All Forum Posts by: K F.

Hello! We recently sold our duplex up here in Minneapolis and are going to try our first 1031 exchange (a little nervous!). My idea is to purchase a short term rental property in Florida. Originally I was thinking Fort Myers, Cape Coral, or Bonita Springs because I love those areas. Then after more research I was pointed more towards Kissimmee/Orlando area, then I started looking at cities in the panhandle...I'm all over the place! I can't decide where is best, it honestly seems like there really is no clear cut answer, and that any city that doesn't have STR restrictions could be profitable if you can manage the property yourself (which we plan on doing).

Would love to hear some input from all my fellow investors and Realtors on the Florida STR market post COVID and what areas you see continuing to be great places to invest. Thank you!

Thank you everyone for the feedback. We decided to sell our house and take our time looking for a multifamily property in the end!

Hello Everyone,

My husband and I have the goal of becoming financially free as soon as possible. We currently own a townhome in Maple Grove and have enough savings to get our business started. We see three options:

1. Use our savings to invest in a multifamily home, house hack, sell our current home, then use the money we make from selling our home to invest in flipping another property. We figure after selling our house we will have $70K+ to invest in a house flip. 

2. Invest in a multifamily property, house hack, rent out our current home, and get a HELOC ($50K) to invest in a house flip.

3. Continue living in our current townhome and get a HELOC ($50K) plus financing from bank/hard money lenders to do a smaller flip. We expect to make $10-$20K and grow our business slowly.

We want this to be a long-term business and eventually invest in both renovation properties and rental properties. Which is the best option to set us up for the most success? We are thinking the first option is the best, but is there anything we are not taking into account? Any advice would be very helpful. Thank you!