All Forum Posts by: Andrew F.

Ive thought about doing this. The only problem is, I live in a city where a multi-family home that needs 0 renovation and in a decent area is 450k plus. The ones that are somewhat affordable need a ton of work or are in areas where you really wouldn't want to live. Ive been stuck between purchasing a 2/2 apartment as a rental property and continuing to rent or to purchase a 3/2 townhome and live in it.

Need some advice on my current situation:

My current rent is $800

Ive been in the market for my 1st Rental Property or my 1st Home to live in.

Ive found a nice townhouse to live in that is fully renovated, has a big living room & kitchen, and move in ready. Only problem is it will increase my expense from $800 a month to $1,800 + amenities. Im currently single, live by myself, and have no kids. The townhouse is a 3/2 so I can use the extra rooms as an office and guest room. My point is I really don't need extra rooms, however, I can find use of them.

if you were in my position, would you increase your monthly expense and buy a place to live? or, purchase a Rental Property in hopes of someone paying your mortgage and making an extra $200-$300 a month of rental income?

Really curious to know what this number sequence means lol

I was thinking somewhere near the universities, I.E UM or FIU but then I realized that I would probably be dealing with 9-10 month leases which isn't so smart. Im leaning more towards FontaineBleu or South Miami, Im not too sure. Is there any websites where you can find analytics such as:

- Average time a place is on the market before rented?

- % of people who rent vs own in a specific area?

Im looking to make my 1st Rental Property purchase here in Miami, FL. I have been approved for a 390k conventional mortgage as well as a 375k FHA. I understand I cannot use my FHA to Finance my Investment property. I plan on keeping my budget at $200,000 or under as I have the 20% down payment at this price point with money left over to make any renovations needed. I was looking into purchasing a home to live in but was sad to find that Miami is more expensive than I thought. Anything nice, worthwhile, and in a decent area will cost me $2,100 a + a month including PMI. I decided it would be better to continue to rent as my current rent is only $800 because me and my partner split the bills 50/50, while I start a real estate investment portfolio. At $800 a month, it leaves me with more than enough free cash flow a to live comfortable and keep emergency funds. My questions to you Guys/Girls are the following:

- What are good Rental producing areas in Miami at this price point?

- Are there any websites I can use to find out what I would be able to rent my investment out for?

- Any advice to someone looking to begin their real estate portfolio?

- Is this even a good idea?

- What renovations can be made to increase the value of your investment?

- What is considered a "good" ROI?

Sorry for the ignorance, I just want to make sure i'm making the right decision. Thank you for your time.