Updated over 5 years ago on . Most recent reply
Boots on the ground in South Florida
Hello BP community!
I'm new to real estate and Florida, all the way from California's SF Bay Area. Over the last few months, I've been hanging around the forums, attended a few webinars, and recently signed up for PRO. I've read several books, including Brandon's book on Rental Property Investing, David's BRRRR and Long-Distance REI books, J Scott's book on Estimating Rehab Costs, the ever famous Rich Dad Poor Dad, and am currently mowing my way through Richest Man in Babylon. Got any more reading recommendations? Please let me know!
My current goal is to build my network and connect with talented, savvy, and like-minded people. Due to my profession as an aircraft mechanic, I consider myself "handy" and able to quickly learn how to utilize various tools and techniques for repairs and maintenance. If any DIY folk in the South Florida areas need an extra set of hands and boots on the ground, I welcome the opportunity to help you!
Within six to eight months, my goal is to buy a decent turnkey 3/2 or 4/2 SFH, using the house hacking strategy with my VA loan entitlement. For the year I'd be occupying the property, I'd make as many low cost rehabs to increase appreciation. Ideally, my PITI will be around $1800 with a 20-30% increase for CapEx, Vacancy, etc expenses, and cash flow >$200/mo. Of course, that might be a tall order for South Florida, but I'm a believer and do-er.
Let's connect!
Most Popular Reply
@Cherise Bentosino - welcome to S.Florida! Yes, it's a tall order getting a 3/2 at $1800/mo, however it's not impossible. It boils down to WHERE you buy. FYI, South Florida is a megalopolis covering 3 counties and with over 5 million people. My first suggestion is that you buy no farther than 45 min drive from work. Why? Because time is money....do you want to sit in your car that much?
Secondly, it's good that you're attending the no men allowed group on Wednesday; you should also go to either DREIA or BREIA (depending if you're in Miami-Dade or Broward). That's a good way to network.
Last bit (and this is key): S.Florida is likely the national leader in fraud, backstabbing, lying, cheating and every other nefarious activity. So be very careful as you proceed. Good luck!