All Forum Posts by: Ray Slack

Did you every buy this judgement package?  I would be interested to know..

Ray

Being both a contractor and Real estate investor in Miami Dade county the words reasonable and reliable don't really existing in the Miami Dade construction industry.    General contractors in Miami tradionally charge 25% contractor profit on top of all the sub-contractors prices to manage a project. Where are you projects? North dade or South Dade?  The last 4 houses I did I used a guy on in Palm Beach County that is really good but it's probably too far for him to travel. 

@Thomas Elam

I'm just curious how this deal with Joe turned out for you?

personally I have only been there once about 20 years ago.. it was a dreary dark old city back then.. I hear it's gone totally downhill.   My perception is that the crime is probably the worst in the US.. While I'm sure there is still a need for housing there is so much currently vacant there I think it will take decades to recover.. That and without some kind of major industry moving in to create jobs I just don't see it happening.   I recently looked at auction site with 100s of homes in Detroit up for sale with bids starting at $1.. Most of them had zero bids and the few that did have bids only got up to about $300.   If these homes were rentable for ever $200 a month investors would be bidding them up like crazy.. 

Everyone makes good points.. It's all about why you are leaving.. I moved from Maryland to Miami Beach to escape the cold 20 years ago..  The cost of living is much higher in MB than MD.. I have discovered that also the average cap rate investors are getting and seeking is MUCH lower in Miami Beach.. Investors buying in Miami Beach are happy with 5-6% cap while in Maryland nobody touches anything below a 10% cap in the good area and in the bad areas like baltimore you can get 20-25% cap rate..  So, after 20 years I'm selling my Miami stuff and re-investing in property in Maryland. 

It means you investment money into the property or investment and don't have to do any work... For instance rental properties CAN be passive investments if you have a management company handle the renting and repairs. In other words passive is you put up money and just get a check.