All Forum Posts by: Ray Hage

Hi Adelle. I generally agree with the others. As both as an investor and RE agent, I have seen a few people get in over their for their first investment. However, in our case, it sounds like you have very good people that your friend's have used for a fix and flip. I generally like a fix and hold as I have never sold a property though I may in the near future because I enjoy the long term appreciation gains, tax incentives and monthly cash flow. Based on the info you provided...if you can get a good deal on a duplex or triplex, I would aim for that and rehab it to higher end.

Welcome down to south FL. Don't overthink it too much and make sure you are having fun in the RE game. I also did Gold Coast but the online class. I had asked around last year and most people recommended Gold Coast and I agree! I am up in Boca often enough so I would be up to meet at a coffee shop (not the Dutch style lol). 

Hi Nicole. House-hacking is a great idea to get a little help on the mortgage and other expenses (I did it with my primary!)...however, it is going to be very difficult to get any type of traditional loan without a co-borrower. Do you have someone who could help with that? If the answer is no, you'll probably want to do down the path of seller-financing and he/she may also require a co-borrower. 

You don't need to become a full-timer to have an active license.  I am a part-time realtor and full-time investor. I do take on certain clients who tend to be mostly investors because they know I understand their needs.

Plenty of brokerages will be happy to have a part-time agent. However, is it worse gaining access to strictly handle your own deals? Eh not really, you are better off working with a solid realtor who understands your investing goals. However, if you are planning to build your RE customer base while you have your W-2 job and then plan to quit that job in a year or two, then I say that it is a great idea to get you license and work with a couple of clients in the meantime. 

I had a W-2 job for many years and made the transition to being part-time in the RE game so it can be done...I gor great experience and didn't struggle much with the transition. So my point is: be really sure of what your goal is before going for your license and activating it. If you plan to use it mainly for your own deals, it's not worth the time and effort and better to partner with an experienced realtor aligned with your goals. 

As both a realtor and investor, I can tell you there is always a chance "the market might burst". It's like driving a car, there's a chance you can get into an accident, but you drive carefully and pay attention to what's going to minimize that bad result. Best way to avoid a crash is never ever get into a car and never buy real estate. Sounds silly right? That being said, I am still looking for deals for both myself and my clients. I predict there could be a minor correction in the 5-10% range. It wouldn't really hurt much if you are able to continue making your mortgage and insurance payments.

If you find an amazing deal, would you be sad if the market goes down 10% a year later? No, because you made a small income, enjoyed tax benefits, and built equity in your investment. I'd be happy to serve as your realtor when you're ready...in the meantime, I can help educate you on the Miami market.

Hi Trace. I am both an experienced investor (with 2 duplexes and other properties) and a realtor in south FL. I also house-hacked my personal home 2 years ago as well so I think I have the experience that you may be looking for. If you have some time today, I could get on a call with you at some point. I live by Ft L marina as well so if you're down here at some point, it would be easy to meet up.

Hi. There are pros and cons to each. I am both a realtor and investor. I strongly advise buying the duplex/triplex and use your FHA loan for that provided the terms/rates/fees make sense. You will also be able to homestead it in FL which will save a lot in property taxes down the line (trust me on this! All my investment properties' taxes jumped!...but my personal residence is still low). I have gotten financed through my LLC as well but the terms and rates are not going to be nearly as good as having it in your personal name.

 Hey there, yep saw that. It is a great networking event, I went last month for the first time. You'll enjoy it for sure. I'm not sure I will be able to make it to this one though

 Hi Margaret, how are you? I am both an experienced investor (with 2 duplexes and other properties) and realtor in south FL. I also house-hacked my home 2 years ago as well. I would love to get on a call with you and your partner.

While I agree that government will rob you every step of the way. When I say, I don't mean they will tax you...I mean they will tax you AND not use the money properly. Ton of waste. That being said, get used it because it's not going to change any time soon. All my properties are in south FL and you can bet every expense went up about 10% here too.

I would advise you raise the rent to achieve specific goals...What does that mean? For example, if your property tax bill went up $600, you'd want to raise the monthly rent at least $50 if the market can bear it. I think most tenants wouldn't move out over such a small increase anyhow. If you can raise more than $50, then I'd go for it because other expenses go up too and don't forget our old friend, inflation. 

I am not an expert in the Ocala market, but I do know the market is relatively hot up there as well so count your blessings that you already own property and raise the rent at least enough to cover increases in expenses.