All Forum Posts by: Carlos Rovira

As an active investor in Miami, this is my biggest hurdle when looking for prospects. It is so difficult to get in touch with LAs. In Miami, everybody and their mother has a real estate license, so it is common to bump into agents that do one deal a year and really know close to nothing about the real estate business. People in bad financial/career situations see real estate as a light at the end of the tunnel and then when they realize the amount of work required, they stop pursuing it. I convinced the guy that sold me my shirts at Macy's that he'd make a great real estate agent. He later texted me that he was "for sure getting his license" and he'd call me when he had it. This was one year ago and I haven't heard from him since. This is the type of person that represents the masses in the real estate field in our area.

Of course, there are very professional agents in Miami. I'm not saying that all of them are like this. I personally work with 4 or 5 amazing real estate agents who follow up, answer their phones, speak English, and know how to draft contracts, but chances are 9 times out of 10 you will run into these "wannabe agents" when trying to purchase good deals on lower end homes in this market. 

Offering to give them the full 6% commission is a good way to motivate them, provided you are able to get in touch with them in the first place. There is also a survey that goes out in the "showing assist" after you request a showing on the MLS. I find that when I give bad feedback on those surveys, the agents suddenly appear and want to help you. I think it is because these surveys get sent to the Broker after they are filled out. But in this situation you've already started off the relationship on a negative note.

@Jose Alonso

 I am an active investor in Miami, FL. I have considered MHP investing extensively and always run into the problem that there is no supply in Miami. I believe them to be a great investment and would be willing to partner on a deal where we purchase a full park. I have seen some in Okeechobee County (by the Lake) that are decently priced. It is a 2 hour drive, but I don't believe that is a huge problem. 

The best way to profit from MHPs is to purchase the park with the homes, sell the homes to the tenants with owner financing and then collect a "mortgage payment" from them while also charging lot rent. This is where you see the biggest returns and I have all the resources and documentation already created to execute this, there is just a shortage of supply. If you go into the rural parts of GA, SC, etc, there are excellent deals. 

Anyways, let's connect offline. I'd be interested in discussing further on the subject. I just don't think Miami is the market where this can be profitable. 

Hi Nick,

I just emailed you. FLL is not really my area (as in I do not know the market well), but I'll definitely take a look and analyze the numbers.

Thanks!

Consider a career as a mortgage processor. You're basically just processing loan apps all day, but it will get you familiar with the industry and you will most likely make connections that could help your REI career later.

All previous posts pretty much cover it. One other thing to note is that smaller community banks may lend on character and put less emphasis on your personal income or debt to income ratio. Try to sniff out some of the local banks in your area and invite some of the bankers out to lunch. Bankers love free food and they are usually hungry to lend if they are a small bank and you bring them a really good deal. 

I find that, at least in my area, the older construction is of greater quality than new stuff. It depends on your area and the developers that built the structure, though.  Certainly get it inspected, but I suspect that if the property has been standing for over 100 years, it's not going anywhere any time soon. 

I am an active investor looking for off market properties in Miami. I specialize in small multi-families: duplex, triplex, and fourplex.

I have great relationships with two banks here and can get financing put together fairly quickly, provided that the property cash flows. I will not consider anything below 10% cap rate and can also do all cash financing if the deal is small enough. 

See this link for our portfolio to get a feel for the types of properties that we like to acquire [url] http://www.rovirarealty.com/info/about/portfolio/ [/url]

Ideal markets: Hialeah!, Little Havana, Pinecrest, Palmetto Bay, West Miami - but we will consider other areas if the deal is good enough.

Email me with anything: [email protected]

Hi Curt,

Thanks for the info, and nice to meet you. What about surrounding areas? Memphis is on the border of TN. My brother-in-law actually commutes in from Northern Mississippi. Are there other markets in that surrounding area with any potential?

Lastly, can you recommend a good Agent in that area that might be able to help me? It'd be nice to make a good contact up there to work with.

Cheers!

Carlos

I currently live in Miami, which is a tough market (i.e. High priced, low returns, etc.). My brother-in-law lives in the Memphis, TN area. He expressed some interest in REI and it occurred to me to consider that market for myself, given his proximity to the city. Can anyone give me some advice on this market? Is it worth getting into? What opportunities are there? I'm mostly focusing on buy and hold for multi-families, SFHs, and possibly even MHPs. Thanks in advance!

The best deals you will probably find are most likely from wholesalers. I live in a very tough market (Miami/S. Florida). Real estate is VERY expensive and the cap rates are very low. Most of the value-add deals I get are through wholesalers. They just require you to be more creative as most wholesalers prefer cash buyers and the properties usually require a lot of rehab.