All Forum Posts by: Robert Pierce

@Shawn McCormick - PM Sent

Purchasing a new primary and turning my current house into a rental and looking to hire a PM but some of the fee's seem high. 

1 quote - 100% 1st/month rent if i self-manager, or 75% 1st/mo rent and 10%/mo for PM to manage.

Again, im new to this but from reading and talking to people there is a typical finders fee ~1000$ and 10%/mo rent if the PM manages. 

Also, any PM recommendations in Orlando would be great.

Hey- 

I live in Orlando (winter park) and have a 1960s house. Majority of my neighborhood is a 3/2 or 4/2 and recently a lot of flippers are moving in and tearing down the old to build new 2 story 5+ bedrooms or expand the old house outward.

I've been debating using a HELOC to flip my 'Car port' into another bedroom with full bath, house would become a 5/3.

How do I determine if its a viable idea for my neighborhood? I don't want to invest this money to only see minimal returns. 

Thanks all - Some good thoughts here. 

This will be my 3rd property that I've purchased in in last 5 years, so its been really cool to see how the dollars from my first home purchase in 2017 have grown to what it is today. This is the appeal of real-estate to me because I could never get these gains from the market.

I'll reassess my situation once I get settled in the new home and go from there.

I'm a long term stock investor and have recently started looking into Real-estate opportunity as a way to diversify my investments, still very new.

Right now I'm in the process of selling my home just outside Orlando metro to move closer to downtown Orlando, and I have enough cash for  a down payment on the next property. The predicament I'm facing is that between myself and wife we have student loan debt @ 1500/mo, 7 years left, and our house sale proceeds are enough to wipe out the loans. 

Part of me wants to just pay off the loans to open up the 1500/mo which reduces our liabilities and in turn would allow us to save more cash and reduce out debt/income ration. This would also allow us to get back to living off 1 income and dedicating the other to saving/investing.

What have others done in the past?

Excellent - Thank you all for your input.
 

Afternoon All-

After finding BP podcast I went down a rabbit hole and have been watching/listening to anything I can find, I now see the protentional in real estate from a lucrative side hustle to long term play.

Currently, I still work my W2 job and plan to for the next couple years since my work generally starts early and finish's early. My plan is to pass my real estate license (pending state test date) and funnel any commission into purchasing multi-families. This will probably take some time but I figure I can start to learn the game as a relator, make connections, etc. 

Are there any weekly/monthly networking events in Orlando? or where would be a good resource to find such events?

-Rob

@John Guion How is your duplex working out?