All Forum Posts by: Rosa Lepore

@Account Closed

Eric thank you. What is the difference between owning 4-5 SFR and owning a 4-5 unit building?

@Salvatore Lentini

Congratulations on your financial success and thank you for giving back.

So I worked really hard for the last 5 years, well all my life really, but in the last 5 years I had a company which is now closing, cash flow was horrible, reason for closing, but now cash is in and I have about $100-$120K to invest in 2020 and probably about another $80-$100K to invest Jan of 2021.  My house is in NJ worth about $750K and all paid for.  My credit score is excellent and our household income is pretty great.

So I shouldn't say what is stopping me? What is slowing me down? One uncertainty about where to invest. I've been looking on-line for SFR in Lakeland Fl only because I have family who owns a house there that they rent and they are happy about their investment. I also have a friend here in NJ who is a hardcore investor who says "I hate to burst your bubble but you are not going to make any money buying single family homes and buying single family homes in FL"

I have also been reading a lot of information from investors here on BP and I'm getting, start with your first SFR, and keep buying from there. I'm getting, why SFR, why not multi-family units, that's where the money is.

I'm getting buy 1st cash and take out equity for the next buy.  I'm getting buy all 4-5 with a loan put 20% down.

I've contacted a realtor/management company in FL and already they said that getting 1% rental is very difficult.  Should I even consider something that is not getting me 1% back on rent?  

What is a wholesale list?  How do I use that to my advantage?  I feel that I have more questions than when I started.  

I don't want to jump into something just to start.  My goal is good cash flow so that I can keep investing and build a nice portfolio, for college for my kids, retirement, and legacy.

Thank you!

@Andrew Ashby

I am from NJ.  I haven't really seen any properties that are 1% to 2% on return.  I have not taken the flight to go physically look, but I've been doing some searching on-line.

@Account Closed

It sounds so gloomy for a new investor like me...lol. I keep hearing all different views, SFR will not make you money, you need multi level units. Buy one house and see how it goes. If you don't buy wholesale there is no money to be made.

You are an investor, so if the gold rush is over, did you stop investing?

I've learned so much valuable information thus far.  I just wanted to get some advise on where to invest in FL.  I'm waiting for a realtor and a management company to contact me hopefully this week, but in the meantime wanted to do some more homework.

Someone mentioned Crombie street in Lakeland as a center point that divides good versus bad.  Is it stay away from East or West of Crombie Street?  One or the other is supposedly a high crime/drug area?

Other than Lakeland, are there any up and coming neighborhoods that I should look into when it comes to investing in rental income?  I do want to stay away from the water to avoid flood insurance.

Thank you!

I have about $100K-$120K to invest this year to start.

@Randy Gutierrez

@Prashant Sheth

Learned some great things here.  Thank you!  I believe I'm going to buy my first home, put 20% down, put my team in place and then continue.  This way if something should go wrong, I will have money on reserve to take care of fall backs.

So thankful to have found this site.  Glad there are people out there willing to help out without expecting anything in return!  I will be posting shortly after my first buy, very excited!

@Prashant Sheth

My goal is to have some cash flow, add to my retirement wealth, and really I would like to start building my portfolio and potentially get my children involved in real estate investing.  So many goals.  I understand that having 5 properties with 20% down as opposed to having 1 property with 100% down is riskier.  I guess I just really want to understand the risks.  Again more than 2 houses would have to be vacant for me to have to start paying into the mortgage.  What would my other risks be?

@Lorenzo Wright

That is more my way of doing things.  I like Dave Ramsey and I know he would tell me do not borrow.  I have no debt whatsoever and it feels good.  I worked really hard to get here.  However, I've read about leveraging money and it makes so much sense.  The return is definitely much higher, so basically, what I'm asking is why not?  Why take the safe route of buying one house at a time with all cash.

So grateful for all the input, really!

Hello Fermin, I will be a first time investor in 2020 and I'm happy to see that there are people who strive at being well rounded and not focus all their energy on making money.  Good for you!  May I suggest for the education and spiritual growth that you would read a Case for Christ by Lee Strobel.  Also, read the bible, start with the book of John.  Many blessings in trying to meet your goals.

@Michael Evans

See this is what I don't really understand, and forgive my ignorance, as I said really new at this.  I see that multi-unit buildings are more expensive.  I can buy 5 homes between $100-$120K each in Lakeland and getting about $1100 in rent, and with my math, for me to have to pay into my mortgage payments, more than 2 houses have to be vacant at the same time.

Now 4-5 unit buildings do not sell for $500K - $600K.  One, I cannot find in Lakeland, and two, they are in a higher price range.

But I know I'm missing something because most people on this site are saying why not multi-unit buildings.  So if you're willing I will continue to educate myself and ask these questions before jumping into anything.

Thanks!

@Gavin Welch

Do you work with a management company?