All Forum Posts by: Ivan Maldonado

Some of the best places to buy in florida in order to make money and not over pay are in Clearwater, Clearwater beach, Treasure Island, Saint Petersburg, Saint Pete Beach, Downtown St.pete, and in some parts or Largo/Seminole. Clearwater was rated as on of the highest Airbnb cities in Florida and our Gulf Beach traffic has been insane since 2019. property value have soared and do not seem to be dropping even with inflation and higher rates. That is mainly because Florida especially the Gulf Beaches is an Amenity area.

Tampa also holds value for investors due to the high commerical traffic and business district. Which also includes traffic from Macdill Air Force Base and higher rents. I have properties here in Pinellas County and values have helped add many more doors. It's a great area to buy properties that need renovations/rehab and reap the benefits to turn equity to cash!

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Quote from @Jason Wray:

Ivan,

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Hey everyone!

I know Florida is the topic of discussion for many reasons but in this thread I’d like to focus on real estate and preferably Residential Multifamily properties (1-4 units)

With many towns and cities throughout Florida being a great market for singe family homes and condos, I’d love to see which markets you would all say is most favorable towards MFHS in terms of availability and affordability.

Please share all answers and why!

Thanks!

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Anyone?

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Not sure if there is a better forum topic to post this but here I go…

My overall vision/goal is to acquire a multifamily (2-4 unit). Gain equity in this property and then be able to refinance to take me to the next one. Now I want to be able to house hack and BRRRR the first property. Trouble I run into is to whether this is possible through an FHA 203K or not. I also have my puzzle to put together with regards to learning how to operate this with a 203K as it's not your typical FHA.

Does anyone else have experience doing this? I’d love to hear everything you have to offer on this topic.

This is definitely the scariest thing I’ve gotten myself into but life can’t always so boring so here I go.

Also, if anyone personally has done this in the NJ area and would like to network, please do not hesitate to reach out as I’d love to speak!

Thanks everybody for any input you have!

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Not sure if there is a better forum topic to post this but here I go…

Does anyone else have experience doing this? I’d love to hear everything you have to offer on this topic.

This is definitely the scariest thing I’ve gotten myself into but life can’t always so boring so here I go.

Also, if anyone personally has done this in the NJ area and would like to network, please do not hesitate to reach out as I’d love to speak!

Thanks everybody for any input you have!

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Originally posted by @Jeremy Nault:

Budgeting. One of the simplest things you can do is to just keep track of your money. I have always been somewhat of a financial savvy person, but was never a fan of restricting my spending. Once I got on a budget, everything changed and I really started making headway towards my financial goals. No I couldn't imagine my life without budgeting.

Any specific system you use or just advice you would give in terms of your budgeting?

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Originally posted by @Peter Vander Valk:

Hey @Ivan Maldonado, what @Joseph Guzzardi Jr is saying is correct, you can utilize 75% of the appraised rental income to qualify with 2-4 family. That being said, your debts are another factor in what you can qualify for.

As far as room rentals in a single family, I have known people who are successful around colleges. However, you can't use this income to qualify (this would be treated as boarder income which you would need to show on your tax returns for 2 years to qualify). So long story short, you will likely have more buying power with multifamily.

If you can get a cosigner, that's another option to increase your buying power, but you need 15% down FHA with a non-occupant co-borrower for multifamily.

Hey Peter,

Thanks for the great insight, sorry for the late response as I was hit by covid pretty bad. Buy this has definitely opened my eyes. Would you mind if I messaged you with a few follow up questions?

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Originally posted by @Joseph Guzzardi Jr:

@Ivan Maldonado Welcome to BP Ivan. There's a good chance you would actually qualify for a higher amount with a Multifamily because the rental income gets taken into account. I am not a lender but I work with people in the 2-4 unit space all the time.

Hey Joseph! Thanks for the response. Sorry for this super late response. I was hit by covid pretty hard. Awesome, would you happen to own any multifamily units?

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Hey Guys!

I’m currently working towards that first Rental property in NJ, ideally I would love to have a multi family but given the fact that I’m the only person that would be putting up the DP and I make around $50,000 a year, I doubt that I’ll be able to qualify for one.

I figure I'll do a single family through FHA and rent the rooms for about a year and then potentially rent to one family.

But how do I really find out what is the best market for room rentals?

Any and all advice will be appreciated.

Thanks!

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All Forum Posts by: Ivan Maldonado

Ivan Maldonado has started 13 posts and replied 34 times.

Post: Best market for multi family investing in Florida?

Post: Best market for multi family investing in Florida?

Post: Best market for multi family investing in Florida?

Post: BRRRR with FHA 203k?

Post: BRRRR with FHA 203k?

Post: BRRRR with FHA 203k?

Post: The best way to save money?

Post: How to find the best room mate friendly market?

Post: How to find the best room mate friendly market?

Post: How to find the best room mate friendly market?