All Forum Posts by: Daniel Jodrey

@Francisco Herrera

Thank you for reaching out. Would love any advice and tips. I have sent you a PM.

I feel like I read all the time about people that "gather other investors" to help come up with a down payment or private money helps them to put a down payment on a property. If I have a little skin in the game, does that make a difference? Say I am able to put 5k or 10k into the down payment?

If my partner was on the loan with me, would it be ok if they put the down payment on.

I have also read that if you create an LLC, you can buy the property under the LLC and the partner can put their money into the LLC?

@Account Closed

Welcome to BP and also to Miami. I am a newbie myself and am working on my first deal. I have learned quickly that there is a LOT to learn, but all the resources are out there. Bigger pockets is one of the best things i have discovered and learned a tremendous amount from. One thing I learned is figure out which niche of real estate you want to go in. Is it Flipping, buy and hold, wholesale, short sales, commerical etc. Once you find out what is best for you, concentrate and learn as much as you can about it. 

I am new to Miami myself and I am learning that the market is very expensive, but there are good opportunities, you just need to keep looking. Make sure that you set a goal and you write down that goal. If your goal is to buy one duplex that  cash flows $300 per month after expenses in the next 12 months; write that down. Learn the steps needed to take to get you to that goal. And persevere, it sounds like you have a lot of initiative. 

Best of luck to you. Keep us updated on your success.

Hello BP community,

I have a question about financing a down payment. I am a newbie looking to buy my first property, specifically a multi family. I have a partner who has the same real estate dreams and we have a great relationship in our personal lives. My partner has much more financing ability then I do and we agreed that she would help finance our first property or first few to help our business get started.

My question is; If I find a multifamily that I want to purchase and she lends me the money for the downpayment, will I still be able to get a loan for the property? Say that I find a property for 250k and i get 50k from my partner and then get the loan under my name. I have read that it is difficult for banks to give a loan when the downpayment is borrowed and you could be committing loan fraud if you lie about where the downpayment money came from?

I also am unsure about the best way that my partner would be reimbursed for this. Or even when someone gets several people to go in. What is the best method to ensure they get that money back. I know if the property needs work you can rehab and then refinance. But what if the property does not need that much work?

Any thoughts and advice on this would be appreciated. 

@Adam Schooley Thank you so much for the kind words and encouragement. What you said is exactly what I am starting to do now. I have portal access to the MLS now working with a agent and will be analyzing about 3-5 deals a day. I can say that I already feel much more comfortable with the Rental Calculator. I know that I want at least 12% CoC ROI.

I also am keeping a close eye on PBC and Fort Lauderdale as well, as I know prices can be a little bit less and some of those areas are still growing. Any advice or thoughts on that?

Thanks again for the comments.

@Robert G.

This duplex is in Southern Miami, a bit south of Palmetto Bay. Their asking price is $234,900. I was running an analysis saying if I got an offer accepted at 200k, this would be my estimated cash on cash return.

@Malgorzata Sadowska 

Excellent to hear. Looking forward to hearing from you.

@Robert G. I believe with this property the tenants pay their own electricity but I still put a number in there for analysis purposes. The property is also fully renovated in the inside so I put the repair cost at 5% because of this. 

I appreciate your feedback, I am still practicing and trying to understand the market better and this helps for sure.

Hello all!

I am on the search for an investor friendly real estate agent in the Miami area that is willing to work with me. I am a newbie looking to start in multi family properties. I have been slowly researching and studying real estate over the last several years but am now taking actionable steps to get where I need to be to start my investing.

I have been analyzing many properties coming from popular sites like realtor.com, redfin.com, zillow.com etc, and practice and beginning to better understand that process more. I would really like to have a automatic alert sent to my email from the MLS so I can continue to analyze/practice leads, learn the multi family market further and eventually start putting out offers with the numbers I run giving me at least 12-14% COC ROI and roughly $125-$200 cash flow per unit.

Would love any advice/tips from anyone in the area and specifically doing multi families as well.

Please reach out to me and thank you!

Daniel

@shane 

@Shane Baganz Absolutely and that is a great point. I understand how important comp sets are in determining what may look like a good deal is an actual good deal in its neighborhood.