All Forum Posts by: Ryan Hernandez

Hi guys, I am a Miami realtor and new to investing in rentals. I am looking for other investors who could advise me in great areas where I can invest to buy a cheap property to rent out. I'm talking about an 80,000 - 100,000 dollar property. If anyone knows please introduce yourself and state some great information. Thank you so much

SMF investing in Cincinnati, where you can find a SMF house for low 200k, I normally recommend having a minimum of 60k for DP, Closing Costs, and reserves. But SMF, I would still recommend 50k. Buy a house for even 120k, 25% DP, 4k closing costs, I would recommend having like 45k. A house here that is 120k, even if it is not at surface level, will likely have issues coming that will need some capital. I am in the same boat though. I became a realtor at 18, and early on this year I expect to have my first househack

Wow great advice thank you so much @Sam McCormack

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Quote from @Chris Seveney:

@Ryan Hernandez

Just recognize that if you have $30k you will need money for reserves as most lower priced homes have lower quality tenants who have higher eviction rates and higher turnover costs.

I agree 100%. But considering that my down payment would cost around $16-$18,000 do you still think 30,000 is not enough. I have found properties in areas in the Midwest ranging from 80 to 90 grand. What are your thoughts?

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Quote from @Scott Wolf:

Quote from @Ryan Hernandez:

Quote from @Hans Waisfeld:

you look like a young man, why dont you house hack a multifamily or a single family home and rent out the rooms or even airbnb? whats your goals and your idea? Miami is a great place if you can finance

Yea I do agree that investing in Miami would be a smart move. Although I am very young and don’t have too much capital for something worth more than 100,000. And in South Florida i haven’t found anything. When I did come across a couple at 100,000 off market. They needed a ton of work. They also didn’t agree at a lower price because the properties were wholesale properties and had to charge me an assignment fee. My long term goal is to invest in a cheap single family home in a decent neighborhood. The reason for the midwest is because of how cheap it is. My problem is that I don’t know where in the midwest i should look at. Jacksonville serves as one of the only places in florida to look at although if you know jacksonville you know that the area is a very dangerous place thus making me hesitant to invest there.

Not sure where in Miami you want to be, or your financial situation, but with 30K, you could find a MF in the area and qualify for a FHA Loan. Something worth looking into, especially since you already know the area and may be able to find a hidden gem.

Hi thank you for this recommendation. The problem is that I am 18 years old. I just started building my credit for the first time I just got my first credit card and I don't think I would be able to get an FHA loan since it requires two years of labor I'm pretty sure.

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Quote from @Hans Waisfeld:

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Quote from @Bob Stevens:

Quote from @Ryan Hernandez:

Midwest, 100kish all in rents from 1100- 1300

Thank you Bob, any city or area in specific

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All Forum Posts by: Ryan Hernandez

Ryan Hernandez has started 1 posts and replied 6 times.

Post: Starting out with 30k

Post: Starting out with 30k

Post: Starting out with 30k

Post: Starting out with 30k

Post: Starting out with 30k

Post: Starting out with 30k