All Forum Posts by: CJ Bennett
CJ Bennett has started 1 posts and replied 2 times.
Post: Thoughts on how to make my next Real Estate deal
- Posts 2
- Votes 3
Quote from @Josh Green:
Quote from @CJ Bennett:
Hello everyone. I'm brand new to Bigger Pockets but not so brand new to the real estate game. To give a brief background, I've flipped 2 properties and am now looking to venture into rentals. I know of FHA loans and that seemed enticing, but in my area (St. Petersburg FL) with the "low income" I'm making (around $4,200 per month) at my job, it's proving difficult to find a multi family property that I can afford with month to month tenants or with 1 vacant unit. I'm very very handy, jack of all trades if you will, so I can renovate properties without breaking the bank in labor costs. My question to everyone is this. With just under $100k in the bank to invest, how would you make your next move? Flip a few more properties? Dive into rentals to get more monthly income coming in? Wait for the intrest rates to drop a little? Move somewhere that isn't so expensive? I'm at the point where there are too many options for me and I can't decide which is the best course of action. I appreciate any thoughts and comments.
Question: What is your current living situation? Especially if you're renting, I'd say 100% get into a house-hack. You'll want to use your skills and some creativity if you want to push yourself farther into the "profitability" side of the scale over "comfortability". I've done several house-hacks personally with different strategies as well and have helped many clients do them in Pinellas/Hillsborough/Pasco/Manatee counties as well so if you have questions let me know and I can give you a rundown of your best options based on your preferences.
If you don't want, or don't need to house-hack, then you have a couple options and that is going to depend on your goals, savings rate, and other details. With $100k, if you buy an investment property, you're not going to get a lot. Most of that here will go into the downpayment and closing costs and even then, especially if you long-term rent out the property, you'll likely not cash flow much at all even if you self-manage. If you want to a short term rental, I'd say your budget is getting close to enough to have a great one IF you're willing to do work on it but likely should save up a little more regardless. That leaves doing another flip or two to get your capital up to qualify you for better ROI holds.
The 2nd house I flipped was a house hack. It was a foreclosure that I lived in while renovating. I sold that and moved in with my parents. They are moving to Texas so we agreed that I could move back in if i help renovate their home to get ready for sale. They'll be listing in about 3 or 4 months. Based on the info I've received from a few nice people here, it's looking like a BRRRR/house hack is going to be my next best bet. Especially since the down payment % has gone down to 10% opposed to the 20% it was the last time I bought.
Post: Thoughts on how to make my next Real Estate deal
- Posts 2
- Votes 3
Hello everyone. I'm brand new to Bigger Pockets but not so brand new to the real estate game. To give a brief background, I've flipped 2 properties and am now looking to venture into rentals. I know of FHA loans and that seemed enticing, but in my area (St. Petersburg FL) with the "low income" I'm making (around $4,200 per month) at my job, it's proving difficult to find a multi family property that I can afford with month to month tenants or with 1 vacant unit. I'm very very handy, jack of all trades if you will, so I can renovate properties without breaking the bank in labor costs. My question to everyone is this. With just under $100k in the bank to invest, how would you make your next move? Flip a few more properties? Dive into rentals to get more monthly income coming in? Wait for the intrest rates to drop a little? Move somewhere that isn't so expensive? I'm at the point where there are too many options for me and I can't decide which is the best course of action. I appreciate any thoughts and comments.