All Forum Posts by: Mylene Bel

@Dave Foster thanks for bringing this out, I was actually browsing the web looking for answers about how to avoid the FIRPTA withholding! (I wish I had incorporated a LLC before buying...)

The first exemption would only work if my buyer accepts to sign the affidavit which is not sure at all and I will only find out at the closing. Do you think I can threaten to withdraw from the deal if he doesn't sign or it wouldn't be legal to do so? 

The other exemption (1031 exchange) only works for US investors I believe. Since I'm a foreign national it won't apply to me. Or am I wrong? 

Thanks for your help!

I'm thinking about rental investment in Tampa area and especially keeping an eye on Pasco county. I was wondering: if I buy a $40K 2/2 SFH in New Port Richey, how much rent could I get? will it be easy to rent?

@Chris Troutner what did you end up buying?

@Brandon M. @Nancy Wilbanks any advice for me?  

Thanks!

Hi Bigger Pockets,

Would you recommend trying to get a loan as a national foreigner for a small amount ($100K with a 30% downpayment) in order to invest in rental property in Florida? I heard it was a long, complicated & costly process for a foreigner.

I'm hesitating between selling the property I currently own in Florida to finance my new investment cash or searching for a mortgage. What would you recommend? Knowing that the current property is a condo, fully paid and rented. It gets me a 6% net ROI so I believe I could do better by selling it, ditching the condo fees and buying two SFH in a cheaper city.

Though I would also consider keeping it for the good appreciation value thanks to its great location and rely on financing to buy my two SF. But I'm not sure of my chances to get a reasonable mortgage without a crazy rate.

To increase my chances at getting the mortgage I could both make a 30% downpayment and put my current condo as a warranty.

What do you think?

Thanks for your help!

@Alex Allemand hello, entre temps as-tu trouvé une solution ? Je cherche un retour d'expérience d'un ressortissant français. Merci !

@Chris Kennedy I have to stick with cash purchases because I'm not a US citizen/resident so I can't get access to credit unfortunately, otherwise I'd definitely have chosen financing. Though I'm wondering if I could maybe put my current apartment as a warranty. Do you know anything about that? 

@Valentina Naumenko @Robert Wilson you're both right this property is clearly not the best choice. It was just a random example of what I was looking for in Tampa (3/2 or 2/2 easy to rent in an up-and-coming neighborhood). 

@Mitchell Jaworski where exactly in Kissimmee would you advise looking? I was told it's better to know the area very well before investing there. Only a few places like Celebration seem to be worth it.

@Ethan Massa @Maxwell Lee Any update? What did you decide? I'm looking at the area too right now. Thanks!

Hi @Valentina Naumenko

Thanks for your quick reply!

My cash on cash ROI is 6,2% (I bought the property for $171K in 2011 and I make $10 800 of annual cash flow). I'm pretty sure I could do better.

Since the property is now worth $225K, if I sell I would get about $210K after taxation. And I can add up to $20-25K from my savings if necessary to buy the two properties.

In Tampa I have no specific property in mind but I found out there were nice properties in my price range in Seminole Heights. Is it a good area? For example at this address: 513 E Paris St, Tampa FL 33604. It's on sale for $119K and with an estimated rent on Zillow of $1,242. I can try and find two properties like this.

What do you think? 

Hi,

I own a condo apartment in Fort Lauderdale that I'm considering selling to invest in two small SFH in a cheaper city. It is fully paid and currently rented at 1,700$/month.

I wonder if it's best to keep it and hope for the market to keep rising (it's located in Victoria Park, a good neighborhood) or sell it now and divide the money to buy two SFH for $115-120K each in two different cities in Florida.

I'm looking at Tampa, Orlando and Jacksonville but would be open to other areas. 

For example in Tampa I could get a 3 bed./2 bath. house for about $115K and rent it for $1,100 to $1,200. So if I sell I could buy two properties in Tampa and make around $2,400 per month in rental income. But of course I would have to spend twice in property management, maintenance and other fees. Though from my calculation I believe it's still worth it.

I need to do more research for Orlando as I'm not sure if prices are similar. 

Questions are:

- Are these markets as interesting as Fort Lauderdale in terms of value appreciation? 

- Will I be sure to find long term tenants and limit vacancy? In Fort Lauderdale my condo was almost never vacant in 5 years and the rent kept increasing.   

- Will expenses be comparable or even lower? (in terms of HOAs, taxation, etc)

My goal is to make a safe investment, increase my cash on cash return (currently 6,2%) and find the right balance between cash flow from tenants (most important) and value appreciation. Where exactly should I be looking?

Thanks a lot for your answers!

Hi,

I own a condo apartment in Florida that I'm considering selling to invest in small properties (in B or C neighborhoods).

After taxes it would leave me with about $210K available, to which I could add up to $25K from my savings in order to reach a $235K budget.

For my new investment I'm looking for the right balance between Cash on cash return (monthly cash flow from tenants vs money invested) and value appreciation. COC ROI is a little more important to me though. 

So I've got two questions:

#1 - Should I sell and reinvest? 

My current apartment is estimated at $225K on Zillow. It is fully paid and rented at $1,700/month which gives me a monthly cash flow of $900 after deducing all expenses. It's located in a nice neighborhood of Fort Lauderdale (Victoria Park) where property values have increased a lot over the last few years but the market seems to be stabilizing right now. My COC ROI is 6,2%.

Do you think it's a good move to sell it and try to do better? Or should I keep it and hope for the market to keep rising?

My plan is to divide the money into several properties (two small SFH or maybe one MFH with 3 or 4 units). I was thinking buying two properties in the low $115Ks on high potential markets in Florida or elsewhere that I could rent for about $1,200 each (properties could be both in the same area or in two different states, I don't really mind).

I assume I would get a better cash flow and COC ROI than with my current property. But it's only an intuition so far.

#2 - If so, where should I reinvest? 

If you believe I'm thinking right, where in the US should I invest this money? What are the growing cities with the best/most stable rental market and the best market appreciation right now? I have identified Dallas, Orlando and Tampa as good choices, am I right? 

Also which type of property should I buy to expect a good balance between low maintenance cost and low HOA? My current condo taxes are high so I believe I should go for a single-family now.

I'm mostly considering SFHs but I just read about MFH on the BP forum and it seems interesting too, though I have no experience with that. I guess the maintenance and property management costs will be higher. I don't know if it's relevant to mention but I don't live in the US so in either case I'd need to find a property manager.

Thanks a lot for your answers!