All Forum Posts by: Krystal Todd

Hello Drew! What it comes down to (at least for me) is the numbers. If he is looking to finance a deal the traditional way, he will need to quantify his monthly debt obligations and make sure he will meet the criteria for the debt to income ratio for a loan. Depending on his credit, the DTI percentage that a lender is willing to accept may vary.

If he finds a deal that is getting a return higher than the debt, then it may be worth while to go for the deal. Also, an additional deal, if done right, could provide cash flow that he can allocate exclusively to his debt to help pay it down faster. The credit card balance might be something he would want to tackle as the interest rate is 19% but again, if he pursues a property it's something he will have to consider as an opportunity cost. 

Also important to note that certain areas may have restrictions on vacation rentals. From what I've read around BP, people seem to have a tough time with Airbnb in Miami so just have him check and see the laws surrounding short term rentals. Some condos will have restrictions that will prevent short term rentals as well. Hope this helps! 

Welcome to BP! As a FSU Alum, we are supposed to be enemies lol. But I can set that aside for a REI newbie like myself. Good luck on your endeavors!

Hi Mikeala and welcome to Miami :) I would say good credit is great regardless, but especially if you plan to use leverage to build your business (if buy and hold is in your future). Typically lenders give the best rates to borrowers in the 700+ range. As long as you factor the interest rate you are eligible for when you are calculating your potential profits you should be okay. You could also look into hardmoney/private lending as I believe they have different requirements (I'm not too familiar with the process however so do your research!). 

Miami is a very expensive market but I am sure there are deals out there, we just need to get creative with finding them. It would be best for you to try finding a realtor and have them give you a better idea of what you will need. Also, be sure to join any of the dade/broward county meetups! There is plenty of people there to bounces ideas off of. 

Good luck on your move!! I too moved from NY to Florida manyyyyy years ago lol. Typically what I have seen is the more north you go, the better the deals are. It is still a little challenging to make the numbers work however. I would suggest trying to find a Realtor who also works with investors as they would have the best insight to the market and what you could get for your money. Best of luck and keep us updated! Once you settle in, be sure to attend any of the local meetups :) 

I'm happy you will be in attendance @Robert Saunders! will be great to put a face to the name :) I urge anyone reading this to join the event. Worse case you get a few drinks, best case you start your journey to REI and financial freedom!

Hey Jamile! I second what Karl said and also you are on the right track by introducing yourself on here! In addition to REIA meetings and meetups, posting on here is also a great way to network and find what you are looking for. We are having a meet up coming up next Sunday that I will tag you in!

Best of luck to you! Please do keep us updated. It take a lot of courage to jump in head first. Rooting for you!! 

I'll be there! :) 

Try using the Rental Property calculator here on BP! If you enter in all this information along with some estimates (e.g. 10% for vacancies, 5% maintenance, etc.) You will get a MUCH better idea of the cash flow, ROI, COC, and other figures. You can also break down the rent you think you can receive by unit as I am assuming you still have 5 available units. Perhaps live in one and rent the other 5? Good luck!

Congrats Jason! I am just starting out in the dade/broward area and this is very exciting and motivating! I hope I can reach out in the future once I secure my first deal! Congrats and good luck on your future endeavors!