Miami/Broward County Florida New Investor

[Nicole Johnson]

Hi, 

My name is Nicole. I am a new investor in Miami. I am trying to start with move-in ready homes to hold as a short term rentals and homes that need renovation to either hold or flip. THIS IS MY FIRST DEAL! Yay! I'm excited! I have about $200k cash saved to use on a couple of projects. I don't really have much proof of income so I will be using a DSCR loans for the move-in ready project and I am looking for hard money lenders who can assist me with the purchase/rehab of the other project.

I am considering 4,500 square foot home for my first flip. Purchase price is 600k. ARV is 900k+ but I'm not sure the renovation cost. What would be the worst case scenario for budget on a home this size with an outdoor pool? Is $150k-$200k too low? Let's assume it needs EVERYTHING! Is this too large of a project for my first flip? I am thinking worst case scenario I buy for list $600k I put $150k in $50k fees. I'm in for $800k on a hard money loan. After a 6-8 month reno, I refinance into a dscr loan and use it as a short term rental. Or ideally, I sell for 1m+ :) This is a bank owned property by the way in a hot market. (Just toying around with the idea, of course I would do an inspection/appraisal/contractor walkthru ect. prior to closing)

By the way, I have no idea what I am doing lol. All I know is how to run the comps to make sure I'm not making a terrible decision. I am lucky to have friends to run things by them to double check. I would love any assistance or advice, especially from experienced investors in the South Florida area. I would also love some assistance from a realtor with expertise in investment properties. I am open to Miami-Dade and Broward County. I am looking to build a network of contractors, vendors, agents ect. I would like to do my first 2 deals within the next 14-30 days. With this super market South Florida market, I am leaning towards foreclosures and off market deals. 

Thanks in advance for any advice. Best of luck to everyone!