All Forum Posts by: Jordan Finkelman

Hi,

This is my first post on BP.  Thanks to everyone posting awesome articles and questions.  Up until now I have been reading hundreds of articles over the past several months almost religiously on a daily basis and podcasts daily each way on my 45 minute commute to work (I am running out of BP podcasts and alternate with audible audiobooks).  Also have been starting to analyze one or two deals a day from wholesalers mostly for practice. 

I am amazed at the quality and quantity of content.  I am however stuck on a geographical element of my property search process.  Now am ready to start making offers with the BP buy and hold calculator with a minimum $100/mo /door analysis and very conservative figures for expenses and most likely slightly overestimating them.

Where are the safest low income areas to invest in multifamily in Miami and Fort Lauderdale?  I am planning to make my first RE investment in multifamily up to a small apartment.  Being that I already have a full time job, I would have to hire some kind of property management help.

From common sense it's a lot more economical in the long run and less of a hassle to manage/aggravation to invest in a safer area.  I am fine with low income areas as long as it doesn't feel like I need to be packing heat just to visit the neighborhood.  If I am going to expect my PM and/or send my own maintenance guys out there, the neighborhood needs to be comfortable to be around in.  Low income areas look very different in Miami than they do in the Midwest. 

Images Below: I know it's not a fair comparison, but most of the multifamily I have seen in Miami looks like the quality of the first picture where other markets look like the Nashville MF property here.  Am I missing something?  Where can I find neighborhoods in South Florida that reassemble the second photo?

Thanks!

First one is Miami

Second is in Nashville

Wrong section.  Post in the marketplace my friend.

Do you have the contact info for those?

Where can we find more information about it?  I would love to come - not just because I'm living in Miami ; )

Welcome.  Check out a few of the ultimate guide articles on BP

The website seems to be up now.  Thanks!

I am also living in Miami and interested in finding a meeting group.  I tried googling DREIA

 but I got an error.  Is there a particular website other than DREIA.org?

Adam,

Usually the prenup overides state laws as long as each party willingly signs it without being under pressure.  I'm not sure what Cali state laws say but if i were you, i would be very careful.  If you haven't mentioned that you want a prenup yet, do so asap so it's out there before you start doing wedding planning.  The document should say what is separate before marriage remains separate during marriage as long as you do not commingle marital and non marital assets (aka be careful moving money between marital and non marital accounts).  Google a search for your state's divorce laws.  You will be amazed at what you'll learn.  That would be a good starting point to see what kind of protection the basic state law offers you.  Some states protect separate property better than others without the need for a legal document.

 I would highly recommend that once you are married, you share everything you save/earn from that point on 50/50 from that point on and build a joint real estate portfolio for all future property acquisitions.  You might consider involving her in the property management/search process once she goes part time.  That being said, I don't think it would be an issue maintaining your existing real estate portfolio as separate as long as you are careful to maintain those asset's integrity as separate assets.  Definitely consult a well regarded lawyer in your area.  Getting two decent lawyers (to ensure each party is represented fairly) will run you at least a few thousand dollars just to be aware.  Hope this helps!

You don't have to invest in war zones so to speak.  There are plenty of low income areas which are safe and are where many working class people live.  If you figure that a minimum wage worker brings home 1500 a month, they can probably pay $400/month in rent consistently, but not much more than that I would imagine.  You have to view the area you want to invest in from an economic point of view in addition to conventional property analysis.  Hope this helps.