All Forum Posts by: Scott Schuetz

@Bob Bissman I agree it’s great advice to purchase a 2-4 unit. However, there is a massive inventory shortage of these properties for sale in our area. Today in Brevard county, there are 24 of these listed on the mls. Only 9 of these priced below $500k. This is for the entire county (there are zero for sale in Palm Bay)

I might be biased, but I still think Brevard County is one of the best places to live in Florida and most people predict continued growth both economic and population. My suggestion would be to find a single family home close to your in laws and move forward with your house hacking plan. Also, keep your eye on new construction. Builders are buying down rates making the payments much more attractive.

Hi @Cindy Joseph I'm a local broker/investor. I live in Indialantic so I can chime in on your question about growth. First I'd like to clarify if you mean growth in population or if you're referring to appreciation? 

If you're talking population, then I would say Satellite Beach as there is more area for new construction. For example, the new neighborhood (The Vue) across from Hightower Beach Park.

If you're referring to appreciation, it's likely a toss up between the 4 cities. I've always preferred Indialantic or Melbourne Beach. For me they are more desirable than Satellite or Indian Harbour. Also, when I refer to Melbourne Beach, I'm talking north of Spessard Holland Golf course. Past there is actually Brevard county unicorporated and for many people it's a bit too far from town. 

Feel free to reach out if you have questions, I love this area and am happy to share.

@Kerry Baird Thanks for the recommendation. I'm happy to help anyone, feel free to reach out. 

FYI- the current situation in Brevard County is unbelievably low inventory! For example, today, there are 18 multifamily homes listed on our MLS in the entire county! Listed single family homes are only 341 today. I've haven't seen much off market activity, only a couple wholesaler deals lately have come across my desk.

@Sophaul Ajay Proeung can you move out of your current home and rent that out? You could buy one of the new construction homes with a low down payment loan for owner occupants and live there.

Hi @Joshua Wilson this duplex is in my town. While technically it’s in Melbourne( the city of Melbourne owns a very small part of the barrier island) to all the locals, this is Indialantic. Melbourne is across the river and Melbourne Beach is a few miles south.

I agree with the others that this is likely not a good deal at this price but what makes it more of a bad deal for me is this particular street looks very undesirable. It’s one of the only streets in town with duplexes and triplexes and most of them look bad compared to the surrounding neighborhoods. We don’t really have any bad neighborhoods in Indialantic but this is probably the worst :)

The best benefit to this property is that it’s located across from a great beach and right next to 2 of my favorite bars!

@Richard Marchsiello The main portfolio lenders we have in Brevard county are, Florida Business Bank, Sea Coast Bank and Community Credit union. We just refinanced our commercial building in Melbourne with Community Credit and they were great. Hope that helps.

@Bryan Montross I would go with the smaller brokerage or a similar 100% brokerage. Look into a coaching program like club wealth or the locker room. If you're really motivated a coaching program can propel you much faster than what brokerages normally offer. Hope that helps!

Hi @Joe Matthews congrats on beginning your investing journey. Everyone has great advice so far.. I would add that's it's crucial to start thinking about what type of investor you want to be, buy and hold, flip, multi family, short term rental... There are too many avenues to make money and it can be distracting from the start. Also $20k isn't a lot to start with. One consideration would be to invest a portion of that into your real estate agent business to generate more commission income.

I'm in your area and own a real estate brokerage in Melbourne. With such little inventory and an abundance of buyers the most lucrative path at the moment could be to make more money as an agent while learning and planning your investment strategy. Feel free to reach out if I can help!

@Ryan Saulle I agree with Nick, Palm Bay is likely not the best place for short term rentals. We have 3 in Melbourne that do well and Cocoa Beach/Cape Canaveral are also great for short term rentals.. I own a real estate brokerage here in Melbourne. Hit me up when you’re coming into town and I’d be happy to show you a few places 👍

@Greg Hoffman I've worked with many investors over the years but have learned that I need to understand EXACTLY the type of property they will buy. I want them to be much more precise then "looking for a deal in x price range and x general location" For example, if you said you want a single family home, built after 1975, in a certain zip codes and priced below $150 per sq ft, I guarantee you that every time one of these came on the market, you would know immediately!