Did I Buy A Money Pit In Orlando?

AC's 14 Grand roof is 14 Grand block off This side over here we're gonna be Getting rid of that closing it up Blocking it out so we're gonna blow out This wall move the water tank into here Hey I notice you haven't subscribed yet We're putting out videos every single Week about real estate theme parks and Living in Orlando go ahead hit the Subscribe button we're gonna have to do New electrical new Plumbing new AC new Roof new kitchen baths flooring doors Windows between all of those projects It's going to end up costing So I'm always telling you guys that Buying real estate regardless of the Market is always a good thing and today I'm going to take you through our newest Money Pit here in Winter Park this thing Needs everything roof Windows HVAC and So much more stay tuned so before we get Into The Money Pit let me talk to you About how we found this deal somebody Actually approached us and said hey I've Got some family members that are going Into hospice we need a kind of a quicker Sale we don't want to go through the Whole traditional process of Decluttering the property and putting on The market and having people in and out All that kind of thing so if you are Willing to work with us we're able to Give you a little bit of a better deal So my wife and I we did pay cash for

This house four hundred thousand dollars Understanding that we're going to need a Ton of work we went through we started Tallying up roof Windows AC bads kitchen All the other kind of stuff and I was Guessing that we'd need roughly 170 000 In work all in so I mean on this one I Was off sixty thousand dollars on our Original rehab numbers but two things Happened one we didn't realize that the House had been struck by lightning and Had to take down ceilings and how we had To rework the AC that actually was a Huge huge difference and then the next Thing is I didn't know if I wanted to Add a garage or not the garage by itself Ended up being almost forty thousand Dollars so when we're finally done with That I think that the value add between That sixty thousand dollars we're Actually going to get a lot more back One of the reasons I love this location Is you have Lee Road just a couple Blocks away which takes you right over Into Winter Park Village but then you've Got multi-million dollar houses right at The end of the street that are sitting On Lake Killarney so the fact that this Is right here sitting on a third of an Acre right in this location is fantastic When you're thinking about buying a Property obviously location is important So when I bought this one I was thinking What's coming to the area what amenities

Could my buyers take advantage of or What the values could be in the future Now here's the thing if you're looking At buying an investment property you Need to make sure you're thinking about A couple different things do you have The funds to set aside to do something Major like I'm going to show you right Now or should you be thinking about new Construction like we own properties in Lake Nona Winter Garden and those were The easiest investment properties for my Wife and I to purchase because it was Brand new construction put tenants in Right away we knew it financing was Going to be whereas there's so many Unknowns in houses like this I think That's what I want to show you next so There's a lot of things when I first saw This house that I knew that we could Make a little bit better one of the big Ones was back here this was actually all Walled off and you couldn't access this From the inside so I went around I knew That this could actually be added square Footage even though this place needs a Lot of work you can see there's like Cracks in the cinder block there's kind Of things different Slants so I knew That if we had a proper structural Engineer and the proper plan so we could Have this as a value add so what we're Going to do is actually block off this Side over here add brand new windows

Wall this part off but then have French Doors over on this side so you can use This as a functional office with so many People working from home today having These spaces available is really Important let's check out this kitchen One of the main things that we're going To do in this kitchen area is get rid of This entire fireplace it's Florida it's Hot here 11 months out of the year and So we wanted to open this up as big as Possible so right in the kitchen area You're going to have a six person Island Right down the middle it's going to be Really this focal point of this area We're going to have the stove and sink On this side and then build out a pantry Now one of the only things I think Really dates this house from the outside Beyond the windows and just sort of the Overall pitch of the roof is that Octagon window and so we're going to be Getting rid of that closing it up Blocking it out because there's already A lot of natural light in this kitchen So having this eat-in kitchen Overlooking the living I think will give This a really great flow let's check out The owner Suite some of the different Value ads that I like to talk about Often are how to make bathrooms and Closets in places that they don't exist If they're a little bit too small but One really easy one was adding natural

Light here and this is the craziest Thing you see this drywall sitting here On the outside of the house I noticed That you could see curtains hanging but On the inside of the house I couldn't Find where the windows actually were and That's because they had drywalled over Them just to be able to stick a bed here At some point in time this house is Built in the 50s 55 to be exact and so All of these little add-ons over the Years which you haven't even got to The Crazy Ones yet is made it really Interesting house to take part of one Thing you notice is like the laminate Flooring in here compared to what it was In here this was probably the original Closet and then they turned the Kitchen pantry into a secondary closet So that you have more space we just Decided to blow out the wall in between And add the pantry out there gives it a Really like proper primary Suite which I Think it's demanding in this price point Over this side we got the primary bath And right now it's pretty small for the Size of the house you've got 2400 square Feet all in so we're actually going to Be blowing this wall out and let me show You what that looks like on the other Side so we're going to blow out this Wall and essentially double the size of The bathroom we're gonna have a tub Sitting in the corner dual sinks and

Toilet really good size shower and wall This off and then beyond this we have The new laundry room so we're going to Move the water tank into here washer Dryer and then exit over to the Porta Cachet if they go over on this side of The house this is where things got to be A little bit hairy because I noticed That when we were walking through that The ceiling height was really really low And as you can see there's plenty of Space up in here but sometime between The 50s and 2023 they decided to add in AC this way bring down the ceiling Which gave it this really like cave feel So now that we have plenty of room to go Up and add new Ducks it's gonna be an Amazing kind of open space but here's Another thing that absolutely shocked us Because we also have a lowered ceiling In here and when we opened it up we Noticed that a lot of the rafters in This area were charred and when we go Back we noticed that there was actually A lightning strike on the house before They put the roof on like 20 years ago So we brought some people into soda Blast talked to a structural engineer Got this really really tight so there's Gonna be no issues for us in the future But it also gave us higher ceiling Height on this entire area so we're Gonna have to do new electrical new Plumbing new AC new roof new kitchen

Bats flooring doors windows it's Basically going to be a brand new house Welcome to the backyard now this house Is sitting on over a third of an acre Which is a really big spot here in the Area to begin with but one of the things We noticed when we first got it there Were broken down cars and broken cement And just so much stuff that we had to Get rid of to bring room in for what you Might notice is missing a two-car garage So many of their houses here have a Garage this one doesn't and actually That's going to be one of the largest Costs for us to do so we're going to Bring pavers all the way up to a two-car Garage with a porticachet over that Connects over to the kitchen it's gonna Be a really nice yard even still with Having put in a large garage like that So I'm really excited to see how this Actually kind of all comes together once We finally clean it up add some Landscaping and really dial it in from a Functionality standpoint one of the Things initially I was looking at when I Was looking at comparables for this House where there were a few other ones Deeper in the neighborhood that it sold In the mid 70s and high sevens but this One right across the street just closed For 8.75. it's 2400 square feet four Bedrooms two baths very similar to ours The big big difference with this one

Compared to ours is it has a little Sliver that actually connects over to The canal so you're probably going to Reduce the cost on this by 50 to 75 000 When comparing that to our home it also Backs up the commercial space though so I think there is a little bit of an Equilibrium there but really this comp Is going to help us save this deal There's a lot of things we need to Decide over the next 90 days really the Biggest one is do we flip it or do we Keep it and really interest rates are What's going to determine that if Interest rates for investment properties Drop below seven then I'm going to keep It because believe it or not rents Around this area for this size house That's actually been remodeled are over Four thousand dollars a month and so When we're all in at about 650 000 on This investment property I'm gonna pull Out about 70 percent of our equity and As long as the taxes insurance and There's no HOA here which is great as Long as that is less than the rents then I'm going to hang on to it but if Interest rates are still too high then We're going to flip it and the reason Why we're going to leave 30 equity in The house is that's how we get the best Interest rate with the banks in today's Climate that way we can take the rest of The money we're pulling out and go buy

Another one we have our investment Strategy where we want to buy at least Two or three houses every year for the Next 20 years and that becomes our Retirement now if you're thinking about Buying a house I love the idea of either Turning your primary house into an Investment and you buy another one or Maybe you buy a house every time you Have a kid and so if you hang on to it For 18 years by the time that kid's Ready to go to college now you have a Darn near paid off house that either Through a cash out refi or the equity That you've built now can pay for their College there's a lot of reasons why I Love real estate as an investment you Know if the neighbors are ready to sell After we're done with the one on the Corner kind of like that one a lot Because here's the deal right behind us You've got houses that are selling Between three and four million dollars On the lake so it's going to be a Fantastic area in the future listen if You're thinking about getting a new Investment game whether it's resale like Crazy like this all the way to new Construction there's lots of Opportunities still in Orlando my team And I would love to be your real estate Resource choice so email me info Positgroup.com we'll see you guys on the Next video

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