All Forum Posts by: Ray Hage

Hi BP community,

I own an investment condo in Fort Lauderdale that hasn't sold in a few months. Was considering doing a HELOC or cash out refi to move on to my next property.

Any credit unions or lenders with good rate that anyone can suggest in south florida?

Hey Ray, thanks for the reply. I know these aren't products on the shelf, but I have definitely seen off market quadplexes in North Miami with a cap rate of 6-7.5%+ turnkey. 3-5% is what SFH are renting for in this area, I have been looking at the inventory for a while. In the end I'm looking for a good deal. I wouldn't purchase anything that is not break even on market rate to start. If I have to hold off a bit more for prices to cool, I will. I know a lot of home buyers are holding off now for NAR rules to come out, I also see the market cooling across the board.

Im selling a Charming 2-bedroom, 1-bathroom home in the heart of Miami With a tenant already in place, this property is producing great income from day one. But got not visitor is the market slow? Is it better to take it out of the market or leave it until it sells?

Thanks Ray, good advice and I know that's the wise approach. I probably need to look for a less demanding W2 so I can enjoy the next ~5 years and have a little more time to devote to RE to determine if it's right for us, while still making a good income in case it's not. Appreciate the input! 

Hello! I live in a suburb of Indy with my wife and 3 teenage kids. We just jumped in the game in April when we bought our first STR in Sevierville, TN. Went big (5BR) and spent more than we wanted but so far so good (on track to be close to breakeven after 1 year). But after doing a lot of reading/research, thinking we want to focus more on LT for the next few deals.

I turn 50 in a month. I've worked in technology sales/mgmt for 28 years and have done well, but probably need to work 5 more years to ensure a comfortable retirement and legacy for the kids. The problem: The thought of working 5 more years in a high stress, anxiety producing W2 is almost unbearable. My wife and I are committed to real estate as our post-retirement gig. I know this is an intro forum but if anyone feels so inclined, would love some different perspectives, what would you do if you were in my position.

The lure of a good salary, benefits and insurance are hard to walk away from. But I'm so busy with my job that I have almost no time to focus on our real estate business (not to mention the constant stress and anxiety of delivering a number year after year). Perfect world, I'd quit today and focus on real estate. I'd rather not touch my 401k but do have $1.2M in stock I could liquidate. Would you throw caution to the wind and jump in with both feet, using half of your savings to build up a real estate portfolio? Or push through working another 4-5 years to make sure you were "safe"? I'm not very well versed on creative financing yet so maybe a better option that doesn't require me parting with my cash? Looking forward to connecting with like-minded folks in this new world!

Hey Robin, yes we've found no DSCR that will go below 75K for the property value. The properties we buy are entirely turnkey and around the 40-65K range. FMR in our markets is around 900-1100 monthly for such properties, so the cashflow is there. We have the capital to buy properties but no way to refinance without waiting at least 6 months. I'm open to a portfolio loan for the properties but I haven't found any without seasoning or that will cash out. Are there any that you would be aware of?

It's frustrating that the only thing standing in our way from fast paced growth is the seasoning period on loans, if there is any sort of way to get around it we're more than open to trying the strategy out!