Hi! I've been following the forums and I've learned so much in the past few weeks from reading people's questions and the responses as well. I only wish I would've discovered this website years ago! Thank you so much to all of you for the knowledge you are willing to share! I live in Fort Lauderdale, FL and I am interested in getting into REI. My plan is to purchase a triplex and follow the house hacking approach but instead of long term rentals, I want to use the units as AIRBNBs. I am a first time home buyer, planning to put 3.5-5% down. I am very excited, but scared. The market is not cheap (unless it's a bad neighborhood) but I know there is great opportunity. I am near the airport, cruise port, and beaches. And I plan to go in on this investment with my dad 50/50 so I know we will get approved for a good amount. I haven't gotten a definite number, but it looks like we will get a rate around 3-4%. But I am the one crunching the numbers and talking to banks, and I am afraid of getting us into a "bad deal." There are so many other numbers to take into account, and a lot of them are unknown to me at this point. So it's hard to predict what the cash flow can be and whether a property is a good deal or not. I watched the series of videos and I know that "any deal can be a good deal if you play with the numbers"... but its not that easy when you aren't sure what each number should be. I am afraid I will get a triplex, barely make $100 in cash flow, and never get approved by a bank again to move forward in my real estate investments. I've played with the calculators on BP and it seems pretty straight forward, BUT then I read forums of how those calculators are not taking into account some numbers that may affect the results you are seeing significantly.
Despite the unknowns, I certainly plan to move forward because I know that even if I fail this first time, it will at least be a learning process. But if I can avoid failing, that would be great too lol. Thank you in advance!
@Indiana Eugenia Castillo Welcome and good luck! I am about to close on a duplex in Fort Lauderdale after searching for over a year. Triplexes in decent neighborhoods are hard to find in this area.This is a tough market because a lot of foreign investors come in with full price offers or strong cash offers right away.
If you want to hustle a little bit, one thing to consider that I didn't do in my search round up all the multi families you see in then neighborhoods and try to get the owner contact information and send them letters that you want to buy their house. Some of the owners are elderly and may be tempted if they have an offer in front of them.
It is not letting me tag my realtor, but if you would like his information feel free to message me. He had a duplex in Fort Lauderdale and knows the area well.
Also, taxes and insurance is in this area is higher than what mortgage calculators predict so make sure to account for that.
Finally, be open to SFH and keep an eye on homepath.com for some forclosure deals. I started looking for properties I could do a live in rehab when the duplex inventory went dry.