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Elaina Diaz
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New member from Miami

Elaina Diaz
Posted Apr 23 2024, 09:24

Hi everyone! I’ve been investing in stocks for over 8 years with pretty good results and am finally exploring if real estate investing makes sense for me in 2024. Not really looking to make a huge switch… just looking for a little more diversity in my investments!

Nice community here!

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Michael McKinney
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  • Property Manager
  • Fort Worth, TX
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Michael McKinney
Pro Member
  • Property Manager
  • Fort Worth, TX
Replied Apr 23 2024, 09:44

Nothing better than a physical asset in your portfolio! Welcome to the community, Elaina!

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Mark Munson
Lender
  • Lender
  • Orlando, FL
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Mark Munson
Lender
  • Lender
  • Orlando, FL
Replied Apr 23 2024, 10:01

Hey @Elaina Diaz

Welcome to BP! 

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River Sava#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Charlotte, NC
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River Sava#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Charlotte, NC
Replied Apr 23 2024, 10:40

Hi Elaina, welcome to BP!

Would love to hear about your investments and chat about moving into the rental space.

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Ray Hage
  • Investor
  • Fort Lauderdale, FL
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Ray Hage
  • Investor
  • Fort Lauderdale, FL
Replied Apr 23 2024, 17:14

@Elaina Diaz Welcome to BP. I feel you on diversifying. That's why I bought stocks in the last couple years. I was 100% RE before. What types of properties are you considering? South FL isn't easy but there still some decent deals on occasion!

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Min Zhang#3 New Member Introductions Contributor
  • Real Estate Agent
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417
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Min Zhang#3 New Member Introductions Contributor
  • Real Estate Agent
Replied Apr 23 2024, 17:41

Hey Elaina! Welcome to BiggerPockets! You're in the right place to learn about real estate investing. Can't wait to see you grow. Let me know how I can help!

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Manny Vasquez
  • Real Estate Agent
  • Orange County
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292
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Manny Vasquez
  • Real Estate Agent
  • Orange County
Replied Apr 23 2024, 17:48

Elaina - Welcome to the BP community! This is the best place for all things real estate related.  Since you are a seasoned stock investor, then I'm sure you will agree with the following phrase: "Timing the market does not work, but, Time In the market makes all the difference in the world! <-- This is the same for both stocks and real estate. The sooner you buy, the better off you'll be.   Don't wait for the perfect deal to come up, the most important thing is to get started. Just like everything else in life, get started, keep honing those skills and watch yourself get better and better witch each property you buy.  Welcome and good luck on your RE journey!



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Elaina Diaz
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3
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Elaina Diaz
Replied Apr 24 2024, 04:22

Thanks everyone!

I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.

With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.

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Ray Hage
  • Investor
  • Fort Lauderdale, FL
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Ray Hage
  • Investor
  • Fort Lauderdale, FL
Replied Apr 24 2024, 04:37
Quote from @Elaina Diaz:

Thanks everyone!

I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.

With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.


I feel like these large luxury buildings are a gamble in many ways. HOA fee will probably continue to increase, you never know when an expensive assessment is around the corner and there is some potential for a price crash as they are really overbuilding (imo). I wouldn't recommend buying all cash if you can avoid it. You can make a lot more than 5-6-7% w/ other investments or through private money lending, which I do as well. You could always buy in cash and pull out the money later as well.

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Elaina Diaz
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3
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Elaina Diaz
Replied Apr 24 2024, 07:56
Quote from @Ray Hage:
Quote from @Elaina Diaz:

Thanks everyone!

I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.

With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.


I feel like these large luxury buildings are a gamble in many ways. HOA fee will probably continue to increase, you never know when an expensive assessment is around the corner and there is some potential for a price crash as they are really overbuilding (imo). I wouldn't recommend buying all cash if you can avoid it. You can make a lot more than 5-6-7% w/ other investments or through private money lending, which I do as well. You could always buy in cash and pull out the money later as well.

I’m willing to gamble a bit. A lot of condos here have nearly doubled in price in the past three years and while I don’t know if that kind of trend will continue I definitely feel the regret of not buying one maybe 3 years ago. Hindsight is 2020 of course :)

I'm not too worried about HOA fees and special assessments, I can still afford those out of pocket even without rental income.

I have no experience with private money lending. How does it compare with typical mortgages these days?

To be clear, I’m not against financing, but since I don’t know too much about what I’m doing I feel like it’d be easier to own a property outright and get some experience with landlording to determine how much financing I’d be comfortable with after maybe a year’s worth of rental income.



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Ray Hage
  • Investor
  • Fort Lauderdale, FL
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Ray Hage
  • Investor
  • Fort Lauderdale, FL
Replied Apr 24 2024, 09:50
Quote from @Elaina Diaz:
Quote from @Ray Hage:
Quote from @Elaina Diaz:

Thanks everyone!

I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.

With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.


I feel like these large luxury buildings are a gamble in many ways. HOA fee will probably continue to increase, you never know when an expensive assessment is around the corner and there is some potential for a price crash as they are really overbuilding (imo). I wouldn't recommend buying all cash if you can avoid it. You can make a lot more than 5-6-7% w/ other investments or through private money lending, which I do as well. You could always buy in cash and pull out the money later as well.

I’m willing to gamble a bit. A lot of condos here have nearly doubled in price in the past three years and while I don’t know if that kind of trend will continue I definitely feel the regret of not buying one maybe 3 years ago. Hindsight is 2020 of course :)

I'm not too worried about HOA fees and special assessments, I can still afford those out of pocket even without rental income.

I have no experience with private money lending. How does it compare with typical mortgages these days?

To be clear, I’m not against financing, but since I don’t know too much about what I’m doing I feel like it’d be easier to own a property outright and get some experience with landlording to determine how much financing I’d be comfortable with after maybe a year’s worth of rental income.




Hey as long as you’re comfortable with it and potential outcomes, then it’s time to proceed with at least looking a bit more closely at specific buildings. With financing, private money is more expensive generally speaking… but it depends on the specific deal of course. Landlording is not too tough if you get the right tenants up front. That will really solve most problems before they ever exist. I’ll send you a message and some pointers. I didn’t enjoy it much at first but now I like it a lot. 

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Robert Ellis
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#1 Land & New Construction Contributor
  • Developer
  • Columbus, OH
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Robert Ellis
Pro Member
#1 Land & New Construction Contributor
  • Developer
  • Columbus, OH
Replied May 1 2024, 21:29
Quote from @Elaina Diaz:

Hi everyone! I’ve been investing in stocks for over 8 years with pretty good results and am finally exploring if real estate investing makes sense for me in 2024. Not really looking to make a huge switch… just looking for a little more diversity in my investments!

Nice community here!


 any particular strategy you are looking at? any info you provide can help give some context 

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Raymond J. Rodrigues
Lender
Pro Member
  • Lender
  • Miami, FL
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Raymond J. Rodrigues
Lender
Pro Member
  • Lender
  • Miami, FL
Replied May 4 2024, 03:51

Hi @Elaina Diaz, thanks for introducing yourself. I too am a local here in South Florida. If you would like to converse with someone that will give you their honest, professional opinion, that is not trying to sell you on a dream, I recommend reaching out to @Malgorzata Sadowska. She’s an investor and also lives here in Miami. Also a realtor! I hope this recommendation helps. Always feel free to reach out to me with any questions that you have. Happy to help! 

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Alacia Mahnken
  • Realtor
  • Tampa, FL
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Alacia Mahnken
  • Realtor
  • Tampa, FL
Replied May 4 2024, 11:05
Quote from @Elaina Diaz:
Quote from @Ray Hage:
Quote from @Elaina Diaz:

Thanks everyone!

I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.

With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.


I feel like these large luxury buildings are a gamble in many ways. HOA fee will probably continue to increase, you never know when an expensive assessment is around the corner and there is some potential for a price crash as they are really overbuilding (imo). I wouldn't recommend buying all cash if you can avoid it. You can make a lot more than 5-6-7% w/ other investments or through private money lending, which I do as well. You could always buy in cash and pull out the money later as well.

I’m willing to gamble a bit. A lot of condos here have nearly doubled in price in the past three years and while I don’t know if that kind of trend will continue I definitely feel the regret of not buying one maybe 3 years ago. Hindsight is 2020 of course :)

I'm not too worried about HOA fees and special assessments, I can still afford those out of pocket even without rental income.

I have no experience with private money lending. How does it compare with typical mortgages these days?

To be clear, I’m not against financing, but since I don’t know too much about what I’m doing I feel like it’d be easier to own a property outright and get some experience with landlording to determine how much financing I’d be comfortable with after maybe a year’s worth of rental income.




 Hey Elaina!  Welcome to BP!  The biggest issue with using all cash is that it ties all your money up and denies you the leveraging power of using the banks money.  In other words, it decreases your cash on cash return (what you're putting in compared to what you're getting out). If you are ever in Tampa, hit me up.  I am always looking to meet new like-minded people!