All Forum Posts by: Adam Schooley

@Daniel Roman I replied to your other post but I'll just reiterate again that you need to build a good team to help you find deals.  I'm an investor and realtor.  I'm working with two clients right now to find them a multifamily that fits their criteria.  That being said.  Both of them have different criteria and different areas that they want to buy in.  If you get serious about buying a MF property you need to find a realtor who knows the area, the market rents, and also knows the in and outs of being a landlord.  You will be looking for a very long time if you're only using zillow and loopnet to find properties.  You need boots on the ground.  You also need to get pre-qualified for a loan so that when you do start to build your team they know you're serious about buying.  I just found one of my clients a nice duplex in Dania Beach and the numbers are good.  They want to do the same thing as you and house hack for a year then move out and rent both sides.  They will have a nice positive cash flow after moving out.  Hope this helps.

@Daniel Roman there are deals out there you just have to dig through a lot of them to find one. You will probably have a very hard time finding any good deals on zillow or loopnet.  I have a client right now that I just found a duplex for in Dania Beach that the numbers look good on and he will probably be making an offer on it this week. Start working with a realtor who knows about the area you want to be in and that also owns property themselves. Hope this helps. 

@Bryan Weschler I can help you in Broward if you need it.

@Bryan Weschler If you buy the properties as your primary residence than you would be able to put down 3-5%.  I'm not sure of your circumstances but thats the easiest way to do it.  The second is to find owner financing.  

@Samantha Barnes welcome to BP. Let me know if you have any questions about multifamily or house hacking here in Fort Lauderdale. I have experience with both.

@Jerry Miller 3-5% would be for an FHA or conventional loan. @Michelle Gomez had mentioned not having money in savings.  For her "House Hacking" would be the best route.  Hard money lenders generally want you to have skin in the game.  They usually look for 20% down on investment properties.  

@Vilcene Vilce you came to the right place to learn. House hacking is a great way to start investing.  I lived in a duplex last year in Fort Lauderdale while I rented the other side out.  Great way to get started and to save money for the next deal.

@Ben Creamer welcome to BP.  There are a lot of locals on here.  Since you have a good relationship with an investor already maybe he would be willing to mentor you. 

@Jack Antenor welcome to BP.  There are a lot of locals on here.  I'm an agent/investor let me know if I can help in any way.

@Patsy Waldron in your scenario wouldn't you still have to put a 20% down on the 85% that you would be financing though the bank since it is an income property? I'm in the same boat as @Mike Lightcap where I have an owner of 2 duplexes who might be willing to do some owner financing on both.