My first invest in Florida can I make 10% after expenses?

Question

Hello I’m 22 years old and I have 50k to invest I want to get a loan of 150k and invest in a multi family that need a rehab and do it my self.

Like buy for 150k and rehab for more 50k

After that rent it until I can sell it for like 220k

And make profit for that it’s nice after the rehab whiles I rent it it’s possible to make 10% a year after expenses?

Or I just a kid and all I’m saying is a fake dream and I will sell my ass for it?

Mark Vivanco · Answer

@Roi Horowitz I think it depends on where in FL.  The market I am checking, Orlando area, you wouldn't be able to do anything.  What you are saying you want to do, is very doable but depends on the area.  And realize what you want to do, many others would and are looking at doing the same thing.  They have cash to pay for properties, will do zero inspections, etc.  So early bird gets the worm kind of thing.  I think you need to target an area, do your hw (LOTS OF HW) and determine if the area is capable of sustaining what you want to do.

Matt Nico · Answer

@Roi Horowitz

Buy a house with a 5% conventional loan. That gets you in the door for less than $20,000. Fix it up and live for free while having tenants pay it down. And keep saving your money. $50,000 can get you 2 great cashflow homes in Florida

-Matt.

Mark Vivanco · Answer

@D Allen Orlando and surrounding counties.

D Allen · Answer

What areas in fl are you talking about,

Cory Carlson · Answer

Consult with a broker who specializes in small multifamily acquisitions and has a pulse in the plex market.  You sound like a great candidate for an owner occupied multifamily property. You can force more appreciation in an income producing property and as you accumulate more wealth and continue to look for projects you will have subsidized housing costs and options. You could always move and just turn the duplex into a rental.

My first invest in Florida can I make 10% after expenses?

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