S Florida Fix and Hold Advice

[Paul Rogert]

Hey all, recently got my RE license in FL, and have always wanted to own a few rentals to supplement my retirement income. I was looking in the Deerfield Beach area, just West of Federal and feel confident I can find a 3/2 SFR and be all in at $120,000 including repairs. My loan would be $800 and rent would be $1400, so approx $600 cash flow per month (I would manage the property myself). I would use hard money and then refinance into a long term loan (anyone have a good company they could recommend for a long term take out loan, I'd love to hear about it). It seems to me like this market and strategy would be a great way to build wealth. Another attraction is the relatively low sales price, approx $100,000. I could do more deals at this price range, as opposed to CO, where I usuallyspend over $200,000 just for the purchase of a house (I've done a few flips in CO). Not to mention less competition in FL as opposed to CO. I might try selling the property and see if I could make a quick $30,000, or keep as a rental, either or. I'd love to hear from any investors that have worked in this area. Thx so much !