All Forum Posts by: Account Closed

@Ken Virzi maybe look as far as Miramar, that's close by and housing is more affordable. South of the airport is rough unless you want a townhouse or if you go down to homestead. That area is growing but is a bit of a drive and still moderately expensive. Hollywood seems to have some promise if you want to be close too

@Ken Virzi Ah. Ok. I've been looking up the East Coast, from Port St. Lucie down to Ft. Lauderdale (it's like a 40 mile stretch with favorable numbers) or on the West Coast, the Ft. Myers area. They are a lot more affordable, many houses under 100k which you'll never see down in Miami, and they are growing. House hacking a SFH might be good. The problem I ran into was most homes have violations and need to be cash only. House hacking near the colleges seems to be a good bet too. What area is your job in? And how long are you here? ONLY lol. yea.... I'm not from here and don;t plan to be here another year. The lady who hired me told me I was not going to stay in Miami much longer than another year, and she's right, but she said it's no problem to transfer to another location, and there are several in Florida

@Ken Virzi You are trying to invest in Miami but live in California? There has got to be better markets closer. Im looking around the Doral to Little Havana area. I will be working there starting next week and the VA loan you need to live in the property for a year, so it makes sense. But I'm looking outside of Miami due to the cost. How many 300k houses will they let me have on a 40k a year job right? My time in the military has enabled me to save and rack up some nice investments, which is what qualifies me for the amount I need in Miami.

@Daniel Rogers That's my logic, but being that I have not done it I wanted other opinions. Running numbers with 0 down (because that is what I can qualify for) has in my mind led me to say no to a few potential deals. ( Your payments are higher by 200-300 and there goes your cash flow) So now I am going to go back with the "Is it a deal at 20% down?" mentality. The more people and videos I talk to, it seems that the days of collecting $100 a door are not as easy as they used to be, with some saying as long as it is positive it is still a deal. Now that the economy has more stabilized and more people have gotten into property investment, deals are fewer to be found. Coupled that with Miami which is overpriced due to a lot of foreign cash being invested and high homeowner insurance because of hurricanes deals are harder to come across here. I learned you do not have to eliminate one VA mortgage in order to use another, it just depends on the balance. You'd have to talk to them to know the exact numbers, but just say you bought a house for 175, you should in theory be able to buy another at 175 a year later. I think the total you can have is 405 at once. But it depends on where the property is as the numbers change and who knows what else. Im guessing you are a veteran and know how the government "works" half the time. Always changing

I'm wondering how you tell if you have a good deal if it is financed using a VA home loan (0% down). The numbers are very different on a property that is 80% financed and 100% financed. Especially when multi family properties in Miami start at around 300k. At 100% financed the property does not cash flow, the one I'm looking at now is at -$50 WITH me living in it, but at 20% down it cash flows around $240, with me living in it for "free". When I move out it will cash flow slightly better.

@Gabriel Amedee awesome! Thanks for the tip. I’ll look into it. 

Thanks for all the knowledge and advice! Good to always learn sometime new

And that’s coming from an agent haha. Yea from what I’ve seen I’d have to do extensive research on each complex as they are different, I guess considering them as mini governments work. Maybe the area meets your criteria but that particular development doesn’t and you didn’t do all your research 100%. Yikes