All Forum Posts by: Adam Schooley

@Tyler Piciullo this looks like an appreciation play only. I get that the owner is giving you 0% interest but you're also over paying for the property. You're putting down $140k to make $200.00 net cashflow a month? That's a 0.017% COC return! You can make a 5% return by putting that $140k into a high yeild savings account with no risk and make $583.00 per month. I'm a local agent and investor here in Broward if you want to chat.

@Susan Dobbs is the existing mortage assumable? 

@Tyler Piciullo I’m an agent investor here in Ft Lauderdale. I’ve been investing since 2008 and an agent since 2015. If I were you I would start making commissions as an agent an use that money to buy investment properties. You’re commissions are earned by only using your time and not a lot of money.  Along the way you will come across good deals. Find local investors that will team up with you once you find a deal and learn from them. Like they say. If you have a deal the money will follow. 

@Eunice Villarroel almost every neighborhood on the east side of South Florida is in a flood zone. I’m currently negotiating a triplex that was flooded in April from all the rain fall. The owners owned the property for 35 years and it’s never been flooded like it was this past April. They payed $27k for it. Even with the flood damage it’s probably still worth $400k. My point is that if you’re keeping the property long term the values will go up regardless of if it’s in a flood zone or not.

@Roque C. you shouldn't have any problems finding a lender for a cash-out refi. I'm in the same boat as you right now. I have a property in Miami and would like to do a HELOC because the interest rate on the current loan is at 3%. It looks like TD Bank does HELOC's on investment properties so that's who I will try first. Just remember that HELOC's are better for short term loans. I use them for fix and flips here in S.Florida. I pay them back in a few months. If you're going to use the equity for longer term investments then you will probably be better off with a cash-out refi because the rate will be lower and locked in.

@Anna Cerda I'm a local agent and investor here in South Florida.  I have two off market multifamilies I'm currently working on in Fort lauderdale.  Believe it or not there are lots of opportunities in Fort Lauderdale, Hollywood and Dania Beach right now.  After these cities were hit by record breaking rain falls in April of this year several properties have come across my desk from flood damage.  There are alot of tired landlords that don't want to spend the money to rehab them and start all over again.  

@Chris-Paul Blair just be careful with townhomes and condos. A lot of the associations don’t allow short term rentals in these communities. Have your agent verify this info before you make offers on the properties. 

@Nicolas Hansen feel free to contact me. I've been investing here in the market for 15 years now.  

@Luis Garcia welcome to BP! This is a great place to learn and network from like minded individuals.

@Elie Merisier I have a great lender I’ve been using for years right here in Ft Lauderdale. Send me a message if you want the info.