Jacksonville, FL · Member since 2020 · 14 posts · 3 votes
Hello Everyone,
I’m a college student looking for a house hack opportunity in South Florida. I’m trying to build a house hack/ rental portfolio and I’m wondering now if Fort Lauderdale is too late to get into. Wondering what everyone’s thoughts are/ if people are still buying rental properties in this climate.
Their are still deals out there to be found! Fort Lauderdale is an excellent place for a house hack. I have a client just close on a duplex that he is hacking in the Hollywood area.
Their are still deals out there to be found! Fort Lauderdale is an excellent place for a house hack. I have a client just close on a duplex that he is hacking in the Hollywood area.
@Connor Pine like Timothy said, there are deals. When buying in this market one must understate what they are looking for and buy correctly. What are your goals and how much do you have to invest?
Hi @Connor Pine, it's almost never truly too late, and when you're specifically looking at house-hacking almost any market has distinct advantages associated with house hacking.
Given the current ABSURD(ly low) FHA interest rates for qualified buyers, I'd guess that making the numbers work for a house hack in Fort Lauderdale would be a fairly straightforward play.
Not too late; like mentioned above, Hollywood probably has the most promise for growth in my eyes. It is a solid midpoint between Miami and Fort Lauderdale where overflow from either city will benefit values.
@Kevin Kohler Thanks for the reply. Would love to talk more about it. I’m purely trying to find a house hack that would be a good rental after I moved out after a year or two. Goal is to create my own portfolio of rental properties each starting as a house hack. Don’t want too many at a time to minimize debt and risk.
@Duriel Taylor My goal is to house hack my first rental property. Move out in a year or two. I have around 10k to invest but I don’t believe this is enough right now. Considering this move in a year or two once have enough for rehab costs and externality costs.
I’m a college student looking for a house hack opportunity in South Florida. I’m trying to build a house hack/ rental portfolio and I’m wondering now if Fort Lauderdale is too late to get into. Wondering what everyone’s thoughts are/ if people are still buying rental properties in this climate.
Thanks
I don't think it's too late in Broward county at all. I actually have offers on deals in Hollywood, Fort Lauderdale, and Miami. Rent's have increased about 10-20% in a lot of these areas over the last year. Prices have increased about the same amount so as long as you get a deal you can do ok.
If you're house hacking even better. I did house hacking in Los Angeles for years and it's often better to do development/ value add/ BRRR in lower cap areas that are considered expensive. The lower the cap the higher the reward when you cash out. Because these are desirable areas.
@Connor Pine excellent. Now is the moment as rates are going up further in March. We’ve gotten over 45 doors under contract in February and happy to assist anyone looking to get into South FL.