All Forum Posts by: Andreu Ferragut

@Clayton Plummer

Yes, that's my main thought but since I am an independent contractor I am going to need at least two years before I can do that. I do have some cash saved up. I also looked at the no income verification loan option. Do you think that could be a feasible option?

@Raymond J. Rodrigues 

No, Fort Lauderdale

Hi guys, 

I am looking to buy my first property and yesterday this one popped up on Zillow. I would be doing a house-hack a therefore living in the efficiency (Not legal) unit and renting the 2/1 and 1/1 units. What are the pros/cons of buying a property like this? Has anybody had success? Do you recommend it as a first property? If I pay cash now, would I have problems refinancing?

The property is in a nice area of South FL and needs some work. here is the listing description to give you guys a better idea

"PRICED TO SELL. AVAILABLE DUPLEX FOR SALE. Seller converted it into a temporary triplex. Amazing opportunity to own a profitable income property. The first unit 2/1 $2600 Monthly. Second unit 1/1 is Vacant, and the efficiency is usually rented by the night. The efficiency has own private entrance, bathroom, and shower. Additionally, there's a large STORAGE 10x20ft unit in the backyard. Minutes from Wilton Manors, Fort Lauderdale Beach, and many Downtown Fort Lauderdale. Do not disturb the tenants. Property is being sold AS IS. If you are looking for that perfect handyman special. Roof is in great condition. All AC's are window units. APPRAISED AT $540K. For sale now for a steal price $470k"

Yes I absolutely agree. 

In my opinion STR and small hotels are where the money is made in Spain. Andalucia is a fairly affordable area excluding Marbella and some coastals towns.

My family also has benefited from really high appreciation in the last 10 years due to a lot of northern Europeans, specially Germans, British and Swedish people who have a higher incomes and net worths than locals, buying a lot of the real estate in the nice locations. 

Hi Spencer, 

I am originally from Spain and my family owns some Real Estate Investments over in Mallorca. What I have seen at least in this island is that rent/price ratio is very low so it's hard to find a good property for long term rentals. Being such a touristic island my family does some bed and breakfast and STR and has had good success. The good news is that interest rates are lower than in the US and quality of life is amazing there.

This could be very different in other areas of Spain but that's my experience. Looking forward to connect in any way I can assist you. 

-Andreu

Ealy, this story is truly moving! 

From having nothing, to acquire 20 units (and think you've made it) and then lose it all again! I cannot wait to read Part 2 as I am really curious about how you got out of that situation. I am assuming it was by being frugal  by working really hard.

@Joshua D. Congratulations on your early retirement! I have recently listened to the episode you were in the podcast and your story is inspiring for someone like me.

I am currently in my third semester of my Master's Degree and I'm going to graduate with no debt. On top of that I am hustling working at 5 different self-employed service jobs to save for my first property.

Like you, I do not aspire to just quit college and follow a dream. I would like to have a secure financial position before taking any deals.

So even though it might take me a little longer to get started, I set up the goal of being financiallly independent in 10 years, when I will be 32 and I am going to get it!

@Joshua Watts  Thank you for your response and great insight! It makes sense your analysis about how mom and pop companies will affect more your business than the big guys. 

Where I live in NY, most storage unit companies charge about than 2.1$ per sqft for small units and and about $1.5 for larger units. 

I hope to hear more about the strip center that you are closing right now!

@Joshua Watts Congratulation on that awesome deal! $21,000 cashflow per month while putting 0% down is incredible. This is very inspiring for new investors like me. I cannot wait to pull the trigger in 2019.

How much do you charge per unit? And how do you compete against other franchises (like CubeSmart) if they are present in your area?

Hi David and Brandon,

I am looking to do my first deal. I have some cashed saved up and I want to start investing into real estate (most likely househack with FHA loan). However I am concerned that the market in my area (Northern New Jersey and Rockland County, NY) is really hot and nearly impossible to find deals. Would you keep saving more money while waiting for the market to start a recession/crash as it could be in the near future? Or would you start investing right now with a much higher chance of losing money? (since it would be my first deal).

Thank you and keep making these awesome podcasts!

Wow! Such an inspirational story @Jeff Brower! In 2019 I am 100% committed to start my journey into REI and I see myself doing something similar house-hacking with an FHA loan. I am in my last semester of college so I am looking forward to find a good job to be able to get the FHA loan.