Investor · Saint Cloud, FL · Member since 2016 · 18 posts · 0 votes
Hi, I am a relatively experienced RE Investor and I am considering looking into multifamily opportunities. Does anyone have advice as to what is a good avenue to search for these? I have seen a few advertised in Florida, but none near me in the Brevard County area. I talk to multiple RE agents but none seem to know how to find multifamily sales, especially at a good investment price. I am in search of duplexes or quadplexes, with a return of at least $20,000 a year.
Hello All, I haven't been as active on bp as I use to ( I am now making that a big priority to get back to it). I do have access to an amazing multifamily property in an amazing location that's performing above the 1 percent rule I has been fully updated very well as well so no big cap ex anytime soon!!! :)
I have helped several investors from BP purchase multifamily property in Brevard County. They are out there, you just have to know where to look. Lets connect, I can definitely help you!
I suggest getting pre approved for up to 90% LTV down to 70% LTV purchase loans to see what your financing options would be and to obtain an Approval Letter.
And keep your search over 300k for your best overall value
Hi Steve, do you do a lot of investment property loans in Tampa? And if so, do you know a good agent to use over there that understands the ins and outs of multiple family units?
Okay sounds great! And just FYI I am not new to the RE investing game. I have been flipping and/or holding rentals for many years now. I am new to the idea of multi-family rentals however. I am also in search of a lender hi would work with me in more of a co-op, as every one I have dealt with as of yet has required 20% down no matter what the circumstances are and does not take my experience into regard. I currently own 3 rental properties, so much of my money is tied into that. But I will definitely reach out to you!
@Lo Lormejuste, to answer your question, almost everything except Reverse Mtgs.
I personally feel that many Investors are too focused on Multi family when they should be focused on using their Silver Bullet / Best financing terms to step up and buy a higher priced Primary res. or 2nd home purchases for multiple reasons.
However, if this is not an option, then investors should consider avoiding becoming Slum Lords and look at high LTV investment property loans.
And BTW, the Stated Income ALT programs are filling the gaps for investors at high LTVs who have run into dead ends trying to qualify thru their Bank and feeling horrendous over regulation and crushing effects of the DODD FRANK ACT
Hello and welcome to this site Chan! Why are you looking at 1 to 4 unit houses as rentals? Do you believe the myth that you need experience before investing in apartment complexes? Well you do not need any experience to buy apartment complexes. To me the cap rates are more valuable than comps. Be creative and figure out a way to do that and stop looking for renal houses (1 to 4 units). Apartments are not as painful when you get 1 vacancy.
Unfortunately, I have been bedridden because of a brain annuerism and a stroke. I have spent most of my time has been used learning abut real estate investing. , about 10 hours a day, 7 cays a week doing that learning. Doing that have heard many stories about investing in apartments and the stories I have been listening to are a mix of good and bad results with rental housing, it's been about 50/50 on the results.
There are many reasons to be doing apartment purchases. One of them is adding value and using the cap rate to determine the added value using the cap rate gives you so much more value than rental housing does. I have about 30 years of experience in construction management and holding a broker license that whole time too. If you think that I could help you on anything please contact me through this site. Good luck to you!
Hi Michael! Thank you for contributing your experience and knowledge. My biggest hesitation in multiple door units is the amount of tenants I would have to deal with. My line of thinking is, the more tenants, the more odds of problematic people. I have and have owned many rentals that I have in turn sold, and my average cap rate on those is about 9.5%. To me, that is pretty good. I also vet my own tenants and do maintenance/repairs myself. It would be nice to have a company do those things for me, but I believe even a property management company will not do as thorough of a job of vetting as I would. However, I would like to talk to you more about anything you could teach me. It is my goal to become a full time real estate investor and I welcome any help with this I can get! : )
Hello All, I haven't been as active on bp as I use to ( I am now making that a big priority to get back to it). I do have access to an amazing multifamily property in an amazing location that's performing above the 1 percent rule I has been fully updated very well as well so no big cap ex anytime soon!!! :)
For those of you who are interested in investing in South Florida, Fort Lauderdale is a great opportunity. A lot of free development and rezoning of areas near downtown Fort Lauderdale or do to become highly populated and popular. Some of the older homes located in the near proximity to downtown are now in high demand. Especially those with higher rent potential like duplexes and triplexes that our curse but still possible to find in Progresso area north of downtown.
Daria connecting downtown up until North E. 13th St. in Fort Lauderdale is now in high committees for rezoning allowing multi family units buildings in high-rises to develop on vacant land and existing lights the two may want to read develop their lots. This supposed to bring higher density population to the center of Fort Lauderdale. Even today we can see many homes been demolished and new construction townhomes are built on those existing lights, confirming that the value of the neighborhood is on the rise bringing the value of a newly built home to over half $1 million. Buying an older home could be a great investment in the near by future. You can bring a nice return as is, while having a very high potential to increase dramatically in its value inn in five years timeframe. My suggestion for my fellow investors would be to look up those properties that have good returns of 5% and up in Progresso neighborhood of Fort Lauderdale and holding them for up to five years where the value is going to increase dramatically. This will bring double income from the actual return and the increase of value.
I saw a mulitfamily option there at 1337 NE 3rd ave, Fort Lauderdale 33304