All Forum Posts by: Ray Hage

Hi @Josh Hollman, I agree the HELOC + 0% balance transfer combination is the way to go. I would avoid selling if possible. I don't think you are in a position to buy anything at the moment. I certainly wouldn't risk further debts. That being said, you definitely want to reduce your lifestyle at the moment and use all your income to attack the debt. That means not traveling unless necessary, less going out to eat/drinking and avoiding unnecessary expenses of all types till your HELOC and CC debt is close to nothing.

0 Votes

Fort Lauderdale, Florida

Quote from @Zoumana Fofana:

Hi everyone! I just joined BP community. I bought my residential one family house in 2020. I am house hacking with two tenants that take care of my mortgage payment. Now, I want to starting investing in real estate. I live in Jersey City , NJ and I would like to build my team(lender, real estate agent, and lawyer etc ...). Is there any suggestion? Meet up group?

Thanks.

Sounds like you're off to an amazing start. Regarding realtors, I'd recommend @Shawn Mcenteer as he's a great investor and realtor in NJ!

2 Votes

Miami, Florida

Hey @Robert Rixer, there are a few in FtL @George Munoz and @Scott Kidd are hosts of a couple meet ups. Generally, the events are pretty great and no one really trying to "sell" you.

2 Votes

Miami, Florida

Great finds and nice to have multiple homes on the same street! You might want to speak with the owner of the house next door and let them know you'd like to buy it. Maybe if they would even finance you.

0 Votes

Akron, Ohio

Quote from @Gregory Breton:

I'm looking to get started with my first multifamily rental property. I'm particularly interested in the Ford Lauderdale/ South Florida area. Miami if possible. I've done some research, it would be great to hear from those who have experience in the area. These are a few things I'm curious about?

What Neighborhoods are ideal for investments?

How much should I expect to invest in a triplex or quadplex?

Are their any financing options for first time investors in Florida?

Any tips on finding good property management?

Any advice or if you can recommend, point me in the right direction would be greatly appreciated.

Thank You,

Greg

Hi Greg. Speaking as both an investor and realtor based in FtL, these small MF are very difficult to get into at the moment due to excessively high pricing leading to negative cashflow if you plan to finance them. If you'd like, I could take a look to see what is in north Broward and Palm Beach counties, this would be your best shot to find a profitable small MF at the moment.

0 Votes

Fort Lauderdale, Florida

Quote from @Mike Klarman:

That's sad to hear. Seems like taking advantage of eager investors with exaggerated marketing claims.

Coordinating OOS deals is hard. It's a moving target. I went through 8+ GCs in one market. In and around the Philly market, which is my home town, my contractor comes from a referral from a friend who worked with this GC. The difference is night and day between using someone you find online or in a search vs a personal referral. Night and Day.

Eager newbie investors will get taken often, unfortunately. I agree with you on the personal referrals. It is usually much better. OOS would work if you have a solid contact in that area though but yea dealing with strangers is going to end up in hassles unless you get insanely lucky!

0 Votes

Detroit, Michigan

Quote from @Clare Cui:

Wow all these insights are so powerful ,and ultimately I decided to go with my gut and Im glad I did. I don't think it's worth it to me in the long run from past mistakes and I'm going to stick to my standards. Thank you everyone!

It is better to have an empty unit than a terrible tenant. Stick to your standards and gut feelings every time

2 Votes

Boston, Massachusetts

Looking forward to another great event @George Munoz!

0 Votes

Fort Lauderdale, Florida

Whether for a lender or wholesaler, I would avoid it. So many things can go wrong in a RE transaction that you don't want to risk it unless it's very small like $500.

1 Vote

All Forum Posts by: Ray Hage

Ray Hage has started 1 posts and replied 1056 times.

Post: Growing & scaling YOUR FLIPPING BUSINESS

Post: Strategy to obtain 2nd rental & rid of cc debt

Post: New Investor, looking for a Real Estate Mentor Coach

Post: Investor Meetups/Masterminds South Florida

Post: Under contract for 3rd SFR

Post: Seeking advice on starting with Multi family rental property in Fort Lauderdale

Post: My experience with Flipsystem

Post: Should I Accept a Guarantor on a Rental Application?

Post: Growing & scaling YOUR FLIPPING BUSINESS

Post: Non-refundable earnest money deposit