo doesnt nessessarly=cheap. Usually they are located in more expensive downtown areas. In my market of PA, I just helpded a buyer purchase a 2bed/2bath condo unit for $255k. An hour down the road the same buyer could have bought 2 seperate properties they own fee simple. 

Lots of markets you can buy cashflowing property for $100k or under. But again. That isnt alweays the easierst property to own. Even with property managment. Rougher tenant base typiclly and more delayed maintinaceand & vacancy, whitch will deplete your cashflow and increase advil intake. I would target B class property for ease of ownership.  

If the "cheapest great deal" is 250K, so be it. My focus on getting an STR place that will have 85% occupancy or higher. So I am thinking Florida - Orlando area or Tampa area or Greater Miami, but open to suggestions. Assuming I am not greedy and OK with only 2-3-5% profit the first few years, what would you recommend? 

Even though I am almost 50 and work in finance in NY, I have zero practical experience with the real estate investment. Dreamed about real estate investing fore years... 

I would like to buy my 1st property and try it out. I cannot be in FL to manage, so will need to hire a management company.

And don't want to start with a large loan. Want to start small. Where could I buy a studio or 1br that is a ready to rent condition that would make sense with the current interest rates and market situation,  and what would be the price range? Would love your advise. 

It's a resort complex of buildings on Cane Island Loop in Kissimmee. Lots of listings. A typical apartment is around 280-295K, 1100-1200 sq feet, furnished, taxes about $2000/yr, HOA $374/mo Great location not far from Disney

Long term rentals ask about $2100/mo based on history, but I am more interested in STR.

Still trying to figure out how to properly calculate the cashlflow and select a property. Any feedback would be appreciated. 

Thinking of putting 250K-300K of my saving to use in STR: I see quite a few 2bd/2bh condos available for purchase in the Story Lake community in KISSIMMEE. A typical apartment has about about 1100-1200 sq ft, $4600 in annual RE taxes a year, and very high monthly HOA of about $800/mo. I see that these types of apartments rent on average at about 170/night in low season, close to 300/night during spring break.

Can this work financially, especially considering the high mortgage rate at 7% or even higher?

How can I calculate my cash flow considering that I don't fully understand all the potential costs - from flooding insurance to management fees (I live in NY, so will have to hire a management company)?

What would you recommend with this kind of budget? My goal is low risk STR in the price range mentioned above.