South Florida Multi-Family

[Shane WIlliams]

Hey everyone! I wanted to reach out to gain some advice, wisdom, confidence...whatever 0.02 cents you have to give! My wife and I are located in South Florida. We are in a position where are making 6 figures combined - and very fortunate that we do not pay for any housing expenses due to my wife's (amazing) job. 

We have saved a nice nest for safety & capital. Ideally, I'd like to start with duplex/triplex in the South Fl community - I guess you can say I can extreme house hack since I'm not even living in one side AND I'm not paying personal housing expenses. I am in my "accumulating knowledge" phase. We have given ourselves a loose timeline of starting to seriously look at properties to purchase in March .. and whenever the right one comes across, we can pull the trigger. In a perfect world - I see us purchasing a new property, at least, every 6 months to 1 year. 

Do you all have any advice for multiplex purchasing? Any tweaks to my plan that you think could help maximize cash flow? Currently reading Bigger Pockets "How to Invest in Real Estate" and came across the section "Start Participating" so I wanted to reach out to this amazing community! 

Thank you all, sincerely. 

[Bradley Sriro]

Welcome to BP @Shane WIlliams... It sounds like you are in a really good position to get started. If you will be truly house hacking and living in one of the units, you can do as little as 3.5% down with an FHA loan as long as you have a credit score above 580. There are several options though... You can also go with a conventional loan as an owner occupant with low down payment options. Your property options will of course be dependent on your budget and location. What areas are you interested in and what price points make sense for you?