All Forum Posts by: Jorge Ydlibi

@Nathan G. Hey Nathan may I recommend Homestead Fl? Nearest airport is probably Miami international which should be about 45 minutes to an hour and meets most of your criteria. Also great place with lots of farmers market and you are very close to the Florida keys for weekend getaways.

Another great option would be Cape Coral. Prices are probably even more affordable. Great houses on the $300,000-$400,000 range its on the west coast of Florida which is know for beautiful sunsets and great year round weather, add to the that its a very relaxed and easy going community. You would also be within an hour of Naples and Fort Myers plus the international airport. In Cape coral you also have the option of various cities/islands for weekend getaways like Marco Island, Sanibel, Gasparilla, and would also be within a two hour drive of both The Miami Metro area or Tampa. Which both also have airports and many other activities to indulge in.

Best of luck

-Jorge

@Mason Adelman

Hey Mason if I had to recommend books for mindset change that can be applied to Real Estate my top 3 are 1.) The Alchemist. 2.) The Compound Effect. And 3.) Think and Grow Rich

I listen to the BP podcast very frequently, and the books that are most mentioned by the pros are ofc 1.) Rich Dad Poor Dad by Robert Kiyosaki. and

2.) The One Thing by Gary Keller.

Personally i’ve read all of these besides “The One Thing” and highly recommend them!

Banks do check, which is why with the BRRRR method you refinance the loan after the first year into a conventional mortgage. At that point if you did the numbers and rehab perfectly you can even pull out your initial investment since the property will then be assessed to a higher value and you can then use those funds to buy your new 2-4 unit

Hey Ivan another newbie here so take this with a grain of salt as i'm still learning myself. I see you posted in several comments about needing 20% or more as a down payment for multifamily, from what I've read here on BP that is true only for properties that are 5-units or more. Keep in mind that with properties that are 2-4 Units (Duplex-Fourplex) you should still be able to get approved for FHA loans at 3.5% down. I believe the down side to this is that they have to be owner occupied for the first year, but if you do your due dilligence properly you can live in one of the units rent free and manage your property while living in it. Problem would be is that every time you acquire a new 2-4 unit property you would have to move as the loan requires it to be owner occupied. Someone also mentioned about not going in all the way with mortgages and becoming over leveraged which is what happened to lots of investors in 2008 when they lost a lot. Keep in mind also that many investors flourished as they had money in cash flowing B or C-class properties because their properties were still profitable. So that's why doing your due diligence and running your numbers several times is so important prior to purchase! Properties might lose their value/stagnate during a down turn, but renting out in a big metro area like Dallas-Fort Worth rent wise you should be safe as rents should either increase or remain the same, at least on my part I don't ever remember a landlord dropping my rent!

Thank you very much for this post Graham! Was not aware of having to pay PMI for the whole life of the FHA loan, that is great to know for future reference. My question is are there conventional loans similar to FHA loans for 1-4 units as long as they are owner occupied? I'm guessing if one does their Due diligence properly such loans can be found just wanted your input.

Thanks again!