All Forum Posts by: Francesco Barbati

@Francesco Barbati Properties are significantly cheaper in Boynton than Boca and Delray.

@Francesco Barbati Does it have to be Boca Raton? What about Delray? Deerfield? Boynton?

I can actually make this one! Hip hip hooray!

@Francesco Barbati , if this woman gets multiple offers above yours, she's going to accept one of those. Since you plan on living in the property, and others may be purchasing to rent it out or flip it, you may want to share this with her. While she probably won't sell to you for a lower price simply because you are living in it, she may give you the opportunity to match the highest offer. (This happened to a friend of mine with her sale. She included a picture of her, her big pregnant belly, her husband and their dogs and the seller liked her dogs and gave her the opportunity to increase her bid.)

Write her a letter.

It's very hard to beat a higher price, though.

@Francesco Barbati

Buy a multi-family building.  This way you make good enough income on it to pay the $1k every month as well as get extra that can be towards your rent.  After a certain point you can refinance and use that to grow.

I'm not an experienced investor but I would suggest, if possible, consider house hacking. Use the BRRRR strategy to buy a small multi-family (2-4 units) and increase its value. You can use the money received from your family member for the down payment and the rehab costs. By living in one of the units you can receive favorable FHA financing (this will require you to occupy the property for at least 1 year). Assuming you purchase the property correctly, you'll be able to live for free because the rents coming in from your tenant(s) should cover the mortgage, taxes, insurance and PMI. You'll be able to create equity which will allow you to refinance out of the FHA loan. At that point, you'll receive all the money that was originally invested in the property to either A) pay back your family member or B) repeat the process with another property. Additionally, you'll create a cash flowing property with no money invested!

What other markets have you looked into for Turnkey? There are plenty of markets, including the Midwest where you can see an amazing ROI.

@Francesco Barbati If you're willing to live alongside others, especially your tenants, I would highly recommend you house hack. If you and/or your wife can't qualify for FHA that's another story.