All Forum Posts by: Marc Andrew

Very welcome @Kevin Johnson

@bob 

@Account Closed is correct, lots of DD to do on a 1.7m property! 

The ad says the have 24 units @575 and 4 @675 = 198k gross. 

They have 71,180 expense for a NOI of 126,820.

126,820/1,700,000 = .0746 which is your cap rate. 

Both of mine were owners looking to get out of the rental game. Check with some property mgt companies, realtors, etc. A lot of deals go on through word of mouth in soflo - like everything else it seems like you have to know someone. Search for the meetup someone posted here, I think it's coming up soon in laudy. That should get you into a network to get started. 

ditto @Adam Schooley. The 2% rule is hard in Broward, I would think it's the same in PBC. There's a lot of rules on condo's and townhomes, make sure you're able to rent it out as soon as you buy if you go that route. The HOA fees in some places are astronomical as well, make sure you factor that in. I did pretty well with multifamily homes within 10 mins drive to the beach. Between yacht crew and airbnb they're always in demand.

Welcome from SLC!

@Esaul Viramontes Utah is paradise! Exactly what everyone said, beaches get old, skiing is much better! Congrats on the cheap quote! I'd take that deal in a heartbeat! 

Funny, I just moved from FL to SLC! Like the others said, it depends on where you live. I paid $900 a year for my flood insurance on one property, but it was rezoned and the lender didn't require the insurance anymore, so I dropped it. Hurricane insurance is also a sticker shock item. My home owners insurance in FL is $2700 (without flood) in utah it was around $600. This is in Fort Lauderdale - 2 miles from the ocean. You can look at the flood zone maps and ask before you buy a house if it's required. The hazard insurance with the hurricane deductibles you wont get away from though. The further south and the further east you are, the more you pay. 

On the plus side, you don't have to pay state income tax! 

@Drew Clements thanks for the heads up, I'll attend for sure!

@Dave Foster Also something to look into! I like the no tax game... Anything I can do to defer I will!

Aside from the advice above, I would say get a job.

Find a job that will teach you to hang drywall, lay tile, lay carpet, frame, install baseboards, fix toilets, etc etc you get the idea... This will not only give you some skills on how to do these things, but will give you an idea of what to look for (and what you don't want) when searching for a property. You may even find a rehabber/flipper to do some work for off craigslist (sweep floors, paint, sand drywall, etc) - any luck if you work hard they may mentor you. 

Since you aren't able to get a loan or sign contracts (without your parents, which is great that they support you) I'd focus on things you can do, such as education. Learn the ins/outs of every strategy you'd like to try - you mentioned possibly flipping, but mostly renting. Figure out what area you want to focus in, what housing costs are, what rents are, etc. 

I've seen 16 year old's that are smarter than some 40 year old's, so that makes no difference. It only matters how much ambition and knowledge you have. Close a deal of your own at 18, then see who thinks you're a joke. 

cheers

marc