All Forum Posts by: Ash Hegde

From someone in South Florida, I'd echo concerns that Stuart mentioned. The insurance issues apply to single families as well, but condo owners have been getting hit pretty hard with 40-year inspection assessments and maintenance fees after the condo collapse in Surfside. As a unit owner you don't have the option to choose your own contractor for major/community fixes like a single family owner would - you just pay your portion of the total cost. 

I believe there is a way to do this. @Dave Foster would likely know the complete answer. 

Welcome Juan! Definitely connect with Ray, he's a great resource for our area. 

Welcome Sven! House hacking is a great way to start, and you're in good hands with Ray, he's been investing here quite a while. 

Agree with the others, house hacking is a great first step. The rent will offset the cost of your primary which allows you to save faster for the next one, plus it can become a rental property when you move out. Run the numbers and make sure it will support itself when you are gone.  

Welcome Kerli! @Ray Hage would be a good person to network with for the Fort Lauderdale area, he knows it well. 

A primary home is not always a great investment compared to renting and investing the down payment, the rent vs. buy calculator can be one way to compare. 

What many here do is turn their primary into an investment by house hacking. That could mean renting extra rooms out to roommates or buying 2-4 units, living in one, and renting the others. If you buy in this way and factor in rental income to offset you mortgage, you are often going to come out ahead - sometimes very far ahead. 

I don't know of anyone local that will do this, unfortunately. Do you plan on doing multiple flips or just one? If you are planning to pay the HELOC back after each flip but then draw it right back out to buy the next one, you will have a loan balance most of the time and a refinance might work just as well for you. If you're only doing one off flips here and there this won't work though as you'd be paying extra interest that you don't need to.

Hey Robert, I don't see anything for Miami but Fort Lauderdale has a couple. You can look for meetups under the "get started" tab. Welcome to South Florida!  

Sorry for the bad experience and thanks for warning the rest of BP! Unfortunately these guru programs are rarely (never?) worth it.