Newbie reaching out to experienced landlords

3 Replies

I am currently in Baltimore I got a job offer down in Broward County. Making about 19K more base salary so my W2 income would spike nicely. I am about to finish my first BRRR deal (actually got the appraisal done today) . The house I just finished was all in 77k plus 4K in closing rent is $1500/month. The lender loaned me the 75k at 12% with no points and even loaned me the extra 2 when I went over the original 75k budget. The lender said I could start looking for my next house so I would have another around 80k at 12% no points and no monthly payments to work with for at least the next year or so maybe longer. My delima is I found a private money lender here in Baltimore that works for my situation I'm 25 don't have much work history or experience as an investor (one brrrr deal under my belt). I would like to continue Investing, but unsure if I take the job where I would like to live that it wouldn't actually some what cripple my investing career. Can I find money and deals in that price range down in the Broward County / Miami Dade area?

Originally posted by @Jordan Miller :

12% is awfully high...imo move and take the raise and pay a property manager to manage your properties. Best of luck!

 Thanks for the feedback I thought 12 was good didnt know it was kind of high 

Hey @Nick H.

Finding deals that cheap is going to be really tough. SFH's under 150k are usually not in the most desirable areas. As far as access to capital, if you search enough I believe you can find the financing you need. Perhaps go on Linkedin and begin reaching out to lenders in SW Florida. I do agree that 12% is a high rate but I would not complain with the terms you are receiving. Feel free to reach out if you have any other questions, hope I provided some insight !