All Forum Posts by: Rohan Attravanam

Looking to invest in South Florida multifamily properties.  We have about $300K for down payment.

Heard from an agent that currently properties are selling for 30-35% down (roughly 590K). 

What are some investment options for someone who has only around 20% for down pmt  ?

We are working hard to increase our cash reserve in the next 6 months so that we can get a 'good' property and not just any random :)

Thanks,

Rohan

@Jason Ong - I'm just like you. I've made mistakes and gotten brilliant from it. For example, I struggled so hard to get an internship in my first year MBA, that I knew everything there was that I shouldn't do while looking for a job. Come second year, I was THE only one hired for a prestigious leadership program out of college! The Career Services counsellor became my fan :)

@Phil Trietsch  - Great perspective. And that's another thing I learnt. I didn't want to highlight the agent as an issue in my learning as the agent is a great human being. Everyone makes mistakes. But for my future investment purposes, I'm seeking out investors who are brokers. Not easy but I keep looking :)

@Chinmay J. Ok!

@Jim Kennedy - Thanks for your words. It's true, I need to blaze my own trail :). I'd love to hear your 21-year plan. Let me know if we can connect sometime. I'm working hard every day to learn from my mistakes and finding my next property. I'll keep you posted :)

@Bob Norris  - Thanks for your input. Because I don't own a property yet, I don't know how sellers feel about inspection reports. I read an analogy somewhere, it's like having an inspection report run on your car. You know your car has some miles on it and it runs super well, but the inspection report could say a million things about the car and you wouldn't even know the issues reported existed. So I try not to "beat up", but I ensure that the math makes sense going into the deal. I wouldn't want to spend $20k on a $200k property for repairs upfront.

@Chinmay J. - Thanks for your feedback. Will keep them in mind.

@Shawn Devoid - Ton of useful information in your reply. I'm educating myself on the forms and yes, Florida does require disclosing know deficiencies. Unfortunately, in my case, the property was managed poorly and the responses to questions like "Is the roof structurally sound and free of leaks" was "Yes", but there were issues with the roofs. So there wasn't much I could do there in spite of my due diligence. I can only get better at my due diligence with time and experience. Thanks for your note.

@Michael Haynes - Great perspective! I'll explore more on the tax-deferred investing. I want to buy a home for myself but I might not stay in the bay area over the next 5-7 years. So that changes plans of owning a home here.

1. Acquire 12 units of rental properties in Tampa Bay Area that generate $30k in cash flow after all expenses + mortgage.
2. Get good at solving people's challenges. I've a list of challenges right here in this thread to start from :)
3. Having understood creative financing is a factor of better relationships, I'd love to build more connections who have similar interests as mine.
4. Finally, click more pictures of people to give them memories!