All Forum Posts by: Carlos Rovira

I currently have a pocket listing for a 10 Unit Building in Fort Lauderdale and am looking for an interested buyer. I have passed on this for myself because it is not in my farm area, but it is definitely a great investment if you buy in Broward.

Gross annual income is $100,200. 4 Units are section 8. Expenses (including tax and insurance) are $22,259 per year. 

7 out of 10 units have been fully rehabbed (new electric, plumbing, kitchen, bathroom, ceiling, doors). There is potential to raise rents as well. 

Address is 2563-2571 NW 13th Court, Fort Lauderdale, FL 33311. Seller is asking $800,000 (negotiable). 

Email or call me if interested: [email protected] - (305) 775-2373

I'll be at DREIA next week. See you all there

@John B.

PM me and I can give you some pointers. I can recommend a couple of good banks that are flexible.

Cheers,
Carlos

Hi @Brooks Rembert

1)What's the sale price?

2) Address?

3) Market Value?

4) Are you getting bank financing or trying to raise the cash from investors?

5) Who will manage the property (seems like you are absentee owner)?

Feel free to continue the conversation via email: [email protected]

I usually charge 10% for properties that I manage for other people. If it is a property that I own, I'd charge 5% (to myself) and collect that small fee to manage my investments. It really depends on the company, the amount of units, the type of property. I've seen fees in the 6%-10% range for various asset classes. Hope this helps!

@Sean F.

Yes. I plan on going. Is this still the correct address: Miami Shores Country Club, 10000 Biscayne Blvd., Miami Shores ?

@Antonio LopezThanks! Send me whatever deals you may have. Cheers!

@Chris Seveney@Carolina E.@Gilbert Dominguez@Steve Combs

Thanks to all!

A quick update here. I will be getting an Estoppel Letter from the HOA on Monday (supposedly). I've been told by the wholesaler that, while they can't provide an inspection period, I can come in and out of the place prior to even submitting an offer, and I'd get "first dibs" should I decide to buy it (assume within a reasonable amount of time).

In the mean time, I am compiling a list of things I'd like to check with the HOA as part of my due diligence with them. Most of this is based on your comments above, but any additional questions / concerns are welcome.

1) Were there any special assessments in the past (if not stated in the estoppel letter) or any imminent in the near future?

2) What is their policy on owners renting their units?

3) Is there a specific process I need to follow to get renters approved?

4) Acquire a copy of the condo documents (CC&R) and previous budget

5) What are their reserves?

6) Find out what the HOA fees have been in the last 5 years

I am going today to check it out (it's on lockbox) and I will knock on some doors and speak with some of the neighbors.

Thanks again, everyone!

I've got a potential deal here and need some advice. Here it goes: It is a 2/1 Condo unit in Hialeah, FL (a very competitive rental market). Price: $80-85k (market value ~$105k). Potential Rent: $1,300/mo HOA Fee: $215/mo (includes flood insurance) Insurance: ~$90/mo (aside from flood - hurricane, fire, etc.) Taxes: ~$90/mo Mortgage PMT: $350/mo I am paying using an equity line of credit from another property so I'm essentially putting zero down. Plan is to refinance and recover the equity line to continue buying. My concerns are the following: 1) I've never owned a condo and the idea of an HOA scares me 2) I'm buying this from a "pushy" wholesaler (no offense to wholesalers) who wants to close quickly and not allow me to have an inspection period. The wholesale company bought it at auction and has been holding it for a few weeks. Red flag? The cash flow is excellent, so it's hard to turn away from the deal. Thoughts?

Very nice. Congrats!