All Forum Posts by: Luka Milicevic

My understanding is you are going to have a very difficult time getting insurance in FL, no matter where you are. 

My best friend lives in Jacksonville and has to switch providers every year. 

Several of the largest insurance companies recently pulled out of FL entirely. I think State farm was one? They are the largest insurance company too for property/casualty. 

I would say you just need to go look at as many as possible, but expect to pay an "unreasonable" premium. 

 I actually don't think that you can share contact info in the open forums? At least it used to be that way. 

I'm just making this post to see if I can get a lot of votes....

This is going to be exceptionally more difficult now than it was 2 years ago

Step 1, no matter what you plan on doing will be to leave Seattle

Personally, I would partner with builders, developers, investors by offering to find deals and go on the loans with them as a guarantor. They provide the funds, I find the deals, I put everything together and we split profits. That way I don't have to actually bring money to the table.

If I started 2.5 years ago and rode the covid wave of stupid appreciation I could have it done in about 2 years. 

If I started today, it might take 5-7 years to hit the same goals. 

This obviously comes with a significant amount of risk. 

In my market it's 18-20%

@Tyler Davis

Well, it depends.

What KIND of investing....

I do all my developments in Davidson county. I wouldn't build in Williamson unless it's my personal home. 

I do renovations really anywhere that I can find a deal that matches my metrics. Anywhere in Middle TN really, but a few areas I like more than others. 

If you just want own in the best areas then Brentwood/Franklin are the places to be, but the rent/value ratios there are going to be the lowest in all of Middle TN. 

STRs - anywhere within a 5 mile radius of the downtown Nashville urban core. 

Rentals are tough anywhere you look, but the tertiary markets are going to give you the best rent/value ratios and so that's where I look for LTR and BRRRs 

Sell

All the info I needed was "Bay Area" 

Sell yesterday and take all the benefits that come with freeing yourself from California

A custom built home does not make a good rental. If you specifically built to rent that's one thing, but you didn't.

SELL SELL SELL

I've built several homes before and your total cost of $140k is going to get you through framing. 

Are you building a tiny home? That might make sense then? 

Where are you going to put this house? Did you factor in land? 

To cash flow $1000 in NJ with the highest property taxes in the country you are going to have to find one helluva deal, or put down a massive down payment. 

I did this exact plan you're talking about and it worked out really well for me.

With the exception that I never held onto a primary residence due to the tax benefits of selling out weighing holding onto the property. 

Your 1k/month cash flow scenario might be a bit of a stretch. You'd really have to find something special to get those numbers on a first time home purchase. 

Eh... I mean we are in a period right now where it's cheaper to rent than it is to buy. 

Folks on here giving advice on just flat out selling don't really know the full picture here with the limited information. 

Cash flow right now is really, really difficult on long term rentals. 

I think this comes down to the market you're in too.

It also depends on how much you have invested into the property. If you put down 20% and you're still not cash flowing that's different than if you have $0 invested and you're not cash flowing. 

The 3rd option you listed begs the question where and how? How are you going to make a better purchase next time and where will you do it? Does your market allow for a better purchase? Do you work full time and you're not able to put in the work to find a better deal? 

There are a lot of variables here for someone to just flat out say sell....

Your cash flow is going to be a lot worse than -300/month once you factor in vacancy, capex, repairs, etc

I'm not really giving advice here, but just opening up a few additional things for you to think about.