All Forum Posts by: Rich Urban

Well Mark..we bought three duplexes in South FL this year with a great return. 

One duplex in a nice area of North Miami for $100k that spits out a NOI of $29,000 a year,

A second duplex in a rougher area of Miami (little Haiti) that cost us $50,000, spitting out a NOI of $33,000

A third duplex in a rougher area of Miami (little Haiti) that cost us $140,000, spitting out a NOI of $33,000

Everything else, we wholesaled to pay off the three properties.

Rich

Kelly,

Jon is right, buying rentals is "investing". If you have little-to-no cash available, you have two options -

1. Build up cash reserves & then invest in rentals. Find amazing deals, lock them up under a contract, and then wholesale them to landlords that actually have cash. You won't be making too much on each deal ($5k-$10k per contract that you sell), but that is dependent on the types of deals that you are able to negotiate. The benefit of this strategy is that you don't have to lay out any money & you learn what is a good deal & what is garbage without any risk.

2. You can follow Jon's advice above. Look for homeowners that need to sell and are willing to offer owner financing, lease options or some other kind of desirable terms. This will take some money though - oftentimes, the homeowner will need to bring their mortgage current or a down payment for some moving money, etc... You'll also have to keep your holding costs in mind. If you can't find a tenant for the property, you will be responsible for the monthly payments.

Hey guys - I'm a full time investor down here in South Florida. Palm Beach county is a major market for me. There is no need for you to sign up for some expensive mentorship.

I had a similar situation here in Florida with a duplex. In addition to posting the craigslist ads above, I also put out Bandit signs saying - "Steal This Duplex - Live Rent Free" and when people would call, I would explain how they can rent out the other side to reduce their mortgage payments. My phone exploded with calls.

I think that virtual investing or long-distance investing has become the new trendy thing to do, but Brian H. is right.

For your first deal, I would advise against it. Maybe try a few local deals first and then decide to move onto national properties.

It is based on what the property will be worth after all repairs & this figure is determined by reviewing comps.

You can determine this by looking at the most recent sales of similar nearby properties.

I agree with Michael and use a Mailboxes Etc. When you use a PO Box, it starts to look like a business is sending the letter. A Mailboxes Etc will give you a real physical address and a suite # that will look like a home address..