All Forum Posts by: Nathan Olds

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $295,000
Cash invested: $20,000

Duplex that I am house hacking

What made you interested in investing in this type of deal?

This was my first Real Estate investment. It allowed me to stop paying rent and instead pay down and mortgage and gain valuable hands on experience.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

FHA Loan

How did you add value to the deal?

minor renovations and landscaping

What was the outcome?

Still holding

I have a duplex in Lake Worth (new West Palm Beach, Boca Raton, Fort Lauderdale) which requires the secondary roof over the lanai be replaced. Does anyone have any recommendations for a roofer in the South Florida area? 

closing costs should be around $7k. This excludes downpayment, insurance, escrow, taxes so if that $16k includes some of that (or inspections) then that could explain why it is so much.

Sure

The meetup event hosted by @Jon Huber in Delray is this coming saturday and linked below. I have been attending for a year and love it! 

Coffee with Investors Virtually & IN PERSON on March 13th 2021
https://www.biggerpockets.com/...

@Ashley Kebreau great to connect with you! I am house hacking my first multifamily property in Lake Worth which i purchased last summer. I plan to purchased a 2nd rental property this summer. There is a great monthly meetup in Delray Beach that is meeting this Saturday.  I will be out of town this weekend and won't be there but i have been going for over a year and like the group.

https://www.biggerpockets.com/...

@Cristopher Agosto thanks! Just DM'd you. I would appreciate any contractor referrals to help with future projects

@Jamell Rainey The main challenge that I ran into was making the numbers work. The prices of multifamily properties were so high, that it would cashflow negative. For all of the multifamily properties in Pompano Beach area, they required a LOT of major renovations and were not in a great area. Since this was my first property, I did not have a network of contractors ready to go to successfully rehab a property and provide that value add. 

@Shulammite Ng thank you. The property that I purchased was in great shape with no major renovations needed. Most all of what i fixed up were just cosmetic projects like painting and landscaping. I had a renter moved in within 2 months of purchasing (less than a month from when i posted online that it was for rent). I had the best luck finding applicants through Facebook Marketplace. 

I have not looked into short term rentals or Airbnb, but that route will definitely make the numbers work for anywhere in South Florida. The biggest challenge will likely be keeping it filled with all of the competition. Let me know if you need anything!

Last year, i purchased my first multifamily property to house hack in Lake Worth and it has been working great so far. I was having trouble making the numbers work in Broward because i am new to RE investing and do not have a strong network or experience with finding deals or doing major renovations.