All Forum Posts by: Joel Rodriguez

This is not a deal I made, but my cousin's deal, which I followed very close and made me think: What the heck am I doing?

- Nov/2013 Tairy (Cousin) decides to buy her first place, she got pre-approved for $150.000 FHA Loan.

- By Feb/2014 after seeing a lot of ugly houses and apartments we found a 2/2 apartment, in a good area (very close to Miami Lakes in Miami NW), recently rehab, in a condo that had 2 similar units for sale for $130.000 this was nicer, cleaner, and $90.000

- The deal was conventional only, so we found our way to get the down payment money (thank you family) and she closed in Mar/2014, $20.000 down, $8.000 closing fees and $70.000 mortgage.

- She end up paying $570 a month plus $300 Association, water include.

- The rent of one unit like hers at that moment was between $1.200-$1.400.

What the heck am I doing? I have to do this, I though. At the end of the day she was saving some cash, has her own place, and she was putting money in her pocket with every mortgage payment.

So it looks like a pretty good deal to me, even though, I knew it was a very superficial analysis.

What do you Think?

Welcome to BP Kevin!

Wellcome to BP Lynzie! Good Luck

Thank you @Lucas Machado!

Hello @Evette D. Welcome to BP.

Thank you very much @Account Closed I will check out the meet up details, hope I can make it. One way or another I am looking forward to meeting you, I am about 45 min from Las Olas.

Thank you James, right now, i am more interested in learning the business and organizing my finances , but, a single family rental deal under 200K under 1% rule, in miami or broward area can be a starting point.

 Thank You Mark.

Hey BP members and crew, after just a little research and a marathon of podcasts, I just feel like I have a lot of things to do, I am very determined to jump into the real estate adventure. In this early stage, learning as much as I can while preparing my finance, would be my short term goal. Having said that, any advice and suggestion is very welcome, especially in Dade and Broward Areas.

BP, You Rock my World! Many Thanks.