All Forum Posts by: Daniel Jodrey

Thank you all for the feedback! I am going to begin looking in these areas. My plan and desire would to put in a good amount of sweat equity into a place that has overall good foundation and no major major issues that will cost a high penny to fix.

Thank you @Cornelius Charles, I reached out to your wife and she is already setting me up with the MLS listings portal. once more we are going to be renting at least the first 6 months so anyone that knows any person renting in the area that can be of any help, please send them my way!

Hello all! I have been looking to transfer jobs for a while now and not sure where that is going to land me. My wife and I have been saving and are in pursuit to purchase our first investment. My job is looking like it will land me in Santa Barbara, CA. I understand how expensive it is here and dont know if it is even feasible to buy anything. I am interested to hear from some investors in this market. My love would be to house hack a Multi family but seems most places those numbers dont work out. we have also been on the lookout for a SFH and do a live in flip. interested in santa barbara, goleta, ventura, Los Angeles , any surrounding area where the market may not be so inflated. i also may need to rent in the first 6 months or so, so any advice on that or anyone may know someone in the area that is renting and can help me would be a blessing!!! thank you! Daniel

@Carrie Hiner What would be the strategy for that? Live in the SFH and while living make some improvements and then move out and rent or move out and sell? From what I have learned I believe I want to Buy and Hold and everything seems to point back to house hacking a multi family is a great way to get started. However from what i am seeing i dont know of any markets where the "numbers work" with this strategy. Ultimately I understand that I will not be cash flowing while I am living in one side but by hopefully living almost free, I can save with my W2 job and fund the next downpayment on the next property. What do you think? I see on basic searches in Round Rock seemingly nice SFRs around the 200k price range.

Hello all!

There is a good chance that I could be relocating to Austin Texas area for work and I have made the commitment that I will be buying my first multi family on my next move. I have done lots of research and reading/listening to many different resources and have a good understanding of what I want to do. My largest set back has been the market that I want to start in. I currently live in Miami and feel it is very inflated and overall don't like what I am seeing that I would get for 300k-350k. 

I know Austin is one of the fastest growing markets over the last few years but also know the market isn't anything near what California/New York areas are at. I also was researching in nearby suburbs such as Round Rock, that seems has some really nice areas for reasonable prices. I would love to hear from anyone in the area that could offer any advice. Ultimately if the transfer does happen I would need to find a place relatively fast.

I would be looking for a duplex (possibly triplex) for around $350k. I would like to do a FHA loan with 3.5 down as I would be living in one side and "house hacking". If this could be a prosperous area i think i would be ok to settle down for a good amount of years and grow my business there. It is a desirable area, no state income tax, ive heard lower taxes overall etc.

Any thoughts and help is appreciated!

Daniel

@Jimmy Cantave please pm me with details

@Francisco Herrera

Thank you for reaching out. Would love any advice and tips. I have sent you a PM.

I feel like I read all the time about people that "gather other investors" to help come up with a down payment or private money helps them to put a down payment on a property. If I have a little skin in the game, does that make a difference? Say I am able to put 5k or 10k into the down payment?

If my partner was on the loan with me, would it be ok if they put the down payment on.

I have also read that if you create an LLC, you can buy the property under the LLC and the partner can put their money into the LLC?

@Account Closed

Welcome to BP and also to Miami. I am a newbie myself and am working on my first deal. I have learned quickly that there is a LOT to learn, but all the resources are out there. Bigger pockets is one of the best things i have discovered and learned a tremendous amount from. One thing I learned is figure out which niche of real estate you want to go in. Is it Flipping, buy and hold, wholesale, short sales, commerical etc. Once you find out what is best for you, concentrate and learn as much as you can about it. 

I am new to Miami myself and I am learning that the market is very expensive, but there are good opportunities, you just need to keep looking. Make sure that you set a goal and you write down that goal. If your goal is to buy one duplex that  cash flows $300 per month after expenses in the next 12 months; write that down. Learn the steps needed to take to get you to that goal. And persevere, it sounds like you have a lot of initiative. 

Best of luck to you. Keep us updated on your success.

Hello BP community,

I have a question about financing a down payment. I am a newbie looking to buy my first property, specifically a multi family. I have a partner who has the same real estate dreams and we have a great relationship in our personal lives. My partner has much more financing ability then I do and we agreed that she would help finance our first property or first few to help our business get started.

My question is; If I find a multifamily that I want to purchase and she lends me the money for the downpayment, will I still be able to get a loan for the property? Say that I find a property for 250k and i get 50k from my partner and then get the loan under my name. I have read that it is difficult for banks to give a loan when the downpayment is borrowed and you could be committing loan fraud if you lie about where the downpayment money came from?

I also am unsure about the best way that my partner would be reimbursed for this. Or even when someone gets several people to go in. What is the best method to ensure they get that money back. I know if the property needs work you can rehab and then refinance. But what if the property does not need that much work?

Any thoughts and advice on this would be appreciated. 

@Adam Schooley Thank you so much for the kind words and encouragement. What you said is exactly what I am starting to do now. I have portal access to the MLS now working with a agent and will be analyzing about 3-5 deals a day. I can say that I already feel much more comfortable with the Rental Calculator. I know that I want at least 12% CoC ROI.

I also am keeping a close eye on PBC and Fort Lauderdale as well, as I know prices can be a little bit less and some of those areas are still growing. Any advice or thoughts on that?

Thanks again for the comments.