Reply
Results 1 to 4 of 4
  1. #1
    Registered User manmore350's Avatar
    Join Date: Jun 2013
    Age: 35
    Posts: 1,988
    Rep Power: 2651
    manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500) manmore350 is a glorious beacon of knowledge. (+2500)
    manmore350 is offline

    Real Estate Brahs - What are the pitfalls I should look out for?

    I currently live in Cali, but I grew up in Miami and absolutely love it there.

    Right now I am hating my current job and I am also sitting on a ton of cash/investments. I am thinking of just buying some apartments in Miami 300,000-500,000 range and A) use them as a vacation home and B) investment property to either sell or rent out for monthly income.

    I have the building in mind that I love, and I feel like once Covid clears up renting it out would not be a problem. Is there any other major pitfalls I should consider or worry about?

    I would also probably invest in a property management company to clean apartment and help me rent it out.

    My only trepidation to investing in something like this.. is that I can make equal if not better gains by just keeping my money in the market.

    What say you misc?
    Reply With Quote

  2. #2
    Registered User ajctennis's Avatar
    Join Date: Nov 2010
    Age: 30
    Posts: 1,466
    Rep Power: 4216
    ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500) ajctennis is a glorious beacon of knowledge. (+2500)
    ajctennis is offline
    I was considering something similar.
    Do some BOE numbers to make sure the deal makes financial sense. It's tough to say if we will see any kind of drop in real estate prices from foreclosures considering the cost of debt is so cheap. Also what area are you looking to buy into? I'm assuming Brickell.

    PM me the building. I'm curious as to where you are buying. Might be able to give more insight.

    Originally Posted by manmore350 View Post
    I currently live in Cali, but I grew up in Miami and absolutely love it there.

    Right now I am hating my current job and I am also sitting on a ton of cash/investments. I am thinking of just buying some apartments in Miami 300,000-500,000 range and A) use them as a vacation home and B) investment property to either sell or rent out for monthly income.

    I have the building in mind that I love, and I feel like once Covid clears up renting it out would not be a problem. Is there any other major pitfalls I should consider or worry about?

    I would also probably invest in a property management company to clean apartment and help me rent it out.

    My only trepidation to investing in something like this.. is that I can make equal if not better gains by just keeping my money in the market.

    What say you misc?
    Reply With Quote

  3. #3
    Registered User paulinkansas's Avatar
    Join Date: Sep 2018
    Posts: 2,390
    Rep Power: 15583
    paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000) paulinkansas is a splendid one to behold. (+10000)
    paulinkansas is online now
    You can do short term rentals. You basically furnish it completely and put the utilities in your name. Rent it out for a weekend or a full week to vacationing people. It's what I do, but for travelling refinery contractors. 23 rentals, 83 beds. My typical place is a 3 bedroom house. It would normally bring in $600 a month for a long term rental. I get $600 a week for it. 2 bedrooms are $400 a week. A motel room with 2 beds is also $400 a week here, but there is no kitchen, no washer/dryer, no smart Hdtv, no entertainment like a fire pit or horse shoes in the back yard.

    I post a lot on the Short Term and Vacation Rentals forum on Biggerpockets.com
    Reply With Quote

  4. #4
    Registered User friesbruh's Avatar
    Join Date: Mar 2017
    Location: Ohio, United States
    Age: 35
    Posts: 2,800
    Rep Power: 28020
    friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000) friesbruh has much to be proud of. One of the best! (+20000)
    friesbruh is offline
    I'll say this - you may have an idea of what you like but if you want to make SERIOUS money in it, other options are out there. Ive been studying RE investing pretty hard core for 7ish months now, have one flip under my belt, looked at SF, MF and 4/8+ units and am now considering syndication and making offers on 20+ units or completely new builds. Hard to summarize here. But it depends how big you want to go. Do you want to be sort of self-reliant or make so much damned money you are totally self-reliant. To answer that we'd need to know your long-term goals, whether investing is in SF/MF or commercial and also need to know if you will be hands on or just a partner in a deal. Can PM me if you are serious.

    Cash on cash return is great. Dont ignore the total IRR or your total gain in net worth gain per property per year.
    Tommy cologne crew
    extra onion crew
    Vet TV crew
    Trump crew
    M&P crew
    Reply With Quote

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
www.000webhost.com