All Forum Posts by: Suzie Remilien

@Rachel Fazio  Try rentometer.com and craiglist listings for similar homes in the target neighborhood.

@Rachel Fazio It appears that the property meets the 50% rule.  Are you firm the 3% minimum cap rate? If so, I'd suggest you double check rent figure with a property manager and find out what else would make the seller happy. 

If there are no changes in offer or rent estimate, you may have to pass on this property.

Anyone else have ideas for Rachel?

@Rachel Fazio It's better to overestimate than underestimate repairs. Need more details about your expenses. Are you planning to finance this purchase?

Hi Riley,

@Riley I'm actually focusing on both Florida and Seattle. In Seattle, I've got some of my team in place, but I'm still looking for a property manager, wholesaler and other investors with whom to connect and partner. I'm particularly looking for a realtor with experience as an investor and in estimating rehab costs. I would appreciate any suggestions that you have.

@Lance Lvovsky I'll keep an eye for more meetups and connect with folks on BP! Thanks.

@Edgar U. Thanks for the advice. I have noticed how quickly the properties are going on the MLS. Some of the ones that I'm interested in tend to be all cash offers. I've been hesitant about applying for hard money loans, but do you think I should consider it?

I need some more information to solidify my search criteria, hence the planned visit, but here is what I have in mind for now:

Multifamily below $250K

Neighborhoods: Lauderdale Lakes, Oakland Park and Davie

Financing: Conventional or owner financing

Cap: 5% or higher

Cash flow: At least $100 per door

I'm a former Fort Lauderdale resident trying to invest in Broward County. I used to live just off Powerline Road between Sunrise Blvd. and Oakland Park Blvd. I now live in Seattle. My strategy is to buy and hold small multifamily and single family properties in the Seattle area and in Fort Lauderdale. I'd like to have at least 5 doors within the next 10 years.

All of my immediate family is still in the Fort Lauderdale area, and I have already started to build a team - property manager, realtor, lender - in the area. However, I would like to expand this team and connect with and partner with other investors.  That leads to two questions:

1) How are you finding your deals - MLS, auctions or wholesalers? Which approach have you had the most success with? Are there some unique challenges to investing in Broward County?

2) What suggestions do you have for growing my team? I will be visiting Fort Lauderdale for this purpose in September. I'm planning to attend Broward REIA and the Real Estate & Business Network meetup that meets at the Denny's on Oakland Park Blvd. What other groups or people do you think I should visit or meet?

@David Zheng Very encouraging. Nice to see that condos have worked for you as an investment!

I agree with @Scott Trench. I set aside all the cash flow I need in the first few months of owning the rental in a savings account. I replenish it after a major expenditure.

@Account Closed Thanks for passing along the rule of thumb!