All Forum Posts by: Alberto Nikodimov

Hey @Jake Jaenicke,

It all depends on exactly what you are looking for and what's available out there. As you probably already know, the inventory in Central Florida is pretty low and you have plenty of buyers to compete with! You are also limited to properties which are allowed to do STR.

My advice is: Make sure you verify that you are allowed to do STR with the property you are purchasing and obtain the required licenses.

Having someone in Orlando will be helpful, just make sure they are qualified and you are protected.

I will be happy to connect and have a chat with you. A brief overview of the market could be useful. I can also recommend few communities you should look into depending on the returns you are expecting!

Good luck!

Hey @Federico Dayan, I was facing the same dilemma when I was living in Miami and I decided to buy in another state first. If the choice is buy a profitable investment in another state without having much control or not buy at all, then it's an easy choice. In my case I was familiar with the other market as well and I was also willing to travel there few times a year. There were also few other factors which helped my decision. 

At the end of the day it comes down to your personal situation. Having a great circle of advisors always helps! surround yourself with people in real estate and also other successful people, share your plans and get their opinion.

You also need to ask yourself: What is the best use of my money (opportunity cost)?

It's not very easy to get great returns in Real Estate in the current market unless you have a great team around you. Ask yourself what are your benefits and risks of investing in RE right now and compare to other investments.

Just to be clear, I'm not saying you shouldn't invest in Real Estate. I'm just sharing what I think is the correct way of thinking about any investment which I learned from seasoned investors.

I hope this helps!

Thank you @Alex Cueto!@Alberto Bustillo feel free to send me a message and I will be happy to meet for a coffee or have a quick phone call. I'm actually doing exactly what you mentioned in your first post for myself!

Hi @Zachary Penn

You should reach out to @Alex Cueto with Tampa Bay Property Management! They are great! We are a property management company in Orlando and we refer all of our leads for the West Coast of Florida to them!

Very detailed and generous reply! @Justin Recca
Setting expectations and having a process you follow is a key in our industry!

Hi @Oniel Samuel,

We work with many foreign investors and I will be happy to connect. Miami is a great market which provides good cashflow and potential for high appreciation. The current environment makes Florida even more attractive and it seems like now is the right time to invest!

@Sean C. I completely agree with you! Like you see in one of my first comments on the book, I don't necessarily agree with everything and I believe some of the laws are manipulative and I could never apply. However, for me it was truly refreshing to read a book which is not watered down in order to reach wider audience. I enjoyed learning all the useful information!

"All information is good, even when is bad!" - Neil Degrasse Tyson

I would rather know the truth about nature, power and how people are using these "tools" in order to recognize it when I face a similar situation.

"But the truth is a double-edged sword; It is a dangerous thing." Michael Scott

I would like to add - How you use what you know is what defines you!

This is why I believe this is a great business book. You can pick and chose the laws that work for you and master them. At the same time you can spend even more time on the ones you despise and learn them in order to protect yourself. I had couple of moments while reading the book where I was thinking to myself: "This is exactly what he/she did and now I understand their motive! I wish I knew this earlier!"

I'm glad my post encouraged you to read this book and I can't wait to hear your thoughts once you are done with the book!

Congrats on joining Bigger Pockets and starting your RE journey @James O. Coker II !

Bigger Pockets is a place where you can get access to people with experience who are willing to share their knowledge. This is also a place where you can connect with like-minded people and make very good friends! Best of luck!

Hi @Rick Albert

Miami is a great city and there are tons of opportunities! Like every other market there are some specifics you need to be aware of but if you have the right team and do your due diligence you will be okay. Therefore, here is my first suggestion: 

Find the right team to work with! This will make or break your investment.

Unfortunately, Miami doesn't have the best reputation when it comes to professionalism. Many people are trying to make a quick buck and they are not necessarily looking for a long term relationships with the investors. Therefore, make sure you vet the people you are working with and ask for recommendations from other investors.

My second advice will be about the realtor you are working with. Try to find someone who will be there not just during the sale but afterwards as well. The average realtor in any market concentrates on closing the sale and moving on to the next one. Try to find someone who is investor oriented and has some interest in the performance of your property. I have some tips on how to arrange that. I'll be happy to share them. Just send me a message.

My third advice would be: Concentrate on C+ or B Class areas. Those are the areas where returns are great, you can find reliable tenants and there is still a huge potential for appreciation!

All of the investors I've been working with had a great experience and Miami is now one of their favorite markets. With that being said, I have also seen many investors who lost money because they worked with the wrong people, which goes back to my first point above. This is really the key when investing in Miami!

I hope this was helpful!

@Stephen Brown If you had to add 3 books, what would they be? I'm still looking for recommendation!