house hacking a triplex here in south florida, for our first deal

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house hacking a triplex here in south florida, for our first deal

Randy Bates
New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 45 posts · 14 votes

My wife and I are thinking of house hacking, to get a triplex, and to rent out the other units. so by staying in one of the units, could we have a property manager handle the property while we leave their, if we choose to.

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  • Malgorzata SadowskaPro Member
    Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
    5y

    Of course! (and, happy to help with that:)

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  • Randy Bates
    OP
    New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 45 posts · 14 votes
    5y

    Thanks for the reply, I'm a newbie, but I have been getting educated, and reading RE books and watching 100 of YouTube, but watching bigger pockets webinars 3 times convince me to go pro, so I believe things are going to change for the better.

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  • Alberto M.
    Rental Property Investor · Miami, FL · Member since 2018 · 67 posts · 25 votes
    5y

    @Randy Bates

    If you are going to live in one of the properties, there’s no point on hiring a property management company. You will be better off saving that money. To manage a property is not that complicated. If you are just starting , connect with a real estate agent that’s can help you find tenants and take it from there. Be nice to your tenants, take good care of the property and be straight forward (don’t allow them to be late or not pay in full).

    Good luck!

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  • Dalton UphoffPro Member
    New to Real Estate · Member since 2020 · 8 posts · 2 votes
    5y

    @Randy Bates I am also a newbie with literally zero experience and simply armed with the knowledge that I have attained thus far from webinars and books. This said, I would definitely account for property management costs of at least 10 percent as you analyze deals within your area, along with all of the other miscellaneous expenses. After all, you should always aim to manage your property like a business, and prepare for the time when you expand your portfolio, and move on to your next property. Not sure if you’ve read it, but “The Book on Rental Property Investing” by Brandon Turner highlights this.

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  • Randy Bates
    OP
    New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 45 posts · 14 votes
    5y

    You're right Alberto, I would save some money doing it our selves, thanks.

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  • Randy Bates
    OP
    New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 45 posts · 14 votes
    5y

    And Dalton, I will get that book never can have to many books thanks.

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    @Randy Bates fellow local here to South Florida. If you’re looking for some information on how the finance side works in regards to attaining a mortgage for multi-family property, feel free to reach out. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
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  • Randy Bates
    OP
    New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 45 posts · 14 votes
    5y

    Good morning Raymond, and thank you I will , and needing all the advice I can get.

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  • Randy Bates
    OP
    New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 45 posts · 14 votes
    5y

    But I would like to say that I'm happy to have found Bigger Pockets, and the webinars hosted by Brandon Turner, and I'm glad to be a pro member right now I'm a newbie, but I have been studying a while in real estate. My wife and I are interested in multifamily properties, so that's our focus at this moment.

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