All Forum Posts by: Nick Rice

I am going to obtain my Real Estate Lincense hare in Orlando, Florida. I wanted to see if anybody has any recommendations. I'm looking at Climber Real Estate and Cameron Academy Real Estate. Has anybody went through these Schools?

Thanks!

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Great post @Michael Ouvrard thanks for sharing your story!

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Originally posted by @Chris T.:

hey @Nick Rice !

If you do buy a condo, make sure you check with the HOA that they allow rentals. Personally I wouldn't invest in 1 due to the fees and the HOA board. Sometimes they have "1 time" special assessments you don't have control.

Since you're in Orlando, have you considered renting the rooms via airbnb (short term) instead of regular leases? You can make more $ but it is also a lot more work.

Thanks Chris! The condo we are scouting does allow rentals.The HOA fees have been something we totally don't like as they eat into your returns. We have been thinking although we would have the HOA fees we would househack while we live there and rent it out once we move, so we don't ever personally absorb the fees. We've been thinking it will probably still be better to "own" our own apt instead of renting one. We have discussed Airbnb but not have researched it extensively in regards to where that's working besides the attractions here. Great thought to research I have heard investors making great returns with that strategy. Thanks for the comments!

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Originally posted by @Larry Turowski:

@Nick Rice You don''t give all the numbers, but you'll need to consider what your housing costs (or profit) will be for each of the scenarios (single family vs condo) with the room(s) rented out.

You should also consider them as straight rentals. What would be your return on investment once you move out?

And @John Kent had a good idea, too, to try to conserve as much cash as possible so you can use that as a down payment on a straight rental property.

Hi Larry great points! The house would be more profitable with the numbers we ran. We have definitely been running the numbers like we are renting it out from day one. How much it will rent for, reserves etc. I agree with you and John Kent about conservation of down payment. We are actually leaning toward the condo now as it has a cheaper entry price, thus we would conserve cash for the next property.

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Originally posted by @John Kent:

Originally posted by @Nick Rice:

Hey BP!

My Wife and I are trying to decide on the best move to make on our first property in Orlando. We are currently Renting an apartment, and want to buy and househack our first property. With a qualification of 160K I originally wanted to be conservative and stay under 100k. After researching and looking at everything from 60k (lowest our Lender would go) to about 150k, we really like a 3/2 SFR property closer to 150k that we can rent out two rooms. I've noticed that for the most part higher price = better quality like anything We were also looking at a Condo that is significantly less and decent condition (don't really want HOA Fees but the rent could cover payment and HOA) @ 70K, but we could only rent out a 1 Bed/Bath. We are planning on leveraging a FHA loan though we can put more down. Our goal is for this first Property to be a stepping Stone into the world of REI, buying more Properties and building Cashflow. Does anyone have any recommendations? Thank you!

Nick, Since you will be occupying the house and taking in borders try using DPA and seller concessions to make the first purchase. This will allow you to hold on to your savings for making your first non-owner occupied purchase.

Thanks John! This is a great point! I've had heard about DPA recently as well to help. I guess I just want to move quick but it probably will be good to utilize that and not leave money on the table. Than I could keep saving like you said. Thanks for the response!

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Originally posted by @Valentina Naumenko:

What if you buy your first property, and then you apply for second mortgage to by a rental home or house for you. Lender will need you to provide a lease agreement for the property that is being mortgaged.

Thanks Valentina! I think your meaning to buy the first one and then just take your time and get a 2nd property/mortgage?

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Hi @Thomas S. thanks for the response! This is terrific advice but it's very difficult in the Orlando market for Multifamily Properties. There is not a great supply and they are also higher priced. Any other suggestions?

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Wow very inspirational @Jordan Sutherland thanks for sharing!

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Phenomenal plan @Julie Marquez and great discussion here!

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Hi @Lisa Lanata welcome to BP!

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All Forum Posts by: Nick Rice

Nick Rice has started 3 posts and replied 35 times.

Post: Need a Real Estate License Class in Orlando

Post: From 0-4 Houses in 3 Months!

Post: Trying to decide on the first Property please help!

Post: Trying to decide on the first Property please help!

Post: Trying to decide on the first Property please help!

Post: Trying to decide on the first Property please help!

Post: Trying to decide on the first Property please help!

Post: Closed on my 2nd property!

Post: My Goals For Easy Rentals and Passive Income - Feedback Please

Post: New Member Introductions