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Updated about 2 years ago on . Most recent reply
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Questions Buying 1st Multifamily In Florida
( Note: Using Va Home Loan to buy Multifamily and will live in 1 apartment for 1st year )
My Goal: With this 1st Multifamily ... goal is cash flow and appreciation
1) Considering Orlando area, but What areas of Florida should I consider buying my 1st 3-4 family house and why
2) If you were in my shoes as a 1st time multifamily investor what steps would you take to minimize costly mistake & maximize investment
3) what book do you Recommend to read as a 1st time Multifamily Investor
Most Popular Reply
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Hi Edwin!
#1) I have lived all over Florida, most recently Orlando where I graduated from the University of Central Florida. Because you mentioned BOTH cash flow and equity (appreciation, forced or market) I would seriously look into Ocala Florida. I have worked and analyzed deals in every part in Florida and have not come across a market with this amount of cash flow / equity upside. I’ve been investing here for the past few years. Currently building a handful of Duplex(s) for under 250k all in project cost with a market value of $425k when built. For reference they rent out for $1500+ a side / over $3000+ of gross monthly income per duplex. In this case for us, we are keeping as long term rentals because the cash flow is great however this may be a great market to house hack or Brrrr with the amount of forced equity day 1.
#2) I would try to find as specific niche, skill or market and get really good at that thing. You will be amazed on the momentum you can build and I’ve found success on doubling down on what I already know vs trying to do to many things at once. This will allow you for form a strategy that works for you and your goals.
#3) I have a lot of real estate book recommendations but none specific to mutli family investing. For me personally I’ve found that books tend to inspire me and light the necessary fire that’s needed to work towards a goal but I think finding a mentor that is already doing what your doing will be far more beneficial and accelerate what you are wanting to do!
Best of luck and keep me updated on how this plan works out for you!