All Forum Posts by: Bradley Sriro

@Frank Dixon you're welcome. Unfortunately, I do not think you will find a lender that is willing to extend a line of credit with only 10% equity in the property. If it is only an interior renovation of a 1/1 and you put some sweat equity into it, I am fairly confident that you could rehab it for much less than $25k. Using rental grade finishes fitting for an $1100/mo rental, If you were to completely renovate the bathroom, kitchen, flooring, paint, and appliances, you could probably get by with around $15k-$16k... and if you managed it properly, you could get it all done in a month (assuming you don't have to get any permits and/or inspections). With that small of a rehab, you should really aim for private money, credit cards, or a personal loan. Once its rehabbed, the property is stabilized with market rents, and your loan is seasoned, you should have no problem refinancing to pull out what you need to pay off the money for the rehab and maybe some of your initial 10% down payment. This is obviously dependent on how accurate your ARV of $510k is. If you are confident that the property would appraise for $510k after renovating the under rented 1/1, then I would say go for it. After a year, you should be able to comfortably move on to the next one. Hope this helps.

You should be able to request what is called a "civil standby". I am also full time law enforcement in South Florida and this is quite common. They are only there to keep the peace and make sure that nothing gets out of hand. Keep in mind that if they agree to come out, they will likely only be willing to stay for a short time as this is not a priority call. Best of luck! 

Hey @Frank Dixon, I would definitely avoid using hard money if at all possible... especially for a small $25k rehab. You would be better off finding a PM lender to get better terms and avoid any closing costs. I would say that using credit cards would even be a better option than an HML. Or if you will be living in one of the units, if you really look, you may be able to find a lender that will give you a HELOC since it will be considered your primary residence. Another option is to simply go for an investment property LOC. In terms of refinancing later on down the road, you should have no problem refinancing and still living in one of the units if you choose to do so.

See below link regarding lines of credit on investment/ multi-family LOC's

Investment Property Lines of Credit

Best of luck!

@Nicole Spain you should be able to get with a local agent that can help you with this. I purchased an investment property a few years ago that needed a new roof and I couldn't get a regular policy on it because of that. I ended up having to go with a surplus lines carrier to insure the property and agree to replace the roof within 3 months so that I could close on it. Surplus carriers are insurers that are willing to take on more risk while charging a premium to do so. While the policy is more expensive, it will likely solve your problem. When you are considering such a carrier, find out about what the "earned premium" is. Some of them have 100% earned premium so even if you replace the roof and then want to cancel the policy for a cheaper one after the roof is replaced, it is not possible because they keep 100% of the premium. Others have may have lower earned premium percentages such as 25% so you can cancel after 3 months to upgrade to a standard/ less expensive policy. I have a great agent here in South Florida that I do business with. If you are interested, let me know and I will send you his contact. Good luck!

@Paul Ballas welcome to Bigger Pockets! South Florida is an expensive market but there are always deals to be found if you look hard enough. I am familiar with Miami-Dade and south Broward County if you ever have any questions about these markets. Best of luck on your investment journey! 

@Daniel Cabrera I would recommend looking for a small multi-family (triplex or quadplex) in Fort Lauderdale if possible. With $30k and using an FHA loan, you can buy a decent multi-family property to house hack in Fort Lauderdale or the surrounding areas and likely live for free. Depending on what you are comfortable with, you may even be able to cash flow a little as well. Good luck!

Hey @Karsen Kelsey, I think that your plan to house hack in Homestead is a great idea. I am an agent that covers Homestead and the surrounding areas and I work directly with lenders that would be able to help with any questions you may have. Feel free to direct message me if you would like further information about the Homestead market or any other real estate related questions. 

Check out "The Flip Empire Show" with Alex Prado for the South Florida market. I know it is not the SW Florida / Tampa market but it is a great podcast for South Florida if it also interests you.

The Flip Empire Show

@Jack Bobeck thanks for the recommendation. Fortunately I was able to get it figured out with my local agent here in Miami... but I will keep Daniel and Brightway in mind for future quotes as I plan on buying additional units in Jacksonville. 

@Chloe Ralston, Gold Coast has a great online course that might work for you. See below link:

Gold Coast Schools - Online Real Estate Sales Associate