All Forum Posts by: Damian Seguen

@Bryan Rodriguez hello Bryan, I know this thread goes back a few years. Do you have an update of your property? I’m expanding into So. Fl, and would love to hear any tips for buy and holds in the area.

Thanks.

@Ron Alexander hello Ron. I went to College in Ft. Lauderdale and lived in one of the Under 100k beach front hotel Studio units. I’ve since bought a multi family in the North East, where I managed for a few years.

I relocated in October to So. Fl to learn a building I have my eyes on in Hallandale.

I’m learning the last thing you should look at it the unit itself. Buying a condo is all about buying into the association and the By-Laws. The commercial/Residential structure of the Board will play a huge role in the investment. Vacation or short term rentals require you or staff to be very hands on with marketing and cleaning maintenance. Scheduling to keep check out and check ins on Time.

Cities are passing Non-Air BnB laws(by adding “key tax” to every renter) trying keep the hotels in business. Most new buildings are trying the “Condo-tel” path. Allowing people to buy a unit and release it into the condo’s “Hotel program” to offset the sky-High maintenance fees.

The asking prices are good enough to make you drool, and have a lot of negotiating room because there are so many units and so few buyers that can purchase them cash, (almost impossible to finance).

I have since taken my eyes off of buy and Hold with condos on my mind, and looking for houses a little further west with Pools and a decent yard. Using the same idea about Short term rentals and vacationing, with a little bit of an easier exit strategy when it comes to the day I need to or want to sell.

@Steve Weinstein hey Steve. My name is Damian, I own and managed in NJ and NYC, moved down to Hallandale this year. I’m looking to really learn the market in the area, and to do so, I’d love to help you with anything you are looking to get into. Whether it be management that I have always done, Reno work I’ve done myself or just over keeping some things of schedule.

I want to Wish you the best of Luck going forward. I hope we can meet one day!

@Ryan Paltridge thank you Ryan. I will definitely look to reach out to you when I get a little deeper in the process!

Best of Luck to you, and thanks again for the advice.

@David Des thank Dave! Besides this real estate being something that absolutely consumers my mind, it’s good to hear some positive on here from people that have been in it. Shows me there light at the end of the tunnel.

I appreciate u reaching out! Thank u, your advice is huge in my education!!!

@David Des Thank you for the advice David. I started the process with the same broker that helped me get the original mortgage. Went kind of blindly with them holding this could all be settled in the middle of my move to So. Florida.

I am definitely at fault here. I wanted to cut it off since October, but haven’t been in the area. Now that we are finally settled in, it going to be time to search the market better!

@Jo Weiss that’s great Jo, thank you. I’m definitely going to look into this!

@Katherine Bickel purchased my first 4 family with FHA thru a mortgage broker. I let them handle the whole thing.

I feel the best thing for me at the time was that it was literally up the block from me. At anytime a tenant or contractor needed something I was right there. Inspections, I was there or always had someone there. Very smooth process when you are available.

Hope some of that can help you. If you have anything else I’d be glad to share all my “Don’ts” with you, I haven’t racked up too many Do’s yet” 😁

Hello BP, I have a 2 family property that I own free and clear in North Bergen, NJ. It’s sits on a double lot. I want to look into splitting the 2 parcels and building aanother 2 family next door. Refinancing it, and updating the current 2 family. My goal Is to of course keep them as rentals but how do you pass up a $700k sale on a $300k build. 😁

Does anyone know a ballpark on construction costs in the area, the process for a construction loan, also may need a variance.

I of course am going to look into this process myself and do my research, just looking for some advice from someone who’s been through it before.

Thank you guys!! 🙏🏽

@Scott Morongell I’m closing a Refinance now and jumping into apartment complexes this year! Biggest hurdle for me is going to be pulling the trigger and purchasing. I’m so obsessed with analyzing the deal and matching up the numbers that I often let good deals go because I’m looking for a GREAT one. .