All Forum Posts by: Carlos Rovira

Has anyone had any success generating leads from Facebook ads? I am referring to leads for possible acquisitions. If so, what sort of targeting did you use (i.e. to target potential sellers of properties). I am interested in multifamily properties in Miami, FL (can get more specific on types of properties if need be).

I know that @Brandon Turner mentioned using Facebook ads in one of the podcasts. Would love to hear your story.

Thanks!

I tend to avoid those types of neighborhoods due to how managment intensive they can be. If you can handle the management, there is much money to be made as those types of properties have bigger spreads. Assuming you can have decent equity after the repairs, and you do it all legally, so there is an exit strategy in case management becomes too much to handle, I'd go for it, as you can easily clear 12%+ return. And if you can get a section 8 tenant in there, It'll be easier to manage. 

sounds good. I'll wait a few days and then blast out an email to everyone who signed up on instructions on how to make the donation.

Is anyone interested in being the "photographer" for the event to take a few pics to share with the rest of the community afterwards?

Thanks!

Ok, we are confirmed now for August 25th at 6:30 PM at the Total Wine in Town & Country: 11960 Mills Dr, Miami, FL 33183.

So far I have 18 people confirmed on this form: http://bit.ly/1I4EhwB

If you haven't RSVP'd, please do so. 

Would it make sense to ask for a small donation ($5?) to buy food and beverage? I can set that up using paypal if necessary.

Let me know!

@Devon Garbus

 Ha! OK, I asked the seller. He's looking to get $1.4MM.

Alright, I created a sign up form:
http://bit.ly/1I4EhwB

Please sign up if you're interested. I requested the Total Wine room at Town & Country. I am waiting to hear back but chose August 25th, 6:30 PM as my first choice (Aug 24 Second Choice and Aug 18 Third Choice).

Once I have a final date, I will post a new topic on the forums with more definite info. 

@Devon Garbus

 Negotiable!

@Vincent Crane

 Vacancy rate will be 0%. In Hialeah actually, they've been known to have negative vacancy rates (even through the recession), since you have multiple families sharing rentals. All utilities, garbage, water, sewage, etc is paid by tenants. I self manage the property (eventually I'll hand it off to management, lowering the return). Also, I put strict leases in place that require tenants to take care of basic maintenance of the property. Unless there is something major with regard to structure, etc, Cap X is relatively low. But yeah, you're right, the "true" return will always fluctuate. 

@Jim StoffeyTenants were all month-to-month so no leases in place. They all left civilly. Hialeah is a great market with very decent people, so we had no issues with regard to the tenants and condition of the property. 

@Rebecca PetersThe deal came to me from a realtor friend of mine. It was on the MLS. Actually, the way I found it was that I came across another property that was right next door to a property that I currently own. It was also on the MLS. I saw that the listing "broker" was the father of this friend of mine. I called him up and he told me that the property was already under contract, but that they had another one available for me to look at. And that is how I found it. It shows the power of having a strong network. Had I not called my friend about the other listing, I may have never found this property.

Regarding communicating with the tenants, I just sent them written notice prior to closing that the property was being sold to new owners and new instructions on how to pay rent, then after collecting the first months rent (as a reserve), I sent a follow up letter letting them know that their rent was being raised, and just waited for calls to come in. 

If your tenant is paying below market, chances are they most likely know it. They will obviously not say anything to you about it. Should you serve them a notice of increase in rent, it will not come as a surprise to them. They will then either make the call of staying or finding another place to live that they can actually afford. As long as you are civilized and work with them on it (i.e. give them ample time to find a new place, weigh their options, etc.), you shouldn't have any problems.