All Forum Posts by: Drew Slew

Hey BP group, thanks for your ideas: i got this offer accepted recently well under asking, looking to see if theres anything wrong w the deal. Standard 2/2 condo close to LBTS, beach, and highway 1 stuff. Ft Lauderdale, listed 195k. rented out at 1750/m already so thats great, so cashflow should be around 300-400/m, pitia is 1300/m w 30yr mortgage 25% down. Does anyone know the area, see anything wrong w deal/building? There is no pool, roof and updates seem new. Overall not a big appreciation play (maybe it will be 220k in a few years make 10-20% return, more of a standard condo deal but good rental imo for the cashflow

Thanks a lot 

https://www.redfin.com/FL/Fort-Lauderdale/2020-NE-56th-St-33308/unit-107/home/42026303

just moved and bought a 2/2 in lauderdale by the sea, got some offers on a 2/2 for 160k, listed 162k in pompano beach to rnet/airbnb asap but i backed out. few condos allow rent right awayand i specifically want a 150k ish 2bed, what r good areas east of the 1? north ft lauderdale seems to develop best imo

yea i am just doing this, w a sizeable portfolio. it is a hidden secret out there 

cool i just moved here too

Great ideas Eric thanks

@Evan Polaski true, but its one thing to manage your own business vs someone else's. I wouldnt have any of those capital gains since i moved down to florida for this reason/own here. Plus, ill do a portfolio line of credit to tap that liquid portfolio so lets say 400k u can tap 30% at 2% rate and use that to invest in RE. The question is just in what to maximize cashflow, passive income that can replace a job's income.

@Alexander Szikla are you hungarian? Szikla is a hungarian name, im originally from there too (nickname here on BP). Yea i get NYC, i own in union city and jersey city NJ, im way more bullish on Jersey City as its really the new brooklyn, esp the south parts Greenville where i own, still can get 300-400k 2 family, which is like 1-2M in Brooklyn if im not mistaken. But comes w a lot of issues..

I get the hold on to the W2 income that its easier to get deals w it. im just trying to figure out how to best utilize current resources and build up a solid side business so W2 is not needed. 

@Timothy Lewis thanks good idea. You mean like a building acquisition w more than 4 units (so its commercial)? I have a 2 family that i bought back in 2018 as a primary, and now both units are rented, but not a BRRRR. I havent used FHA yet so i could tap into that next year, but the 1 property a year to me seems slow w this cash. Id like to move quicker and w this 3 properties that break even now, acquire a few more to really FIRE and no dependency on a job.

@Tyler Warne thanks a lot for the input. The the primary residence acquisition i believe is slow, can only do it 1x per year i guess. I just bought this condo as a primary in Feb 2021, so have to sit on it, but now am a FL resident so no taxes compared to NJ so thats a plus. You are saying get renovatable BRRRR primary single fam or 2 fam units?

@Brian G. yes the STR is def on my mind, did do some airbnb rentals w my NJ condo, rented a room for 60-80/days but was a HUGE headache for small money. But it could be scaled better, esp here around Miami w condos i guess. Something to look into.

@Greg Scott thanks good advice. Idk why i guess safety and lower prices are what still keep me around condos, but it probably doesnt appreciate as much or can be leveraged HELOC/renovated as SFH or multifamilies.

Overall options:

- FHA for next primary and BRRRR - yearly can switch primary residences like this (but i believe FHA requires W2 income)

- create maybe an LLC and invest in condos for airbnb, lower priced 100-150k 2bedrooms here around Ft Lauderdale/Miami - use that cashflow on tax returns to leverage for other loans and offset W2 income

- buy/BRRRR 1-2 larger multifamily deals while still on W2, than 4-5 properties should enable FIRE all rented out

This is quite open ended but what would you do if you made 140k, fully remote work, just moved to Miami (no income tax), and have 3 properties/dabble in the stock market have about 400-500k cash to use aside from income/rental income?

- 2 out of the 3 properties are rented since over 2yrs, so could use income for new loans possible, about 1500/m net cashflow from the two. 3rd property is primary residence and currently costs about 1500/m so come out even w them. BUT if rented it could cashflow 500/m at least, so 2000/m net cashflow w no job and no place to live..

- save about 5-7k a month from the salary, but would like to quit. so lets say no income soon. 

- have in stocks about 300-400k to play with liquid. 

IDEAS so far, Miami area and NYC/NJ market so far:

1) BRRRR start w a small condo all cash and try out the buy rent rehab strategy to take back initial capital. Even if it fails dont need all capital back, 70-80% is enough to keep buying.

2) Buy 2-3 condos quick w current W2 income that cashflow each 200-300/m, so net casfhlow would be above 2-3k if ALL properties rented, and just trade rest in stocks, dividends. 

@Arwin Nassiri how much was your place in Aldea Zama, and how much can it be rented out? Just ballpark numbers, thanks

idk much about the area but im also looking to buy