Looking for my first deal
Good morning all,
I have been preparing and saving for about 18 months now and have started to take a hard look in and around where I live (Miami,FL) and have been working with traditional realtors but most of the things they are showing me are SFH and condo/townhomes but most can't even pass the 1% rule. I spoke with a wholesaler yesterday for the first time but seems most properties they have require hard money loans and just curious about that type of lending since I'm really only familiar with conventional. I bought my house with FHA then refinanced on a conventional loan and since I moved in I have house hacked the mother in law room as an Airbnb which has been netting $1105 per month which has really helped my ability to save. My current capital that I am willing to use is $30k cash but have access to 100k in 401k and 85k through a heloc loan but have been very conservative on the deals I'm looking at. I have been looking for something under 140k. Which is tough in south Florida. I have in laws in Orlando near the Florida mall which is near sky lake but it's a little rough area. Not sure if I should shift my focus up there or raise the price of the properties I'm looking at or try the hard money approach. Need your advice. Thank you