All Forum Posts by: Michael Loffredo

Hello everyone. I'm currently in the midst of finishing a new home construction in PA which will leave my father and I some money to reinvest into other deals. I have been trying to do some research as to where we want to invest, and we've basically narrowed it down to somewhere in Florida. My father owns a house down there that we are able to stay at in order to look at deals and do possible renovations if needed. It just makes things a lot more convenient for us, not to mention FL as a whole just seems like a good market to be in. So basically my question is in the title. I'm looking at different places in FL, but I am still new to this and want to find out population trends of certain areas such as crime rate, population growth, unemployment, etc. Some places I can find with a quick google search but other I cannot. How do you guys analyze a potential market and do you have any resources that you would recommend me to use? Thanks in advance

Very inspirational, especially for someone like myself who is in the same shoes you were in. I hope to be doing what you're doing very soon!!

Hello everyone. I'm a  fairly new real estate investor and still consider myself a newbie. So long story short I'm about to finish up an existing real estate investment and will have a decent amount of cash to invest once it's done. I live out of state in NY, but I own a lot of land in 33909 my father owns a house in cape coral and a few lots of land there as well so I am fairly familiar with the area. I am trying to find investment opportunities out of state, so I was contemplating building a house down there as a rental and see if it would be cost effective vs buying and renovating, or even just buying a turn key home. I was even contemplating foreclosed homes.

My father is a contractor so we are familiar with doing renovations and home repair if I were to buy and renovate, so I would probably be doing all renovation if I were to go that route. I would also be the g.c. if I were to build my own house which I don't think should be a problem. If I remember correctly one house can be built per year before you would need to get a g.c. license, correct? My father and I also have connections with some contractors down there that can help me along, but that aside my questions are:

a.) is there anyone that has built a house in cape coral (or SW Florida in general) and what was the cost/sq ft to build?

b.) Is it cost effective to build a house vs buy a house?

c.) Is there anything else I need to consider ?

d.) recommendations on what I should do

Also any other information or considerations that anyone has to offer is always great. Thanks in advance.

Hello everyone. I'm a 21 year old Long Island resident and have been my whole life. This is my first real forum post. Long story short I'm currently in the midst of a real estate project in PA which I will hopefully be finished with soon. Once it's finished I will have approx 80-100k (assume 80k) that I will be looking to invest elsewhere using the BRRRR strategy. My father is a contractor so I have a background in construction and he is willing to help me out with whatever project I get involved in. So I have a few different ideas that I'm toying with, one of them being house hacking on LI. I am still new to REI in general and would like to find an investment closer to where I live so I can have full involvement and learn as much as I can from the process, and the fact that my job is here on the island as well. I also may have some job opportunities coming up in NY that I don't want to have to pass because I'm no longer in state. I haven't done a tremendous amount of research but just from seeing what's out there and doing some quick number crunching it's looking to be a lot more difficult then I first anticipated. Between the home prices and the taxes I am having a difficult time finding homes that would be either break even or cash flow positive with me living in it, even a fixer upper. I wanted to house hack for a few reasons: one: I would have my own place to live expense free, two: to take advantage of the FHA loan, three: to live on premise and have first hand experience managing rentals. I am already living rent free so the first one is less important, but one of my goals is to become financially independent in the near future, that and I am not sure how much longer my parents will be on the island. I eventually would like to move off the island but for the next 2-3 years I will most likely be here. So anyways what I am trying to see is if anyone has been in my shoes before me looking for a house hack on long island? Also would it make more sense to not use the FHA loan a just look for a regular rental house since I am currently living rent free? Also if anyone has any investing experience on LI and has any advice it would be greatly appreciated. Thanks!

Hi everyone. I wanted to make take the time to introduce myself. I became interested in real estate when I was about 17-18 years old, and it has stuck with me ever since. I bought my first piece of property in Jim Thorpe, PA in Sept. of 2014. It was sort of an impulse buy since I was very young when I first bought it and was antsy to get into my first deal, but I am making the best of it. Finally almost 3 years later I have an (almost) completed house. I had plans to rent it out as a vacation rental since it's near a few ski mountains and the pocono raceawy, but I am now looking to sell it and find another investment for my money. I consider this project more of a learning experience than anything (and a little extra cash on the side). I also own a residential lot of land in Cape Coral, FL that I may build a house on some day. I am excited to sell my current project and have some capital to work with on my next venture. I love Long Island but for a beginner it does not seem feasible since the home prices are so high and the taxes are some of the highest in the country, and because of that I mainly look out of state.  I hope to turn this into a full time gig that I can rely on as my sole source of income with the end goal of getting into some big time real estate deals. I am definitely still a newbie and have a lot to learn but I will do whatever it takes to bring myself to the next level and I hope BP will be able to help me along!!