All Forum Posts by: Joel Adams

All, 

I realize that all deals are relative based on goals, financial situations, and market value. With that said, I am a rookie investor and want to make sure I do my due diligence before purchasing. 

Goal: obtain 10k/month in passive income through cash flow on multi family units. Allowing flexibility later in life (I'm 28 now)

background: Own triplex in SD...decent cash flow. Also, I work in an industry that requires me to move from time to time. 

Deal: 

200k Duplex 

2/1 rents for $1,250 (rented for another year)

1/1  rents for $750 (rented for another year) 

Potential cash flow: $700/month

Market: Fort Lauderdale, FL 

I would us FHA financing. The owner is also my realtor.

Let me know what steps you guys would take to make sure this is a fair deal or, if you happened to know the market, would love some insight as well. 

Thanks, 

Joel 

A real-estate agent with the following criteria...

• lives in Miami/Fort lauderdale area 
• knowledgeable multi-family home agent 
• Duplex, Triplex, 4plex 
• 200-300k range 
• FHA loan capability- already have LO
• looking to buy a place in the next 4 months 

please contact me at 216.308.5225 or [email protected] 

Thanks Patrick, I would like to start having conversations early next week but no immediate need. 

Cell- 216-308-5225 

Email- [email protected] 

Anyone know a good loan officer/mortgage broker in the Fort Lauderdale/Miami area? Someone who specifically works with Multi-family investors. Thanks! 

thanks for the replies! 

Hello all!

I have been an active listener to the BP podcasts the last few months and now i'm finally getting involved in the forums. I have 2 questions about my current status as a novice real-estate investor and looking for some guidance. Here it goes...

Background: I own one property: A tri-plex in San Diego with my business partner (50/50 split). We got a great deal and have a solid cash flow every month.

Goal: Have enough cash flow to cover my everyday expenses (lets call it 5k) a month. After much thought and consideration, I would like to invest in buy and hold, multi family properties. Reason fir this: I would like have the positive cash flow now and still be flexible for retirement when they are close to paid of (i'm 27). I am very passionate about my career and want to keep real estate as a part time hobby.

Question 1) With the industry I work in, it doesn't allow me to stay in the same place for a long period of time. If you were me and you couldn't commit to living some where for 5-10 years, is it a bad decision to go for the best deal in my current city (fort lauderdale) or should I focus the best deal in any city?

Question 2) I have $10k I feel comfortable putting into my next investment (which I would like to do on my own), should I wait and save more or start seriously looking for deals? It wont take me forever to raise the funds but it wont be immediate.

P.S. just got done reading the ABCs of real estate investing and millionaire next door. Got the fever!

Thanks for reading!

Joel 

Hello all! 

I have been an active listener to the BP podcasts the last few months and now i'm finally getting involved in the forums. I have 2 questions about my current status as a novice real-estate investor and looking for some guidance. Here it goes... 

Background: I own one property: A tri-plex in San Diego with my business partner (50/50 split). We got a great deal and have a solid cash flow every month. 

Goal: Have enough cash flow to cover my everyday expenses (lets call it 5k) a month. After much thought and consideration, I would like to invest in buy and hold, multi family properties. Reason fir this: I would like have the positive cash flow now and still be flexible for retirement when they are close to paid of (i'm 27). I am very passionate about my career and want to keep real estate as a part time hobby.

Question 1) With the industry I work in, it doesn't allow me to stay in the same place for a long period of time. If you were me and you couldn't commit to living some where for 5-10 years, is it a bad decision to go for the best deal in my current city (fort lauderdale) or should I focus the best deal in any city? 

Question 2) I have $10k I feel comfortable putting into my next investment (which I would like to do on my own), should I wait and save more or start seriously looking for deals? It wont take me forever to raise the funds but it wont be immediate. 

P.S. just got done reading the ABCs of real estate investing and millionaire next door. Got the fever! 

Thanks for reading! 

Joel