All Forum Posts by: Gabriel Amedee

Hey Tania, I think it greatly depends on what you are looking for. I’ll admit I am envious sometimes of how easy many members make it seem to pickup deals with a 2% gross rent to purchase price. That’s honestly unheard of down here, usually my goal is to see 1% of the gross rent in purchase price in an area that shows signs of expansion. I’ve met investors down here who take on other strategies such Airbnb, ALF, corporate housing, etc just to find avenues for increased income. I’m sure other members will pitch in and give their experiences. Feel free to reach out if you have any questions!

Originally posted by :

It doesn't necessarily need to be house hack, I just want a property that cash flows nicely. Preferably multi-unit, but I'm okay will single family. 

I got approved for 150k through a conventional at 3.5% down and 5% interest. 

I want to go shopping with that. 

What are my options? 

The criteria being that it must be reasonably close and under 200k. So under 200k and within 30 minutes of 33165.

The only two places I can think of within 30 minutes of Tamiami/Westchester in that price range would have to be either Brownsville/Liberty City or Homestead/Florida City. Personally, I would rather live down south but I would suggest driving by both areas during day and night and seeing where you would prefer to lay your head at night. Feel free to reach out if you have any more questions. 

Happy Investing!

Hey @Autumn Alexander

@Autumn Alexander

There is a monthly meetup on the last Tuesday of every month among fellow BP members. 

Here is the link to the next event. 

Hope to see you all there! 

@Paula Mena @Andreina Marquez @Hannah Rubin @Andre Crabb @Vania Cortez @Michael Monda

Hey @Brock Laramee

Have you considered living in the unit for a short time frame and then moving out and using the cash flow to rent somewhere more desirable. Basically use the loan just to acquire the property faster and continue living where you would pay to live anyways. In that price range you are looking at a few duplexes in C/D class areas. In the end it is all about your tolerance. Hope this helps!

Hey @Nick H.

Finding deals that cheap is going to be really tough. SFH's under 150k are usually not in the most desirable areas. As far as access to capital, if you search enough I believe you can find the financing you need. Perhaps go on Linkedin and begin reaching out to lenders in SW Florida. I do agree that 12% is a high rate but I would not complain with the terms you are receiving. Feel free to reach out if you have any other questions, hope I provided some insight !

Hey @Jason Brown

In Miami dade it will be really tough to find single family properties for 150k. Just like @Marc Middleton said I would look into condos giving a good return or consider diving into the Airbnb route to maybe help bring in more capital for the next BRRR.

A couple other options could be having seller hold a note with owner financing while you rehab deal and then refinance after you raise its value. Another option could be a partnership with someone looking to do the same but no prior experience in the BRRR method. You can really use that experience to your advantage as it is not something commonly executed correctly.

Hope I provided some insight !

Looks very interesting! 

Will do my best to attend as we get closer to event date. Thanks for sharing! @Lennon Lee

I have no knowledge about other states contracts but in Florida it is very easy to detect a contract written by a wholesaler. I always counter their offer with a contract that is not assignable and seriously puts their deposit at risk. So in the end, yes I am willing to work with wholesalers when I am acting as a realtor but sadly, none have agreed to the terms I would hold any other serious buyer to. Happy investing!

Olusola Abitogun I’ve had this idea and discussed with lenders and I believe it may work in your situation. Could you qualify for a 350k loan amount? Why not re-offer 350k with a 100k seller credit (for example) and use that credit for down payment and closing costs when appraisal comes in at 370k like you feel confident it would. Add an appraisal contingency to protect yourself in case your terribly wrong about the value (very likely from the sound of all the numbers being thrown). I honestly don’t recommend this for you just cause you don’t seem experienced enough to successfully pull this off and the downfall is wasting an investors time, whatever appraisal will cost you, and losing an investor with tons of possible future deals because you bit more than you can chew on your first deal with him. Just answering the post on a possible strategy. Would love a lender to pitch in their thoughts on this strategy.

Hey Natalie! Did the new owner purchase title insurance? If so, don’t drive yourself crazy. Any legalities that spring will be handled. Whether a “wholesaler” was involved or not is irrelevant to any surprises you are worried about. The property closed so more than likely everything was up to standard. Hope this helps, happy investing!