All Forum Posts by: Naomi Alzate

@Bryan Valerio did you move forward with the property?

Thanks all! I appreciate all the thoughts. 

@Joshua Savage, @David Nacco, will definitely touch base if we look around there! 

Hi all,

I'd love your thoughts on my current thinking. We live in Miami -- which has seen record growth and movement. We are in the market for LTH MFH and have been looking in Miami, Broward and Palm Beach for tri-quad plex. Prices are astronomical (i.e., 420k-570k) for a decent (not BRRR) property. We are starting to research out of state, namely:

Chattanooga, TN

Asheville, NC

Columbus, OH

Bend, OR

Fort Meyers, FL

Destin/Emerald Coast, FL (would do STR here; not our preference)

We always wanted to be a 'drive away' from our properties, but the current market is telling us maybe that's not possible or best. However I wonder whether the strong appreciation of the South FL market is worth the high entry point; even if other markets have a lower entry point but maybe not appreciating as fast. Something to also consider. I'd love thoughts on within driving distance MFH vs. far away and also, any insights on the specific markets listed and friendliness to MFH living areas within them. Thanks all for any insight!

Hi all, I've received an offer for hard money (% to be discussed) but the lender has told me he likes all loans "turned around in two years." There's a lot to talk out still but I'm initially trying to determine if this would even be an option and absent a BRRR, I don't see it. For example:

Property 1

PP: 330,000

DP Loan 20%: 71,400

Rents: 2,600 total

Expenses: 2,197

Cashflow: 402/month

---

Taking as an example and cash flowing $402 a month, even if I used all cash flow to only pay off DP loan of $71,400, I'd only get to $9,648 in two years. I'm thinking I must be viewing this wrong and what are other ways to pay back a DP loan in 24 months? I imagine a BRRR. Anything else?