All Forum Posts by: Adam Schooley

@Tyler F. you just have to keep moving forward and making offers. Anytime you want to talk let me know. 

 @Tyler F. Were you able to put a deal together with the owner of the duplex?

Hi Sandra,

Just curious to see if you were able get this deal worked out?

 I would just start looking at the vacant land that has sold closest to the property as a easy start. It's definately relevent as far as the land use and who you would want to market it to based on what can be built on the property. 

I might be interested in the South Miami property. I'll send you a message.

@Gabriel Starms It really depends on your end game. It looks like your trying to wholesale these properties so that being said.

Comp 1. If I were wholesaling I would value it as a 4/2 and market the fact that it has 2/1 for extra income to cash buyers. You also have to factor in the amount of rehab needed to get it to the ARV. Most cash buyers aren't to worried about permits as long as there are no open violations with the city. You can go online and look for open permits on the propery and code violations just to know for sure.

Comp 2. I would just look for recent vacant land sales in the area that are comparable size. That will give you an idea of what land would sell per sqft. 

I'm a real estate agent/investor in Broward. I have cash and have experience flipping and rehabbing. If you want to talk about JVing on the first property let me know. 

@Abigail Crowley it really is going to depend on your price range to what area you could BRRRR. I generally prefer 3/2 SFH in good neighborhoods with good school zones. You tend to get better tenants that stay longer.

@Yaniel Suarez I'd love to have a conversation about buying an investment propery here in South Florida. Your story hits home with me because my wife is a full time nurse of nine years and is currently at Cleveland Clinic. My daughter just graduated from NSU with her BSN is a nurse at Holy Cross now.  My wife and I have owned both types of properties that you're interested in right here in South Florida.  I would definitely like to speak to you about the pros and cons of buying either one.   

@Paulo Barreto it really depends on your investing strategy. I'm currently looking for buy and holds so I'm not to concerned if there is a bit of a market correction.  South Florida has always and will always be a tourist destination and that will keep values pretty stable.  

@Nicole Johnson I'm a real estate agent and investor in Broward. My last flip was in Weston. Personally I would advise you to look at a lower price point for your flips with alot less square footage.  The costs can add up very quickly especially with the cost of materials and labor right now. Generally a hard money lender is going to want you to have at least 20-25% downpayment, so $120k for your $600k purchase price. Most hard money lenders charge you 2 pts for the amount borrowed so another $9,600 plus your closing costs. That doesn't leave you very much money to rehab the property, plus your holding cost for 6-8 months. You're also forgetting how competitive this market is right now. Even bank owned properties are being bidded up to retail prices and still need full rehabs. I would definately do your research and try to analyze as many deals as possible. Watch the properties that are auctioned off and follow them to see what they eventually sell for. You can go to BCPA.net for Broward properties. I have some good resources here locally if you need them. Let me know.  

@Gabriel Jon Itkowitz I would ask a real estate agent. They can look at all the units that have been rented in the building you’re interested in and give you an accurate suggestion for rental rates.