New Investor Broward County/Ft. Lauderdale

[Anthony Adkins]

Hello all! My name is Anthony Adkins and I'm a South Florida native. I'm a dentist by day and interested in venturing into real estate to generate passive income. The bigger pockets podcasts were recommended to me by a friend and I've been addicted ever since. I have no experience in real estate, but I'm open and eager to soak up any knowledge/experience this community has to share. I'm interested in investing in a multifamily property in Broward County as an owner/occupant. I look forward to networking and learning from all of you!

[Adam Schooley]

@Anthony Adkins I'm a Florida native also. What you're referring to is what everyone calls "house hacking". It's a great way to buy investment properties with little money down. I did this myself in 2015 with a duplex in East Fort Lauderdale. I'm currently helping a few members on BP to try to buy their first MF property. The major things I have found is that as a newbie most people get analysis paralysis and never make a move. There is rarely going to be a "Perfect Property" I find most people spend all their time punching in numbers in every calculator known to man and the return isn't what they're expecting or the cap rate is a little less then they want and two years later they're still looking for that "Perfect Property". Meanwhile prices and rents have all gone up every year. Another issue is that the pool of properties you are going after is very small. In Broward County there are only 276 MF properties for sale. Only 89 MF's for sale if your price range is under $300k. Compared to thousands of single family and townhouse/condos. These numbers are from the MLS only. You really need to figure out what areas you are willing to live in. There are a lot of neighborhoods where you would not be willing or want to live in that have MF properties. Go look at properties and educate yourself on what you're looking at when you get inside and outside the property. Last but certainly not least is get your financing in place. Know what your price range is. Know how much your downpayment will be. Know what your closing cost will be. When you do find a good property be ready to make an offer on it that day because it will not be on the market long if it is priced right. All these things will get easier and faster with time. Just keep learning and go out there and check out some properties!