All Forum Posts by: Chanie Chriqui

Just wondering what people do when they come across these 2 issues that I have been having with my properties: 

1) The real estate taxes jumping really high after the new assessed value comes out? We filled to have them lowered, but no luck. They are 6-8% of the assessed value, is that normal? I thought its usually around 2% 

2) How do you get around the city violation? Every year in Detroit and nabourghing cities you need to get a rental certificate, and every year they threw at us a large list that cost so much to fix. Since we have a property manager, all these things cost more and we are not even doing things that raise the value of the property. 

All suggestions would be appreciated 

Thank you, 

I did a 1031 exchange 3 months ago. Sold one house and purchased a 7 condos. The original house was under an LLC and the condos were purchased under the same LLC. For liability reasons, I want to move each condo into its own LLC but I'm nervous to jeopardize the 1031. I spoke with a tax attorney and he said there is nothing that says you can't do it but also nothing that says you can.

Has anyone here done it? And have a better answer?
 

Lets just say that one never stops looking :)) 

Welcome Frank! Those are great skills you developed. Having access to the MLS, running comps and understanding the Miami market will give you an upper hand.

I'm new to Miami in general and real estate. I've been spending the last few months studying and driving around getting to know the market but I'm sure I still have a lot to learn.  

Lets connect, I'm sure we can share valuable information. 

Yes, I'm looking at SF and MF in Miami and many of the banks wont do commercial loans at this time. 

Anyone have a list of small local banks in Miami that deal in portfolio lending? Or/and that are willing to let you transfer your current loan to an LLC?

I would suggest you reach out to detroit_investor (Ashley Hamilton) on Instagram. I've seen her live with BP and she seems to be really successful with her investments in Detroit. She also spoke about helping other investors so it might be worth it for you to send her a message. 

Good luck

Would anyone happen to have have any broker recommendation in Miami? 

That's super cool! I love that your doing that! There are so many success stories out there and its really motivating to hear them. I'm just starting out and I hold on to the positive and negative stories because they remind me of my goals. Knowing that failure is part of the road to success helps me push through and focus on the goals.

I think of this journey as a marathon. You focus on running the next mile, and then the next and the next, after 26.2 miles you cross the finish line and then you sign up to the next marathon :)