All Forum Posts by: Tchaka Owen

@Clive Phillips - welcome to REI! Very wise to take time to read first, it's something that you should continue (I feel I can never learn enough). Here's a tidbit I'm going to share: do not focus on 4-units in Broward.
Why? Because they are not only at a premium, they've been so for 6+ years now. There used to be 4-units in Dania not too far from City Hall going for $120k back around 2011/12. I saw one listed at over $600k recently. I picked up 2 triplexes off Sistrunk just west of the tracks back in 2012 for around $70k each (sold them for $160k each 2 years later). Fat Village emerged, etc, etc....I bet they're over $300k now. The point I'm making is that you're better off looking for a great deal and moving on it. It's much more likely to be a SFH, but that's fine. If a 4-unit comes across your path, awesome. But if you restrict yourself to that, you'll be looking for a very long time. Or you'll overpay for one.

Cheers!

@Priscilla Z. - I was driving around Palm Bay a few weeks ago and met a guy who recently retired here from Chicago. He was checking out a house he was about to work on; he appears to be very handy and says the only thing he doesn't do is drywall. Other than that, he seemed on point. I'm happy to share his info if you'd like it.

@Sandesh Ghodke - you would cashflow positive if not for the 15-year amortization on your mortgage. IMO, keep the tenant for now. At the end of the lease put it up for sale. Why?

1. Things are a tad hairy with Covid...it might sell quickly, yet it might not sell as fast due to there being a tenant.

2. If you've lived in it 2 of the past 5 years, you pay $0 taxes on up to $250k on profit. Even if it appreciates more, you'll still be fine. 

This also gives you more time to strategize. Good luck!

@Aditya Maini - I like your idea, you should definitely move forward with it. And yes, you should not bank on appreciation, however you have the luxury of knowing that the chances of any home appreciating is strong due to it being the DC area. If you're considering a place that's $350-400k, pack those bags and go west.....way west. Twenty-two years ago I decided to forego a 1BR over the Ballston Station and for a sliver more, picked up a 3BR TH in Reston. Though it's not fancy, its ARV is north of $400k today. That means Herndon, Sterling or maybe Ashburn (though those might be too new) for you. Good luck and follow that dream!

@Fradel Barber - there's a broker I've used for my properties in the past and have referred a number of clients to them due to their competitive rates and ethical nature. As an FYI, you'll likely never hear "P&C" down here. It's "wind, fire and flood". Wind = hurricane, fire = 'regular' insurance (or P&C), flood = flood.

Let me know if you want their contact info. Cheers.

@David Zall - when you're "shopping around for rates", half of those you run into will be mortgage brokers. The best advice I can give is to contact 1) your credit union (or bank) and 2) contact 2 mortgage brokers. Then select the best offer. Let them do the work finding the best rate.

Osofo, I would call CItizens and see what they say about it. Figure out the cost of splitting it and decide if that's a route worth going.

This is incorrect - at least in FL. A listing agent has the obligation to present all offers received, however a selling agent can tell you to pound sand. 

@Rebecca Readus, I second @Peter Walther's recommendation about CFRI - it's a legit REI that does focus on investing as opposed to simply making money. First meeting is free (it's Zoom for now), definitely worth checking out. Main meeting is the first Wednesday of every month and there are smaller meetings throughout Central FL.

@Dean Dutro - I live next to Cocoa Beach.......by next to, I mean I can ride my bike across the causeway. My kid goes to school there (it has the best ES in the county). I am a licensed agent as well as seasoned investor and would be happy to discuss the area. I can't compare it to Lake Havasu as I haven't been there.