All Forum Posts by: Adam Schooley

@Robert T fuller jr this really depends on what type of loan you can qualify for. (I.E. your credit score, debt to income ratio, down payment and your income.) I'm an agent and investor here in South Florida and have owned single family, multi-family, towhomes and condos here. They all have their own positives and negatives. If you'd like to chat more about your options send me a message. 

It sounds like you just need to find a cleaning crew and a handy man and cut out the property management all together.

It depends if you're doing annual leases or STRs. The going rate for annual leases are around 10% in this area and 20% for STR.

@James Bolduc I’m a local real estate investor, real estate agent and a native South Floridian. If you would like me to check comps for you I can. That way you can feel comfortable with your decision. I would definitely work your numbers for worst case scenario for the next couple years while in school. Interest rates will come down at some point and you can refi for better cash flow. I say worse case scenario is you assign the contract and make a quick buck and move on to the next deal. Not a bad problem to have in my opinion. 

HELOC is a variable rate so it will change as the rates change. A cash out refi you can lock in at todays rate but you will be on the hook for the higher mortgage payment right away. I went with the HELOC to keep my 2.75 % rate and I can use it as needed and pay it off as needed.

You definitely want to research your rental comps both annual and short term. I would try to go with the worst case scenario when running numbers. I would want the property to cash flow at the annual rent numbers and if you decide to do STR to make more cash flow you know you can always rent it long term and be ok.

@Melyn Main you have several options. If it's your primary residence you could do a refi to pay off the high interest debt that you mentioned and wrap it all up in one payment at a lower interest rate. If you need the equity to buy you next property then do a cash out refi or do a HELOC that you can use and pay like a second mortgage. I live in Davie about 10 mins from you and I just closed on my HELOC about a week ago. I'm going to use it to buy more properties. PM me if you have more questions.

@Jeff Miller I think Citizens will be your only option. Most insurance companies won’t cover poly pipes at all if the building is older then 30 years. We don’t have many options here in South Florida these days. $4500 sounds about right to be honest. 

@Jaclyn Morrison

I’m an agent and have house hacked multi family’s in Fort Lauderdale. I’d be happy to share my experiences. I’d loved to get your feedback on a weird space I’m trying to renovate in my own house. Let me know if you’d like to talk.