All Forum Posts by: Adam Schooley

@Tim L. I just went through this same scenerio a couple of years ago with my duplex in Ft Lauderdale. I had renters/friends renting one side that I didn't increase the rent for 5 years. Meanwhile taxes and insurance went up every year especially when a property is not homesteaded. When I told them I needed to increase the rent by $400 per month and that I would bring it up slowly they agreed and don't you know these so called friends went and bought a house within a couple of months. I was able to rent the unit right away so it wasn't a big deal. I ended up selling my duplex because I had a ton of equity in it which I regret doing now! I haven't been able to replace that duplex with anything near as nice. I should have done the HELOC and used it for my next deal. A 1031 is a great idea but you have a very limited time and it might force you into a deal you might not be happy with. I would not sell it. Hold for long term wealth, pull equity out to buy your next rental property. Just my two cents. Good luck!

@Jessica W. that's specific to each county and probably city within the county.  Your best bet is to call the city you want to do this in and get the answer. 

@Javaras Thomas Prices are going to vary alot from plumber to plumber.  I have someone I can recommend if you want to send me a DM.  He gave me a great quote for replacing poly pipes in a house in Pembroke Pines. 

 Hi Idan Licther,

I'm an investor in the area.  I don't think you would have foundation issues.  The biggest think to think about is mold remediation if the drywall and wood has sat wet for years. Also depending on what caused the leaks in the first place. I'm not sure how old the house is but we have issues with cast iron pipes down here and also polybutelene pipe that like to rupture in the walls. Cast iron pipes in older homes and poly pipes are generally in homes built in the 90's and early 2000's.  

A project that size would generally take 3-4 months to complete with permits.  You wouls also need to check see if there are any violations from the city on the home due to the condition. Those would have to be taken care of as well during the process.

Let me know if you have any other questions. 

@Thomas Sloan I’m an agent here in South Florida. I live 15 mins from Fort Lauderdale. I have experience flipping here in South Florida and have owned multi family properties in Fort Lauderdale. Send 

@Poem Turner let me know if I can help your client in anyway. I was born and raised here in Broward County. I also own rental property in Fort Lauderdale and know the area very well.  

Have a great day! 

@Diego Ramos the only multi family units you will find in west Broward are going to be in Coral Springs, Coconut Creek area. All of these will be in the mid $300’s to mid $400’s. I would say 90% of the multi families are east of the 441 area. If you have to drive to Weston try finding something close to the highways so your commute isn’t that bad. The most important thing is your financing! Most of the multi families I’ve lost this past year have been to cash buyers and over asking price. Most of it is foreign investors. If you find something that fits your criteria make a very strong offer price wise and make a short inspection period to make the offer more enticing to the seller.  If you have questions feel free to contact me.

Good luck

@Account Closed I looked into this a few years back for my duplex in Ft Lauderdale. You have to call the city to install the meter. Ft Lauderdale wanted $1800 for a 1/2 inch meter and $2300 for a 3/4 inch meter. Then it’s your responsibility to pipe it in from the meter to the building. The problem with my property is the main water line going into the building splits off behind the interior walls and was going to cost a fortune to rip up walls to find out where it separates. It wasn’t worth the cost for me. Hope this helped a little.