New Member: Miami - DC

[Dick Maykel Ortega]

Hi All,

I am new member living in the DC Metro Area, but I am originally from Miami. 

I have been on BP for a month absorbing a wealth of information and knowledge. 

Background: I bought my first property five years ago in Miami, FL (Westchester). The property is rented to family and breaking even. I have built solid equity, mostly due to buying at the right time. 

I moved to DC for work, and after three months, I bought again because I refuse to pay rent. 

Goals: I am interested in investing in Miami because I have a partial team and I know the neighborhoods. I plan to be ready for another acquisition in the first quarter of 2016. Due to distance, the goal is to acquire buy and hold MFs. Cash flow is always nice, but I have a few areas where I am willing to break even for a few years. 

My biggest issue now is developing a finance strategy. I am debating on taking advantage of the equity that I have built and the historic low rates or staying conservative and saving for my next down payment. If I understand correctly, my next home will almost certainly have to be 20% down. 

I am a corporate attorney, but I am also developing an expertise in real estate to cover that part of my team. I would love to meet investors and other professionals in the Miami area. 

Cheers!

Dick Maykel