All Forum Posts by: Scott DeLuca

First off, great story, congrats on how far you have come. A couple cautions to keep in mind is BiggerPockets is going to mainly select rosy stories for their Podcasts. The other highly risky thing is cashing out your entire financial safety net. That being said you are young and seem responsible. You save and invest a high percentage of your income, rather than material purchases as many do. As long as you do that you'll be okay in the end. I would talk to a financial advisor, accountant, and your plan administrator to make sure you have all of the information you need in your decision making. Also, think about a backup plan in advance if it doesn't work out. You can probably catch back up by working OT and reducing expenses further. Again, you have 30-40 years to work and save it you need to.

@AdamSchooley

@Christine C. when searching for properties, sometimes I come across 1 unit in a MF that i think is more suited as an AirBNB but i always wondered if that would cause dissatisfaction for the long term tenant, with new people coming in and out every few days. I guess it would depend on the personality of the tenant. On the otherhand, perhaps they could participate in the operation sometimes if needed for a small rent kickback. Curious if anyone has had this scenario before.

@Indiana Eugenia Castillo  Welcome and good luck! I am about to close on a duplex in Fort Lauderdale after searching for over a year. Triplexes in decent neighborhoods are hard to find in this area.This is a tough market because a lot of foreign investors come in with full price offers or strong cash offers right away.

If you want to hustle a little bit, one thing to consider that I didn't do in my search round up all the multi families you see in then neighborhoods and try to get the owner contact information and send them letters that you want to buy their house. Some of the owners are elderly and may be tempted if they have an offer in front of them.

It is not letting me tag my realtor, but if you would like his information feel free to message me. He had a duplex in Fort Lauderdale and knows the area well.

Also, taxes and insurance is in this area is higher than what mortgage calculators predict so make sure to account for that.

Finally, be open to SFH and keep an eye on homepath.com for some forclosure deals. I started looking for properties I could do a live in rehab when the duplex inventory went dry.

Hi @Jean H., have you been to that meetup group before.  Just checking because I had a couple bad experiences with meetups (not all real estate), as they ended up being more of a sales pitch.  That sounds like an interesting one that you posted, I may go!

@Tania Gonzalez Casal ahhh that makes more sense now!! I know what you mean... I moved back to South Fla a few months ago and am looking for a place in Broward, preferably a duplex that I can occupy one side. It's been a bit of a struggle finding a deal so far! Best of luck.

P.S. I saw a new meetup pop up in Miami once a month.  The next one is on 7/31. May want to check that out!

Hi @Tania Gonzalez Casal. I am new to REI and live down in South Fla. I recently went to my first local REI meetup and the majority of the experienced investors there are currently investing out of state. Might be smart to look into other markets if you are looking for long distance investing. Curious as to what intrigued you about Miami vs. other markets, being from Michigan? Best of luck!

Thanks @Aaron Winters

I am a new investor that just relocated to South Florida. Ideally looking to house hack a multi-family unit in the Fort Lauderdale / Miami for my first property. The inventory is not great down here right now so also open to a deal on a SFH. Not much luck on the MLS...

Anyway, I was at a BBQ last week and met a real estate investor from Louisiana and he said to try calling around to local banks and getting on a distribution list for their REO properties. Does anyone have any experience doing this? If so, any tips??

Going to try to make it!