The issue is find deals, but i also have to pay my LOC plus new mortgage so the number don't add up i keep going under water on the deals I underwrite. I pay the whole deal cash but i still have to pay like 16k month on interest for the LOC. So it takes my profit from the new building completely. IDK what to do can any one here give me a new strategy. Im looking at deals from 15 unit to 35units in miami. Should i just wait it out.
Rental Property Investor · Coral Gables, FL · Member since 2016 · 199 posts · 266 votes
3y
@Michael B., the reason I don't invest in Miami is the deals don't cash flow, typically. We invest in other parts of Florida and other states, but if you need to manage your own property, you'll have to have patience finding one in Miami. You might partner with another operator or two (or investor) to take down a larger property (>80 units) in Broward or Palm Beach so you can afford to pay a PM to manage the day to day operations. Good luck!
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
3y
Good deals are tough to find. It'll be pretty difficult to make the numbers work if you pay the entire thing out of your LOC. You might want to save up money for a down payment first rather than using the LOC. You could also decrease the size of the property you want to purchase.