Rental Property Investor · Seattle, WA · Member since 2014 · 149 posts · 58 votes
I'm a former Fort Lauderdale resident trying to invest in Broward County. I used to live just off Powerline Road between Sunrise Blvd. and Oakland Park Blvd. I now live in Seattle. My strategy is to buy and hold small multifamily and single family properties in the Seattle area and in Fort Lauderdale. I'd like to have at least 5 doors within the next 10 years.
All of my immediate family is still in the Fort Lauderdale area, and I have already started to build a team - property manager, realtor, lender - in the area. However, I would like to expand this team and connect with and partner with other investors. That leads to two questions:
1) How are you finding your deals - MLS, auctions or wholesalers? Which approach have you had the most success with? Are there some unique challenges to investing in Broward County?
2) What suggestions do you have for growing my team? I will be visiting Fort Lauderdale for this purpose in September. I'm planning to attend Broward REIA and the Real Estate & Business Network meetup that meets at the Denny's on Oakland Park Blvd. What other groups or people do you think I should visit or meet?
Real Estate Agent · VA · Member since 2008 · 420 posts · 175 votes
9y
@Suzie Remilien I'm glad you are starting to get the ball rolling down in Fort Lauderdale area. Right now almost every good deal seems to be going very FAST! I highly suggest you learning the numbers like cap rate, price options, etc. If you know what you are looking for then it'll be a lot easier for people to help you (i.e) I want a multi family in the $300's, within [insert zip codes], and I'm looking to buy [insert financing option]. Depending on your answer I may suggest wholesaler/direct MLS deals. You see most wholesale properties are only cash/hard money.
Accountant · Fort Lauderdale, FL · Member since 2013 · 1k+ posts · 753 votes
9y
@Suzie Remilien BREIA is a good place to start. So is the meetup in Denny's. Every now and then there are meetups here too. I would suggest to connect with individuals on here who you are looking to add your team. Let me know if any questions.
Rental Property Investor · Seattle, WA · Member since 2014 · 149 posts · 58 votes
9y
@Edgar U. Thanks for the advice. I have noticed how quickly the properties are going on the MLS. Some of the ones that I'm interested in tend to be all cash offers. I've been hesitant about applying for hard money loans, but do you think I should consider it?
I need some more information to solidify my search criteria, hence the planned visit, but here is what I have in mind for now:
Multifamily below $250K
Neighborhoods: Lauderdale Lakes, Oakland Park and Davie
It looks like you're currently more focused at looking towards the Florida areas back home? If you are interested in investing in Seattle, I would be happy to discuss potential opportunities and help guide you in potential home investments!
Rental Property Investor · Seattle, WA · Member since 2014 · 149 posts · 58 votes
9y
Hi Riley,
@Riley I'm actually focusing on both Florida and Seattle. In Seattle, I've got some of my team in place, but I'm still looking for a property manager, wholesaler and other investors with whom to connect and partner. I'm particularly looking for a realtor with experience as an investor and in estimating rehab costs. I would appreciate any suggestions that you have.