Realtor (FL & NY), Appraiser (FL & NY), Investor (FL)

[Michael Petrone]

Good Day, I am originally from Rochester, NY but now live in Sarasota, FL. Having been in real estate for over 30 years I decided to get out of the area I lived in because of the growth opportunities were not there for the future. As you may or may not know, NY is a very high tax state, especially when it comes to real estate taxes. Also, I was tired of the cold weather, since I am a beach guy, SCUBA Dive, play beach volleyball, love to fly planes and seafood. So while I was born and raised in NY it was time to say esta La Vista.

In addition, I had seen many of my neighbors, getting stuck in NY once their kids have children. I did not want that for me or my kids, since the opportunities are where the jobs are and where the population is increasing and the northeast is really not one of those places.

Having lived in many places in the country and the world and having been an actor in Florida many years ago I decided the SW Coast of Florida was the place to be. I have lived in Daytona Beach, Orlando and Tampa but for one reason or another I did not want to live there. I owned 30 or so rental units in Rochester, NY and my electrician had a sister that lived in Sarasota. I had visited the area in my 20's with my Dad after my mother died from cancer to see my cousin. I went down there prior to the crash in 2007 and new there was a crash coming since I have been trough the tech bubble crash in 2000 when I was finishing my MBA in Finance and had talked to several colleagues in the appraisal field that had seen a great deal of speculation. So I did not buy anything at that time. Anyway, in 2014 I had the opportunity to move with my wife and 3 kids to the area and several of my real estate appraisal clients needed  help in the area. So we moved. 

I cannot say enough about this place (Sarasota, FL), it is great in so many ways: lots of cultural events, weather, low taxes, growth, real estate investment opportunities, good schools, great weather for flying planes, beach volleyball, SCUBA diving, great food.

So, more about me professionally: I read the Art of the Deal by Donald Trump and was immediate hooked on real estate, that was in my late teens to early 20's as I recall. I have always loved real estate, planes and the beach, so you can see why the move here was in my best interest. Anyway, I went to college and got my BS in Finance from RIT and then my MBA in Fiance from the University of Rochester, Simon Business School. and have been involved in real estate since the late 80's first as a commercial banker and then started in the appraisal field during the early 90's when refi boom was going on during that time. 

I started investing with a friend and we started doing rehabs, flips and buy and hold. Since I am appraiser, and a good one, if I must say. I really know this stuff and love it! The properties we bought were typically 1 to 4 foreclosures and with my background we estimated the repair costs and they would appraise and then sell for within $1,000 of what I had estimated they would. It was pretty amazing when you can use your own training as see that it actually works. At one point I owned about 30 to 40 units, my name had gotten around in the Rochester, NY area as a very astute professional so I got approached by other investors in the area and we had the opportunity to buy more sophisticated properties. 

Currently, I am into flips, wholesaling, short sales, foreclosures, income producing properties, I like the 1 to 4 for the liquidity if I need it for a line of credit or to sale if I need the money. I typically do not like to sell and would rather be a buy and hold, but if someone wants to offer me a great deal, I am in. I am more interested in learning more about a Master Lease Agreements and buying much larger properties of 20 units or more. The largest I have ever owned was a 17 unit. Self storage, retail and vacation type properties are also areas I would like to invest in.

So, if you would like to chat drop me a line and we can talk.