Advice for New Investors

@Lauren Stanton,

Hey there — love that you and your wife are finally ready to dive in! You've already done a lot of the right things: educating yourselves, tuning into BiggerPockets, and narrowing in on a solid strategy like house hacking and BRRR. That's a great combo for building equity and learning by doing.

You're definitely not alone—Broward County is a tough market right now, with high prices and lots of competition. Finding a deal that cash flows AND fits the BRRR model can feel like searching for a unicorn. But here’s how you can start moving forward strategically:

Start Where You Are – But Think Creatively:
Since you’re renting now, consider:

Buying a small multifamily (duplex, triplex, etc.) where you live in one unit and rent out the others. Even at higher prices, this can offset your housing costs dramatically.
Live-in renovation is smart — but focus on cosmetic updates (paint, flooring, fixtures) at first, not full gut jobs. These are cheaper, faster, and still boost equity.
If South Florida prices are too steep, consider looking just outside Broward (e.g., Palm Bay, Port St. Lucie, Lakeland, Ocala) for more affordable entry points. These markets are growing, more investor-friendly, and might better support BRRR economics.

Clarify Your First-Step Criteria:
Define a “deal” in practical terms:

What’s your budget (cash + financing)?
What’s your target cash-on-cash return?
What level of rehab are you comfortable with (DIY vs. contractor-heavy)?
Once you know this, you can quickly say “yes” or “no” to opportunities.

Explore Out-of-State BRRR Options (if you're open to it):
If local house hacking isn’t viable:

Partner with a local broker in a Midwest or Southeast market where numbers make more sense.
Some cities like Birmingham, Indianapolis, Cleveland, or Kansas City offer lower entry prices and strong rent-to-value ratios that support BRRR well.
You can still do your first BRRR as a live-in flip (owner-occupied) — it just may require a move, if you're flexible.

Build Your Power Team:
Whether you stay local or go out of state, you’ll want to connect with:

* A lender who understands house hacking/BRRR
* A real estate agent/investor-friendly broker
* A contractor (or handyman, at minimum)
* A property manager (if out of state)
Tap into local investor meetups or BP forums for vetted recommendations.

Final Thought:
Don’t let the overwhelm slow your momentum. Your first deal doesn’t need to be perfect — it just needs to teach you. If Broward is too hot, zoom out a little and keep your criteria tight. You can make BRRR work, especially with patience, solid analysis, and a willingness to start small.

Best of luck,

Melissa