All Forum Posts by: Brett Voorhees

Hey @Marko Kustudia, What I would recommend is someone you can obviously trust. This is a good opportunity to expand your team and build a trusting relationship that way when you are looking to expand or liquidate you can do so. I have a good friend who is a realtor out there and I can connect you guys. Let me know. 

Best of luck!

Hey @Annie Johnson, like a few others have said on here already, flipping in this market can be tricky, however it is not impossible. Finding the right deals and doing the right renos will ensure you mitigate your risk. There are some good pockets from PSL to Lauderdale for sure! What I do for my investors usually is guide them where the big companies are going. Is there a whole foods being built, a new school, or a hospital. These are some of the indicators of a market that will be growing. Every investor has their input and it is not that all are wrong, they just have a slightly different strategy and desired outcome. What I can say for sure is that timing the market is extremely risky in this market. I have seen some neighborhoods with a 15% turn over still selling over ask on every home, and I have seen others where the turn over rate tanked and sellers have to offer incentives in order to bring buyers in. So Like I said, there are good pockets up and down this coast, just a matter of setting priorities and expectations, picking the right pocket and doing the right renos which right now I have seen the bigger renovations being a bit safer with larger profit margins. 

Hey @Raymond J. Rodrigues, really depends on the particular property and the association it is in. Takes some time but I would recommend touching base with all the HOA's where you are looking to purchase a property. Keep in mind some associations like to make up the rules as they go, so I would also be sure to dig and see if they ever have a plan to change the rental restrictions. I am a realtor out here and what I have seen is a lot of investors that take the STR route are having to sell the properties since the associations change the rental restrictions. They do this in order to keep homeowners in the community opposed to having it turn into an airbnb party scene. For STR I would recommend going with a single family or a residential multi-unit that way you avoid this all together. Best of luck!

Hey @William Doyle, Just wrapped up a deal out there. I have helped a few investors in North Miami Beach already. Let me know if you are still looking for someone. 

Hey @Jose Varghese,

Just like @Brandon Beardt said. I would look into a HELOC since you already own a property now. Since our market here in South FL went up so much.. there is a good chance you have some good equity there that you can pull out. From there (Depending on how much you can get out of the property) I would look into residential multi units. Duplexes, tri, and quads. Those will always be in demand in Miami especially.

You can always see what you qualify for with a lender, especially if they offer DSCR loans.

best of luck!

I agree with @Tyler Fontaine, know your #s and get connections with trust worthy people there. I would personally have a list of prequalifying questions to ask them to make sure they are a good fit for what you are looking for.

Sounds like you have some awesome opportunities going on, best of luck to you!

Like @Paul Sandhu said, I would keep an eye out for HOA's. They can make it more difficult due to restrictions. For example by me in South FL so many associations changed their rental restrictions to limit the amount of times to rent per year and how long the rental terms can be. Single family homes can still work great for STR.

Best of luck!

Hey @Max Lichtenstein, this is normally outlined in the purchase agreement. But essentially @Scott E. is correct. You don't pay any realtor fees. You pay title fees and any prorated fees that were paid in full. For example if HOA was paid in full in January for 12k for the year and you purchase the property in May.. You would pay the day of closing til the end of the year. That money would be credited to the seller at the time of closing.

So in short.. Title fee's and prorations you pay. Typically ranges between 2-5% depending on what state you are in, the title company you choose etc..

Hey @Bryce Kennebeck, I would look into REAL. Just like exp.. no monthly fees or anything. A lot of opportunity to grow especially if you opt for the stock option. Let me know if you need more details and I can send them over. Worth looking into at least.

Hey @Jake Drappi, I know a few investors in PBG and Jupiter market, the way to go is Single Family for STR. What I would look for is a neighborhood that has a bright future of appreciation and no HOA or at the very least and HOA with little restrictions. There are many areas that have HOA rules changing rapidly in our area so just be sure you or your agent does their research so you can avoid any headaches in the future. Many say this market is saturated in jupiter/PBG but in my opinion.. with the right deal there is plenty of money to be made with both cashflow and appreciation.

Best of luck to you guys!