Newb evaluating multi-family homes in South Florida

[Steve Finkelstein]

Hi!

I am a newbie looking to pop his cherry and invest in his first property. My wife and I are looking in SE FL right now. Our realtor sent over some listings, and I am at a standstill trying to identify how to evaluate which ones are worth visiting.

I think what I am trying to ask is if there is a basic calculator or two on here where I can plug in all the numbers, and the result of the calculator can let me know if the property is worth visiting and further evaluating. I want to take action and am open to any advice. In the meantime, I will keep searching the forum for content on how to evaluate a property and whether it is worth visiting. It would be great to be able to see potential cash-on-cash returns. We will probably put down 30-40% cash and do some traditional financing for the rest of the property.

My goal is to buy the property, fix it up, and rent it out. I want to hold the property long term. I already know the areas she sent listings for are areas I'm highly interested in. It's a matter of finding the right properties to put money into.

Thanks for any advice, my south Florida investing friends!

/sf

[Joseph G.]

BP has calculators for different types of projects that you should have access to as a pro member. 

It’s probably good to define the key returns / metrics you need to meet for the investment to make sense for you. 

Also, although the BP calculators are good I prefer excel models. Building your own should give you a deeper understanding of the key drivers / relationships that you may not get by looking at the BP calculator results.