All Forum Posts by: Nat C.

This looks beautiful. I invest in Daytona Beach too. It still has deals (unlike many other cities)!

Architectural plans need to be stamped by a state licensed engineer or architect to obtain permits. 

Also building codes can vary considerably between different states. Florida has the strictest building codes. States that experience hurricanes, tornadoes and floods have building requirements that you would not see elsewhere. 

Regulations even vary by County.  

How many square feet is the building?

You need to have architectural plans drawn up and then submit those plans to the local building department for permits.

Hiring an expeditor is not necessary. It just speeds up the process for those who are time poor or in a rush.

You will then show the plans to different GC's to obtain quotes. Make sure you do your due diligence on anyone you are considering hiring. 

The cost for architectural plans really depends on the square feet and complexity. Permit fee should be in the hundreds.

Feel free to message me if you need further assistance. 

You have to upgrade your account to a paid subscription and then you can advertise and network in the BP marketplace. Good luck

 I'm sorry to break it to you but you will never find a property which meets any of theses 'tests' in Miami, except for MAYBE in less desirable areas West of I95. The areas you have mentioned are very pricey and the cap rates there plummeted years ago.

@Jon D.

I own properties in Charleston and Miami so I feel that I’m qualified to contribute to the conversation. Both cities are expensive to buy real estate in and many Americans consider Miami and Charleston to have a high cost of living.

Labour:

Reliability and affordability is a problem in both cities but Charleston is especially bad. There’s a larger labour pool in Miami and more people willing to do work. I would speculate it’s due to the higher number of undocumented individuals.

Capital investment:

Miami is extremely expensive. Even the bad areas which many investors previously avoided are now overpriced. It literally blows me away to see the price per square foot in some areas compared to a couple of years ago. I’m unaware of any pockets where you can still find a deal. However rents haven’t risen at the same rate and therefore the cap rates are poor. The main people I see wanting to invest in Miami now are foreign investors and people who just want to own a slice of something in Miami.

As for Charleston, there are still pockets where you can pickup something affordable, put in some sweat equity and achieve a decent, double digit cap rate.

West Ashley is probably the most notable place to mention which is gentrifying quickly. North Charleston is a very interesting area where I believe there’s a lot of opportunity.

Appreciation:

Charleston has a rapidly increasing population which has been estimated will reach 800,000 by 2030! There’s a lot of big companies moving their headquarters to Charleston. The shipping port is a big asset. It’s a city that’s continuously ranked as one of the top boom towns in the US.

There’s so much new construction in Charleston, especially out in John’s Island and there’s a lot more available land in Charleston surrounds compared to Miami. Land in the Miami outskirts is already mostly built on.

Miami is a long time popular city and will continue to increase in population but I believe at a more modest rate compared to Charleston. Miami will never lose its world famous sparkle and shine.

I’m not drawing any conclusion to this post. I’m simply outlining my personal observations. Each investor should decide on their own goals and strategies.

@Connor Castillo

Architectural rendering is very common in property development and I believe most property developers utilize it.

The goal of architectural rendering is to illustrate lifelike experiences of how a space or building will look like before they have been built.

It’s imperative for off-plan property because buyers want to see how the finished project is going to look.

You could possibly looking at going the off-plan sales route, whereby you would offer a sizeable discount on the ARV to a buyer who is willing to put down money in advance.

You would need the approved City plans before you could do this though. When is the city expected to approve the plans? It sounds like a stressful situation you’re in right now.

It's good to see someone fighting for property owners rights in Volusia.

I own some properties in Daytona Beach and the ROI is excellent compared to some of the larger cities in Florida. I also own a property remodeling and architectural services company with a headquarters in Daytona. The company maintains a minimum ratio of 50% women.

I would appreciate it if you could send me more information about the groups you are starting.

I have a business and properties in Daytona Beach. The ROI is definitely higher than other cities because the purchase price is quite low and rents are moderate. So if you are investing for cashflow, I think it's a good choice but as for appreciation, there are better markets.

I'm sure you have heard that you should aim to invest in cities with a population above 1 million......well Daytona is far below that with a current population of around 70k. So it's a relatively small city with a population growth of around 1% annually. There are no large companies flocking to Volusia to open their headquarters, hence the demand for more housing will not be great.

The investment price is low unless you are buying around Ormond Beach. I've seen nice houses that need some elbow grease sell for 150k on the beach. Where else in Florida can you still find that?

So it's a low entry price and a safe investment with good cash flow but your 150k property won't be worth 1M in 10 years.