All Forum Posts by: Sheratanairy Flores

Hi BP community!

Last month I began searching for multifamily properties to house hack! The location is Miami, which is home. I know this market has been really hot, so definitely hasn't been the easiest in finding something. BUT now, I've found myself in a challenging place due to my current living situation. 

My partner and I have been renting a house with roommates. We completed a 1-year lease and have been month-to-month this whole year. The landlord shared that he will be selling the home in January, but due to some roommates moving out, our last month will pretty much be the end of this very month! I'm torn because I was so excited in finding and buying our own property and never renting ever again, haha! I've been searching for short term leases/month-to-month options that aren't crazy expensive but to no avail. I just hate the idea of spending money that could've been going towards our own property!

When calling around and seeking apt rental information, I came across a realtor who seemed very genuine and helpful. She shared something with me thats made me really ponder. She suggested to sort of tailor my current situation to one that would create value, as opposed to spending money on rent. She stated that I should consider still moving forward with the idea of purchasing. She recommended looking into purchasing a condo instead, living in it and after 1-2 yrs using capital gains to become more competitive in the market and then moving forward with the multifamily properties. I never thought about purchasing a condo or anything other than a multifamily as my first property.

So for those of you still reading, any suggestions? I'm on a time crunch literally, but I don't want to make any hasty decisions. Should I keep looking for Apts to rent, should I dive into the idea of purchasing a condo instead? And if thats the case, it still may not solve the fact that my last day under a roof is the end of this month lol. Open to any and all tips, advice, suggestions, please share! 

Thank you for taking the time to read my post!

Thank you @Branden Rivero and @Jordan Ray, I'll definitely expand my location search and check it out!

@Toni Willems Van Dijk I was thinking 1 year with option to renew, but I'm not against considering shorter options!

@Kayla Givens That makes a lot of sense! I guess since its my first time finally stepping out to try and apply all that I've been learning/reading, I'm a little nervous! In this market I don't think many properties will produce immediate cashflow either, but I absolutely agree that it could be very well worth buying! As mentioned, I'm nervous but very excited and determined to begin the journey. "I advise my buyers to look at the numbers right now and look at the numbers when your unit/room is rented. Also, you will want to consider the equity and appreciation you'll be building in a hotter market - could be worth it to buy in your current area for that alone" ---> Thank you for this!

Hello!

Finally taking the steps towards financial freedom. I live in Miami, FL and the market here just like I'm sure in many other places is crazy expensive! The plan is to purchase a multifamily property and house hack. Have been approved for 650K, which is what seems to be the average purchasing price for many of the duplexes in decent Miami area neighborhoods. I've looked at several of these properties and plugged in numbers on the rental property calculator and it just doesn't seem like I've come across any properties that look like they can be a great deal cash flow wise. I've rewatched some of the webinars, and I know its mentioned that the first most important step is to take action and that the first purchase may not always be the greatest deal, but you just have to take action. Any advice?