Did I Buy A Money Pit In Orlando?
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- Опубліковано 28 тра 2023
- A couple months ago I purchased a home near Orlando Florida in Winter Park. Great location. Great opportunity. But did I buy a money pit? Take a look at all the work that's going in, and learn what are some things to consider when buying an investment property.
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Ken Pozek is a licensed real estate agent in the State of Florida. License number #3313335
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Please continue to post the progress on the house. I’d like to see how it turns out.
Absolutely will
This is awesome, please continue to film and show us the progress and the final product.
Will do!
yeah everyone in FL seems to have $400k cash sitting around during these tough economic times... no problem... LOL
You could keep your current home, turn it into an investment, then put 3.5-5% down on the next home. Not everyone needs to pay cash 💰 ✅
This would be an awesome playlist from this stage throughout the whole process. Love this. Definitely goals on the investment side !
Great video! Looking forward to seeing the progress and finished product!
Great walkthrough and vision for this old girl. But I’d keep the kitschy octagon window. There are very few things around anymore that have that old, but still neat, feel. Like coming across full house, in good condition terrazzo floors. Keep the frame and have a leaded glass or etching artist make it a point of unique beauty. Please keep us posted on her recovery 😊
Interesting project. Looking forward to seeing how it ends. Thanks for sharing!
really cool video!! cant wait too see how it looks
Good luck it’s going to be an amazing home.
It would be interesting to see this as a series. Eagerly watching from the UK.
Really looking forward to seeing the progress of the house, you could easily turn this into it's own channel
Really enjoyed the vlog style content… Keep them coming.
Definitely will. Enjoyed making this one.
yea ken, that house need's one of everything .
I wish we could fix/build out s home. Maybe one day... I hope you show us up dates can't wait to see the finished home ❤
Ken you are an inspiration
It's amazing you found something without an HOA.
Great video Ken, I was wondering if you advised on investment houses, I think you answered that at the end. So my question is, how much did you spend on landscaping?
Love these types of videos. I wouldn't be surprised if HGTV came calling looking for a new host lol.
🤞🏼
Love that little window. People who specifically love mid century houses would love that detail
It doesn’t feel a little farm house to you?
@@kenpozek I don't think so. If I were leaving it I would probably lean into it and do like a Chinese octagon overlay on the glass pane
Awesome find. Off market. Undervalued. Fixer. Long term rental. Great location. Cash flow long term rental. 🍿 great content. Keep us posted on the journey.
Great summary! Thank you for watching 💪🏼
I might have just torn down and rebuilt, the value in insurance savings alone might have been worth a tear down and rebuild, but you’re the expert.
Totally thought about it. Saved about 350k+ by keeping the original structure. Wouldn’t have comped if I tore it down
Nice buy Ken! Lots to do and rehab but you are definitely in the correct area to make it work, add on value for sure ! Have you had a chance to go to the local CFRI meetings here in O'town to meet other RE investors? Great channel by the way!
Man I have! Then through Covid they all shut down and I stopped going. Heard we have a very active group locally. Are you a member?
Do you have any videos on Sanford? Didn’t find one on your channel.
Keep us updated
This is 🔥
Thx Kyle 🙏🏼
Hey Ken, are you going to post an update on this vid?
I got quick question. With the amount of work and money would it be cheaper to just remove the house (tear it down) and build a new house on the land? I'm not sure what a project like that would cost but i was thinking that a new home might bring in more money. However this is why I'm watching you to learn.. Have a great day and thanks you for all your videos.
We thought about it. $300-400/sqft for brand new construction. So a 2500 sqft home would be 875k just for the construction. All in at 1.3M. No conparables to justify it unfortunately
That’s a big job.
Im sure you looked at the best options but as much work and demo you had to do to that house I wonder if it wouldnt have been cheaper and quicker to just knock it down and start new! Here where I am in downtown Winter Garden it seems like that is what most buyers are doing. I swear once a month or not more i see a bull dozed lot with new foundation going in.
Shocked that a TD was $400K. But, after realizing the values in the area, I calmed down.
Did you bring in a contractor or home inspector before buying or you’re so experienced you get the gist of a place without those experts? Looks like an amazing project!
What you’re describing would be $500k or more in California. Can’t wait to hear your grand total.
You’ll be cash flowing it for a while…good luck
Hopefully holding it for a long time
@@kenpozek you know what you are doing, real estate is always a good investment
Hey Ken, couple of questions:
- I'm doing something similar but in a different state, how are you able to find a general contractor and request bids?
- If you could only choose one wouldn't a pool be a better value add rather than a 2 car garage?
You’re not asking me, but I’m going to reply, anyway. In Florida, you’ll probably get more value add from a two car garage. You can use a pool a lot in Florida, but pool access is also far easier and more readily accessible than in other states, and many parents of young children are spooked by the dangers, so having a pool can actually be a negative for those buyers. Also, Florida homes lack the incredible perk those up North have of full basements in addition to the home. Most Florida houses have no basement, and very few have attics, leaving the garage as the only storage space.
I would have offered $40 K for the entire Home, pushed it over and started with a new Build. They headed for Hospice, the money the least of problems.
Best bet is to flip the house. Rent in Orlando has been coming down big the last few months. 4000 bucks a month for rent for something under 3000 sq ft is a hard sell when you can go down the street and rent a 2000 sq ft home for 2k.
Maybe. 2/2 Apartments across the street are $3500 tho. I’d take this at 4k/month all day. Also, it’s winter park. Not Orlando
@@kenpozek You’ll for sure find a renter but I think it’ll sit for awhile based on Zillow rental comparables. I was mentioning Orlando because people are willing to commute 15 minutes to save 2k a month. Plus a whole lot of new apartments are being built in the area which may push rent down further when they complete the builds.
Whats the plan when you're finished?
Refinance and keep it hopefully. Gotta hedge against this inflation
What happens to all that debt for the homes when you pass? Is that handed down to your children?
My trust takes it over and they can do with it whatever they want. If they sell the house and pocket the difference, great. If they decide to hold it and want to take the cash flow, that’s great too
these old homes become a nightmare when people stop caring for them. They have cryptic problems. If you have a contractor that will give you a fair price on repairs and updates you'll prob do okay. I'm finding down here a lot of them will take you for a ride.
You teach how to invest ?
Is it ever better to knock it all down and start from scratch?
When the land is worth more, absolutely
You will be all in at least at 725,000.00 , Since you are not a flip expert , you will take 6-7 months and go 50% over the original budget at least. Once you figure out all, you will be better.
400k! 😢
Não é aconselhável a reforma para o péssimo estado em que se encontra imóvel.... Melhor demolir...ainda mais quando o bairro é de residências são de alto padrão
Ken you giving mix signals
About what?
Great place just don't let the crew from Zombie House flipping do the work because you'll most likely end up spending even more money to fix their screw ups.
Haha no sir. We’ve got a great crew
At what point is a train-wreck like this just a tear down?