Tag Archives: #realestateinvesting

Orlando Vacation Rental Secrets

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Orlando Vacation Rental Secrets

In this episode I am talking with my friend Lance Whipple and we are talking about vacation rental homes. Lance and I are covering all aspects of the Orlando vacation rental market.

Hot Areas

Lance is sharing with me what areas are hot which areas you should avoid.  Lance is an expert in the area and deals with a lot of vacation rental properties. Did you know that Orange County does not allow vacation rentals? But Polk County just to the west of the parks does.  Also, there are several communities that are nearly entirely vacation rental properties.  Is it good or bad to be in these neighborhoods? Do you know the hottest vacation rental areas?  Lance talks about what the tourists look for when they are looking for a vacation rental.

Do’s and Don’ts

We cover the do’s and don’ts of vacation rental ownership.  Especially near http://www.disney.com and http://www.universalstudios.com.  Lance shares stories from his experience of things successful landlord do and the things that unsuccessful landlords do.  Several owners of these vacation rentals that I have spoken with are only trying to break even and have a place to stay for free during their vacations once or twice a year.  Their long term strategy is either retire to the property which will hopefully be paid off by then, or are hoping the equity and appreciation of the property will make the whole process worthwhile.

Episode 72: No Money Down Real Estate Investing

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No Money Down Real Estate Investing

You will see a lot of books, seminars and online courses about “No Money Down” real estate investing.  I doubt that there is such a thing as a “no money down” deal.  There is always some type of cost involved.  From marketing and advertising to closing cost and fees there is a cost in nearly EVERY real estate transaction.

Low Money Down

This type of investing I have heard of and have done.  But the deals are rare and you need to have the skill and knowledge to know one when you see it. But this is not a “No Money Down Deal”.

Other Peoples Money

This is common and uses seller financing or other techniques to reduce the amount on money required upfront.  These deals are common and require a skilled buyer to structure the deal in a manner that works for both the buyer and the seller.  Again, this is not a “No Money Down” deal, it requires some capital upfront. I will talk more about this type of investing in the next episode.

What about Wholesaling?

Although wholesaling requires typically less money upfront, it does require and investment in marketing and a deposit.  Most of the active wholesalers spend thousands per month marketing for sellers and although they make the money back, this can be a little challenging in the beginning with no income or experience.

 

So I think the truly “No Money Down” deal is a unicorn… It does not exist.

 

Episode 70: Section 8 Secrets

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[grwebform url=”https://app.getresponse.com/view_webform_v2.js?u=BJCdz&webforms_id=281202″ css=”on” center=”off” center_margin=”200″/]Section 8 Secrets

In this episode Tom Nardone from millionairemailman.com  and I are talking about section 8.  Tom and several section 8 properties and has a lot of experience dealing with the housing authority and the tenants.

How it Works

Section 8 tenants come with a contact or packet.  You must complete the packet and the tenant takes it back to the housing authority.  The housing authority with then schedule a time to come inspect your property.  After the inspection, the tenant is allowed to move in.  Tom says that the tenants actually take good care of the property because they are afraid of getting kicked out of the section 8 program if the landlord complains.  Tom says the housing authority automatically deposits the rents into his account.

Benefits

Tom says there is a lot of benefits to section 8 tenants including guaranteed payments.  Tom says he sleeps well knowing the rent will automatically be paid each month.  He said this especially beneficial when natural disasters occur and many other tenants have lost their jobs.

Tom also likes the long term tenants that section 8 brings.  Tom says on average these tenants stay a lot longer than traditional tenants.

Rent Rate Vary

Tom is located in South Florida and says that one housing authorty can pay significantly more than a neighboring one.  He says to do your homework because a house a couple of miles away can bring hundreds of dollars more each month.  So call your nearby housing authority and ask them how much they are paying.  This way you can choose the area with the highest returns.

The Five Most Important Skills of a Real Estate Investor

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The Five Most Important Skills of a Real Estate Investor:

I see a lot of real estate investors.  Some are good and others are lacking and always seem to be struggling with one thing or another.  The more successful ones seem to all have the same characteristics.  These are some of the most notable characteristics that I see in the truly successful ones.

  1. Work Well With Others In real estate investing you are going to encounter lots of different people and personalities.  The question is can you work well with them??  Typically, I meet a lot of other investors, agents, buyers, sellers, bankers and wholesalers.  Not to mention the wannabes, scammers, con artists and frauds..  I work very hard to work with all different types of personalities and skill levels to improve my business and my relationship with each one.  If you feel you might need a little help in this area, I highly encourage to do some reading and some ‘self-discovery’  in this area.  It will pay of in the long term.
  2. Find Deals and Analyze Properties and Markets.  This is what separates ‘the men from the boys’ especially in the lead generation aspect.  Right now, in this market there are not a lot of great deals on the MLS, so especially rehabbers are struggling because there is now a lower margin between purchase price and sales price.  The increase home values on the purchase has not been reflected as much in the sales price.  So, the successful fix and flip investors have upped their marketing and are buying properties directly from the home owners.  Once you find a deal, analysis of it is critical.  You can do this manually, and the more experienced you are the easier it becomes, but in the beginning your need to ask someone with experience or you can purchase a software to help.
  3. Build a Network As you start investing in real estate the success real estate investors have a large network of professional.  They typically have people ranging from attorneys to landscapers and everything in between.  It important you have dependable professionals that due good work and will work well for you.  Again, if you are needing some professionals in your network. Ask around.
  4. Systematize the Process. One of the best things you can do for yourself to streamline your business is to develop systems as you go along.  This will allow the second time you do something to be easier than the first.  This will also make the tasks easier to hand off to an assistant or VA.  Activities you can systematize include: purchase, rehab, rental, tenant move in, tenant move out, repair of rentals, maintenance, looking for partners for deals and determining when to sell your property. This skill is especially important if you are investing around a full-time job.
  5. Always be Learning.  Most of the really successful real estate investors that I know are always learning.  From reading books to attending seminars, they are always adding to their knowledge base.  You need to be able to change with the real estate market, by having a wide range of skill sets you are more likely to be able to profit in any market.  Besides, the seminars and live events are get opportunities to network.