All Forum Posts by: John Karg

Hi Gabriel, getting your real estate license in Florida is pretty simple and could be a great part-time gig to learn the ropes. You only have to complete a 63 hour online course and then pass a state exam. You'll be able to represent friends and families in their sales and purchases in all of Florida, and get a 3% (usually) commission on the purchase/sales price. Eventually when you buy your own property, you will even be able to earn the commission on the deal for your own purchase. 

Glad it was helpful. The insulation can help as well, and also making sure the soffit vents are clean and not obstructed so that the attic gets sufficient natural airflow so it does not get too hot. 

I would say it depends on which neighborhood the property is in. In certain areas a large proportion of the potential renters may be section 8, in which case it's probably worth it to get educated on the rules to be able to take these tenants. In most areas however it's a small portion of applicants that you are missing out on, so it may not be worth the trouble. Also, make sure you are not in one of the several counties in Florida that prohibits not accepting section 8.

Great points in favor of long term investing--I would add that property taxes typically fall further behind the real property value the longer it stays with one owner, generating efficiencies the longer you keep a property. 

I'm sure the AC companies have troubleshooted most of this already, but some possible ideas to help things be more efficient:

1. Try using an air filter with a lower MERV rating. This will allow more particles through but will cause less strain on the machine and make it more efficient. Also make sure the air filter is always clean as the dirtier it gets, the harder the AC will have to work. 

2. Make sure you don't have an AC register in the garage or any other room that is closed off from from the air space where the AC inflow register is located. This will cause negative pressure in the system and make the AC extremely inefficient. Even having rooms with doors that do not allow adequate air back out underneath the door when it is closed can cause the system to be less efficient. 

3. How old are the air ducts? If they are old they can have holes where air escapes, and this can be a major source of inefficiency. 

4. Sealing all windows with caulk and weatherstripping all outside doors can make a measurable difference. 

That's the major stuff I can think of--hopefully it helps as you troubleshoot things! 

Others have made many great points. I would add that even if your monthly cost while house hacking is the same as it would be renting, you are still better off as you are building equity each month due to the principal portion of the payments and (hopefully) appreciation. And of course if interest rates go down in the future, you will be able to refinance and lower your monthly payments as well, so even if you aren't cashflowing now you may be able to in the future. 

Looks like a great opportunity for the right investor! 

You can look up the owner by searching the property address on the respective county property tax website. However as Mike mentioned, foreclosure is a long process and wholesaling these days is not as easy as it used to be. 

If your long term goal is owning your own property, there are a lot of good options these days such as 5% down conventional on a single family or 2-4 unit properties (live in one and rent the other, and use 75% of rental income to qualify), 3.5% down FHA for 1-4 units, and even 100% LTV FHA programs. Feel free to reach out and we can talk through your options and what you might qualify for!

Hi Naya, this is actually how I started as an investor 3 years ago--purchasing a duplex and living in one side, renting the other. It's a great strategy as you are able to use 75% of the expected rent of the other unit(s) as income to qualify. Fannie Mae has also just lowered the minimum down payment requirement to only 5% for 2-4 unit properties, which is a huge change as it used to be 15-25%. I'm a licensed broker serving all of Florida and have plenty of lenders that offer this, so feel free to reach out anytime with questions or to give you an idea of current rates!  

As others have stated, you can certainly rent the other units out in a 2-4 unit property and still qualify for a primary residence loan, as long as you live in one unit for at least the first year. In fact, you can even use 75% of the expected income on the other unit(s) as income to qualify for the loan, allowing you to purchase a higher priced 2-4 unit property than you would be able to afford on a single family home. Feel free to reach out if you have any questions!