1st time investing guidance ...

[Luke Balchaitis]

Hello,

Currently in a single-family (150k left in mortgage) with current value of 500k. Thinking of selling and buying condo nearby for all cash 350-400k.

Then getting a new mortgage (50-75k down) for another 300k-350k unit nearby and renting it out.

Thoughts?

Who would you recommend reaching out to locally for suggestions/advice?

Real estate tax/accountant?

Boca/Palm Beach

Thank you

[Abel Curiel]

Hello @Luke Balchaitis!

I would recommend looking into a condo market with increasing inventory and/or increased days on market. This will be the best way to find motivated owners looking to discount their asking price for an all-cash offer.

As far as who to reach out to locally, I'd recommend the following: Realtor --> Tax Professional --> Lender 

Your Realtor will help you assess your options when selling and purchasing plus give you a better idea of what your net proceeds will be after sale/refinance. 

Your tax professional will help you determine best strategies for limiting tax liability.

Lastly, your lender will be able to piece together the above information to help you choose the best financing options for your current property (i.e. refinance vs. sell) and your future properties. With the next 12 months or so likely favorings buyers/investors, your lender may help you explore options that can allow you to leverage your sale/refinance proceeds for multiple investments vs. purchasing all-cash for a primary residence.

On the Realtor side of things, I highly recommend contacting @Katerina Morosan who can get you started.

Best of luck to you on your journey!

Abel