Broward County/Fort Lauderdale FL - New to Real Estate Investing

[Jason Etheridge]

Hey everyone! I’m new to BP and have decided Real Estate Investing is the path I’m going to take.

Im looking for a little input. I’ve been reading/doing research and I am kind of stuck trying to figure out how to make my first move.

I currently own a home and have about 80-100k equity. (I also have a decent savings and can borrow from my 401k if I need as well). My house is probably as high as it will get and my taxes are Insanely high for the area I live in. I want to purchase a triplex or quad and house hack it to start and also purchase something else after moving in but maybe in a better market for investment. I currently have roommates and they will move with me but finding a deal seems real tough in this market.

Does anyone have any recommendations for finding a good deal in Broward county Florida? Preferably closer to Fort Lauderdale. I’m not sure how I should be calculating my returns as cap rates seem to be quite low no matter where you look.

Thanks!

[Greg Dickerson]

The best way to find off market commercial and multifamily properties is to compile lists through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet, CREXI, Craigslist, tax database, brokers, property managers, title companies, multi family inspectors, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars.

The real key is in how you approach the owners and then the follow up.

You can send letters but cold calling is by far the most effective method but you really need to know what you’re doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time. Remember you are building relationships with the owners.

Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.