All Forum Posts by: Carlos Fong

Good Evening Bigger pockets community!! I wanted to know what company are you guys using to screen your tenants? Of course this question is for those of you screening your own tenants.   I thank you in advance for your feedback. 

Hi everyone thank you for all your feedback. I purchased the property for $335,000 with both units being rented out until the end of the year. Both tenants have been very good and long term tenants, therefore only paying $800 per month. The duplexes in the area are selling for $560,000 and above. A lot of developers are also buying a lot of duplexes and SFR to build custom homes and twinhomes that sell close to the millions. The market rent for each unit ranges from $1500 - $2000 depending on condition of the unit. Therefore as is I will only get about $1500 per month. I feel my price is right compared to the closed and active sales in the area, however if an investor does not make enough cashflow I just don't see it moving if I am trying to sell fast. I have it listed for a few days without any interest. I am a Realtor, however I work mostly SFR, therefore I wanted to ask the experts to see if I may be priced to high.

The duplex was built in 1961, however seems it has been updated at some point ( I don't know for sure as I bought it from a wholesaler) it is 1300 square feet and each unit is 2 bedroom 1 bathroom. It has tile flooring throughout, central a/c, laundry closet, accordion shutters. 

With all that being said what do you all believe would be a quick and fair sale price? Let me know if you need any more information. Or do you believe it may be a good property for me to keep and fix up the unit to raise the rent to around $1700 - $1800 each to get it rented quickly?

 I would greatly appreciate any feedback. 

Hi Everyone -  I just purchased a duplex in Miami, FL at a good price and I am looking for a quick sell. I don't currently landlord any properties so I wanted to ask the professionals. If you were buying a duplex for $450,000 how much rent would you expect to be receiving in total for the deal to make sense to you. Just in case you need more information about the property it is located in a good area in Miami called Coconut Grove, the taxes are around $4,400 and insurance is about $1300 + $400 for liability for the year. The tenant is responsible for water and electricity. Let me know if you need any further information.

I know everyone may have different preference, however would like to see what is the majority.  Thank you in advance.

@Jim Stevenson Thank you Jim

Hey everyone just wanted to say what great stories everyone has shared. I wanted to continue and share my success story as well. I bought a fix in flip from a wholesaler with my best friend/business partner for $162,900. We spent around $43,000 in repairs, around $7000 in holding cost, around $10,000 in closing cost and around $13,000 for agent fees (agent fees should be less as I am the listing agent). I put in on the market a week ago and received around 5 offers with the highest being above list price. It is currently under contract. This will leave me with a profit of around $40,000.

AFTER:

I too will be interested. This time around I won't be able to as I am leaving out of town, however will love to the catch the next one.  

Brandon, Thanks for your reply. I know we both are newbies but maybe we can connect, share experiences, and help each other out.
Wayne, Thank you for your reply.

Brandon, I'm a newbie from south Florida as well and was wondering if you had any success finding a mentor down here and how things are going for you.

Jon, your post was very helpful. Thank you.

I'm from Miami and looking to network.

Helo BP community!

I'm so excited to be joining this community of REIs. I am a real estate appraiser from miami, fl and my fiance and I are looking to start our own business in real estate investing. My fiancé is a recent collage graduate who hasn't been able to find a job as a tax accountant. After showing her what investing is all about she is very excited about starting this business together. Ever since I was young I had a dream of becoming a real estate investor and really owning my own time and life. We are looking to learn as much as possible about investing from the people who are already successful in the business. We are ready to work hard to achieve our goals and will be very appreciative of any advice people give us.

We heard the best way to start is wholesaling. We have done A LOT of research on it and are pretty confortable with the concept of it but would like to hear from people who have accutaully done it. We would appreciate anyone's opionion on this and on what exactly are the first steps we should be taking.

Thank you so much in advance.