All Forum Posts by: JM I.
JM I. has started 4 posts and replied 18 times.
Post: Buying an FHA multi-family that doesn't cash flow? (SFla)
- Pompano Beach, FL
- Posts 19
- Votes 4
Originally posted by @Adam Schooley:
@Gabriel Amedee has very good points. Time is money. I believe you're going for the house hacking strategy. I did the same thing in Fort Lauderdale with a duplex and it worked out great. I saved a ton of money while I was living there. I bought a another property this year and have both sides of the duplex rented out and the property cash flows every month. The 1% rule here in the tri-county area is almost non existent unless you buy a duplex in a neighborhood that you probably don't want to live in. The property that you are talking about would cash flow a little with the numbers you have given if you decide to move so thats a good thing. Your $2,700 seems a little high to me on a loan amount of $375k. What interest rate are you using? If you are buying as a primary residence and have good credit the rate should be around 3.5% right now. Don't forget that you can homestead only part of the property and not 100%. Also don't forget to check for separate power and water meters. Many of the older duplexes share utilities and you need to factor those monthly costs also.
My FICO is 799 and I've never owned real estate before. I just assumed a 3.875% interest rate.
Finding a good realtor down here may be the bigger issue. I tried contacting one through Redfin over a week ago. He hasn't gotten back to me yet.
Post: Buying an FHA multi-family that doesn't cash flow? (SFla)
- Pompano Beach, FL
- Posts 19
- Votes 4
Originally posted by @Account Closed:
JM ... your are living in Broward County, you are 'thinking' of investing in in Hollywood (still Broward County) ... yet you are tired of the commute to your job site ... it would make more sense for you to seek an 2/3/or 4 unit complex in DADE COUNTY! Cut your commute! On less of course your intention is to quit your present job ... you have to decide what's in your future!
I have no interest in living in Miami-Dade. I work in Doral, which is prohibitively expensive for no good reason, and I don't speak Spanish. I prefer to be more centrally located in case a different job opportunity presents itself in either Broward or Miami-Dade in a few years. It takes me longer to get in and out of Doral than it does to drive 20 miles on the turnpike.
Post: Buying an FHA multi-family that doesn't cash flow? (SFla)
- Pompano Beach, FL
- Posts 19
- Votes 4
Originally posted by @Adam Schooley:
@JM I. How much would the unit that you will live in rent for if you were to move?
The other unit currently rents for $1125/month.
Post: Buying an FHA multi-family that doesn't cash flow? (SFla)
- Pompano Beach, FL
- Posts 19
- Votes 4
I live in north Broward County but work near the Miami airport, so the commute is starting to wear on me. I currently rent a 1/1 and pay below market rent for my area (about $900), but I'm spending nearly $300/month in gas and tolls. I was considering buying an an duplex, triplex, or fourplex with FHA financing somewhere in South Broward near the turnpike. However, as the market down here is overheated, I'm starting to wonder if this is a good idea.
I recently came across a duplex in Hollywood with an asking price of $375k. If I put down 3.5%, my total payment (P&I, taxes, insurance, PMI) would be about $2,700. The larger unit will rent for about $2000/month. The property doesn't come close to cashflowing, but the negative cash flow is still less than I pay in rent and it would cut my commute in half and give me some tax benefits.
Your thoughts?
Post: The Book on Flipping Houses review?
- Pompano Beach, FL
- Posts 19
- Votes 4
I was going to purchase this book from BP, but I was curious to know if it was worth its price. Has anyone here purchased it?
I'm a CPA in South Florida and I'm interested in getting into rehabbing. I toyed with the idea of wholesaling, but I couldn't coordinate the 50+/day follow-up phone calls with my day job.
I have about $40k in cash, so I'll be seeking hardmoney lenders and wholesalers in the area.
Post: New Investor/Wholesaler/CPA in South Florida (North Broward)
- Pompano Beach, FL
- Posts 19
- Votes 4
Originally posted by @Justin Stamper:
@JM I. dont take this the wrong way, but wholesaling will most likely never save you enough cash to start buying your own property. I don't know who sold America this dream, but I promise it is 90% of the time not the case.
Then what do you suggest?
Hi Jay,
This is precisely why I am interested in wholesaling.
I'm 31, a CPA, I make about $80k/year, have a 790 FICO, and I live in South Florida. I've also never owned property before. Although I have about $40k in cash, I also have some student loans (although not an exorbitant amount). I save roughly half my take-home pay, but even at this rate, it's going to take a while before I have enough cash to purchase an investment property.
What do you suggest? Should I get my realtor's license? Would any broker be interested in hiring a part-time agent?
Post: New Investor/Wholesaler/CPA in South Florida (North Broward)
- Pompano Beach, FL
- Posts 19
- Votes 4
Hi Everyone!
I live in North Broward (but work in Miami) and I am new to the world of real estate wholesaling. I am a CPA and previously worked in public accounting as an auditor. I now have a full-time job as a senior corporate accountant, and I am looking to get started wholesaling part-time. My goal is generate enough capital through wholesaling to buy and hold multi-unit rental properties in the future.
Thank you for your time and I look forward to getting started.