All Forum Posts by: Alim Abrahim

Hi Jacob!   Sorry nobody is getting back to you in Florida!!!   There are great deals here for non-local investors!  in both the 1-4 unit and 5+ unit categories.   I also know a good lender for you based in California, that is licensed nationwide.  But don't let those other agents discourage you!!  Stay in touch.

I just did a 1031 exchange with investors from San Jose-- they bought a 12 unit in Orlando... we have opportunities that can fit your ROI goals.... we have the experience to help keep you out of pitfalls, and we have the team that can squarely answer ALL your questions. We should catch up soon! Of course, if you'd like to talk to my clients from San Jose, just ask! My niche is Florida multifam, working with investors from out of state/overseas. Looking forward to catching up with you!! Thanks

Hi George - My niche is working with folks from Cali, NY, Toronto, Israel, etc - I sell Florida multifamily properties.  Often, we do 1031 exchanges with properties over there, to buy higher cash-flow properties here in Florida.  The midwest does have lower price-point options, we are not as 'cheap' but the influx of people moving to Florida, general demand for rental housing, and very limited new construction multifamily properties (in the $800-1200mo rental market) make this a solid choice.  Let me know the general amount of resources that you want to put to work for you - I have the team to get all your questions answered.... further, I approach everything with a very educational approach, we have lots of great opportunities, but I love to find out if me and my market are a good fit for you, before wasting your time.  Thanks!

The downstairs units are both vacant... You might have to go through a bedroom to join the two.

Call if you'd like to see it... They are rough, as mentioned in the description.

Thanks

Many of my clients are selling SFR and smaller multifamily, duplexes, fourplexes, etc in California... and 1031 buying 12-30+ unit properties in Florida. Though, it all comes down to your personal goals and strategy moving forward. Where do you want your real estate income to be 5 years... etc...

I know great lenders that could talk to you about the tipping point of whether to refi for equity, or sell to apply more buying power to get a higher leveraged income that you have with the current portfolio.

Feel free to call or email anytime - your strategy, and longer term goals should define your options, and quiet the distractions.

Thanks!

$300k

All 2bed 2bath with washer/dryer hookups

Needs about $15k reno

GREAT rental area (I have another 4plex owner, and a separate Duplex owner in the same area, within a couple of blocks, and they have had stable rental success, and watched the rents go up over the last couple of years.)

Rents about $850 each per month $3400.

The seller is not distressed – I sold this property to him about 3 years ago, and in his infinite wisdom, he used an unknown property manager… to save a percent…. And you know how the story goes!

Three terrible tenants were placed by the ‘discount’ property managers… then he called me for help. They fired that manager, and I got my usual property manager to take it over a few months ago, and we evicted three bad tenants. We placed one tenant in unit 4 (I think for $799 since the building was looking unruly), and now a contractor has painted unit 3, and is making it rent-ready (in process). The quotes before that unit was fixed included unit 3, and one was $15k, and another was $18k… Most of the work is in units 1 and 2, the downstairs units. Flooring in one, a lot of clean-up, exterior paint, landscaping, and some odds & ends to get this where it needs to be.

The upstairs unit is being shown at $885 – but I believe that he at least has to do the landscaping and ext paint, to get people excited at that rent. But we’ve only started showing it this week, and will likely have a tenant soon. (our property manager is a good screener, so you’ll have two good tenants in there before closing.)

The owner now is on the fence – should he spend another $12-15k and get it rented, and let it run?... or should he sell and buy an larger property. He could easily go either way.

$300k would motivate him to sell, but we’ll need to move quickly 

Hi Chris - I sell multifam in Florida. 99% of my clients are from overseas & out of state.

This week, I'm in the due diligence period with a couple from San Jose, selling a 4plex and 1031-ing a 12 unit in Orlando, and I just met another couple from Sacramento who are  looking to 1031into a 12-16 unit here in Florida.  

Have you considered the Florida market?

I'd love to chat & see if I can share any information on their experiences so far, to give you a real world idea of what it's like, whether you buy here, or not.  I like to make myself available to people that are interested in learning about the business.  Never a 'hard sell' - not my style.

Let's connect on the phone this week, if you like?

Thanks!

Alim

I can help - its really simple.

Let your understanding of people's motivations guide your decisions.

(shameless plug... note my motivations!)

I sell multifamily properties in Florida, to investors from California, Israel, Vancouver, etc... This is my niche.

I find that it is my duty to be the one in the trenches, to weed through all the info sellers provide with an experienced, critical eye, rather than just trying to sell my own listing to you.

As far as building a team - I have lenders, property managers, contractors, insurance providers, and more ready to work for you, and I do not have any financial arrangements with any of them. I refer them based on their merits, and how well they take care of my people. If they do something that concerns you, I am on your side, as they all benefit from their relationship with me - and work hard to maintain the relationship.

My true motivation, is to help people build portfolios - this game is a long game, and I've been in it since 2002.  I need to feel comfortable with your acquisition, so that I have a great experience with you, and you build confidence to work with me further... or even feel good enough about our success to refer me other people you care about.

I'd love to have a chat on the phone to see if we'd be a good fit - but mass marketing to brokers in the area will just get you a bunch of solicitations from agents, and it's more time effective to get to know someone that does exactly what you're looking for.

Thanks! I hope we can work on figuring out your strategy, even if we don't work together in the future.

Alim

I feel that LA is better for appreciation, and Tx (and Florida, where I am) are better for cap rates.

I do lots of 1031's with LA & San Francisco owners, buying Florida property.  Most of the California investors I work with rent their primary residences, and own Florida multifamily.

Hi Travis - I normally sell multifamily all over Florida, but I know of some unique opportunities in Orlando - less than 10 minutes from Disney.  Great short term market here. I will connect with you, if that's ok? 

Thanks,