Miami, FL: First time House Hacking

[Sheratanairy Flores]

Hello!

Finally taking the steps towards financial freedom. I live in Miami, FL and the market here just like I'm sure in many other places is crazy expensive! The plan is to purchase a multifamily property and house hack. Have been approved for 650K, which is what seems to be the average purchasing price for many of the duplexes in decent Miami area neighborhoods. I've looked at several of these properties and plugged in numbers on the rental property calculator and it just doesn't seem like I've come across any properties that look like they can be a great deal cash flow wise. I've rewatched some of the webinars, and I know its mentioned that the first most important step is to take action and that the first purchase may not always be the greatest deal, but you just have to take action. Any advice?

[Kathy Corressell]

I was looking to do the exact same thing at this time last year and had the same thought as you. However I ended up getting something that is working out better than I could have imagined. I got what I call a fake Miami Duplex. Its in Little Havana and its a 3/2 with a 1/1 'guest house' that about 900 sq ft. I had to spend about $60,000 in renovations however now that its done I'm living for free. I furnished the 1/1 and rent short term to travel nurses (off a site called furnished finder) and I have yet to have even 1 day of vacancy. And then I rented the Master bedroom to a good friend of mine. 

All that to say, you might have to be a little creative and short term rental will bring it a lot of money here in Miami. That little 1/1 gives me 2500/month. Maybe look for house with 'in laws' quarters you could STR.