All Forum Posts by: Brian Garrett

You should never disclose having $60k cash on a public forum especially when you mention that you don't know how to invest it. Be prepared to get a lot of colleague requests and inbox messages from people looking to sell you what they specialize in or people telling you how to spend your money on what's best for them rather than how to invest it in what's best for you. With that being said my advice would be to first ignore those colleague requests and messages and second to listen to all of the podcasts here on BP, read through all of the forum posts, attend some of the webinars and really learn about the various ways to invest in real estate. There is a wealth of knowledge here and virtually anything you can think of has already been addressed and discussed.

Good luck and congrats on deciding to start your investing journey!

I would start a property management company or become a GC and put them to work on rehabs.

I agree and wish I could use the old format still. It forced me over to this new format yesterday and I have not been as active in the forums since because it's so difficult to move around the way I used to. Not a fan of this one!

Converting the enclosed porches to extra bedrooms would most likely be the best value-add play. 

Most people convert Florida rooms into living space so converting it to a Florida room instead of a bedroom wouldn't make sense IMO.

Where in Central FL is the 6 unit? What do the numbers look like? Regarding the private money you can structure it however you choose that you and the lender agree on. It can be an equity stake or interest.

Belle Glade is a D class area. Most of the investors here stay away from there. If you're ok with this asset class you can find multifamily deals there. They are constantly getting passed around because they are difficult to sell.

Using your example the ARV of this property would be $300k.

The $225k is what you would receive from the bank if you did a cash out refinance at 75% LTV.

They're both great markets that are very popular amongst multifamily investors.

Compare the pricing, cap rates and inventory in both states and then decide which is better for you.

Either way just make sure you have a solid team in place if you won't physically be living there.

@Stephen Jones You don't necessarily have to cash out refi there are lenders out there who will give you a LOC against your current equity. Typically a easier, faster, cheaper and smoother process than a cash out refi.

The easiest would either be a private money partner or to use some equity from your current portfolio.