What Do You Think of This Property

Question

1286 NW 59th St, Miami FL

I found this quadplex which if the owner would be willing to come down on price I could rent it out for $442 /month cash flow or 15% return after living in it for a year so I could apply for a FHA. what do you guys think of the property,

Alexander Diaz · Answer

@Branden Rivero thank you for the offer but at the moment I am in my analyze phase. I am 18 and do not nearly have the capital to even acquire an FHA loan but thank you for the connecting opportunities, I will for sure use your connections in the future once I get the capital.

Branden Rivero · Answer

I know the owner, let me know if you’re serious and I’ll connect you guys

Adrian Lemus · Answer

If those are numbers, seems pretty good ad you can’t go wrong with Miami unless you get the wrong tenants in there

Raymond J. Rodrigues · Answer

Hi @Alexander Diaz, I know of the listing agent that’s selling this property. I’m a local here in Miami. When purchasing a multi-family of 3-4 units with an FHA loan, it must meet the self sufficiency test which requires that 75% of all units total monthly rents, meet or exceed your monthly mortgage payment. If this does not happen, you cannot use an FHA loan to purchase the property regardless of what your debt to income ratio is. Feel free to reach out with any questions.

Bob S. · Answer

Are those the net numbers ? What is the total all in ?

Adam Schooley · Answer

Maybe if you could provide the price, how much repairs need to be done like cap expenses or updating. Do you have to bring the current tenants up to current market rents? Things like that.