All Forum Posts by: David Fernandez

Sure @Javi Chipi, all recommendations are welcome. Please PM me. Thanks for your reply!

Congrats @Roscoe Parsley!! What area are you focusing for your flips? Working on it myself right now.

Hi Isaac,

You can find the list of the FL REI Clubs here:

https://www.biggerpockets.com/rei/florida-real-est...

You will see that there are a few in South Florida. I know DREIA has a monthly meet up (third Wednesday of every month) and there is a reduced fee for first time visitors. I haven't been in ny of these meetings yet, but I am planning to attend one after August, when I will be back here full time.

Also, set up "Miami" as a keyword a alert in your BP profile and you will see that from time to time there is a meet up from BP members.

Let me know if I can assist you in any way and welcome to Miami!

Just sent, thanks Everett!

Hi Monique,

Not sure if there's a typo in your numbers, but you mentioned that you are looking to buy 102 units for $490,000; that is $4,009 per unit. Is this correct? Also, the owner is willing to rehab 10 of the units to rent ready condition. 

As far as your questions:

1. How is the condition of the property and the repairs needed?

2. How much do you think you need for repairs? 

3. As fas as what can be asked, negotiated, and terms, who can lend you the money, etc. anything is possible. You can ask the seller, look for private money, find a portfolio lender, etc. It depends on what you want to do with the property and what the numbers come up to. 

However, I will recommend you to check with an attorney and/or title agent first to make sure there are no issues that you may be overlooking. Also, an inspection will be a good idea. 

Hey!

Any recommendation for a CPA that understands REI and for a RE attorney in Miami / South Florida?

I've invested in a few buy and hold properties up until now, but I dont think I protected myself or the properties very well nor I've used the taxed code in my favor very much.

I never used an attorney, so the first part is on me. All the properties we own are under our personal names. The CPA i work with is a good guy, but nit very savyy abiut RE. We are getting ready to increase our investing activity and we feel that we need to have better support in these areas.

Thanks!

Hey Josh, I lived in South Florida for the past 10 years and I've been investin in RE for the past 5. Mostly buy and hold properties, but I am looking to get into flips now. 

@Jawaad Abdulaziz let me know what properties do you have. Im looking for 3/2 or 2/2 SFH that need some work. I'll buy with cash and target price will depend on ARV and repairs needed.

Happy 4th!

Hi Kenneth,

I can see 3 areas in FL where you may be able to get what you are looking for:

1. Naples/Fort Myers: South of where you have friends (Sarasota/Venice), so you won't be far from them. You should be able to find a property similar to what you are looking for very close to the beach, if not on the beach. It is south enough, especially Naples, that the risk of enduring a 55 degree week during winter is not has high as in some other parts of FL (although even here in Miami we have to go through low 50s some days of the year!).

2. Delray/Boca Raton: Similar to Naples/Fort Myers, but in the east coast of Florida. It should be in a similar price point than option 1 for a similar property, maybe a touch more expensive, but it will depend on your ability to find a good deal). It is close to a lot of places for horse riding (Wellington has the best places around here), quite a bit of great food options, and it is 20-30 min from a major airport (Fort Lauderdale).

3. The Keys: Definitively, the possibility to endure a 55 degree week here is less than in the other two options, also, no matter where you find a place, it will be close to the beach. However, each Key is different and you will have to look quite well food options, property values, and all other parameters, based on the Key you may want to purchase on.

Hope it helps!

David

Great job Pavlos and good luck with the refi!

Looking forward to start my flipping journey as well. So far, I've been doing buy and holds, but this flip stories always inspire me.

@Bill Exeter, @Dave Foster thank you again for sharing your knowledge.

As I understand from your replies, I should first contact my accountant to check how our LLC taxes are being reported, but regardless of this, I will be able to do a 1031 with this property by either buying and selling as husband and wife or selling as husband and wife and buying as LLC.

In case we have to buy and sell as husband and wife, I will ask my accountant about how to contribute the new property to our LLC; however, would this not disqualify the 1031? Would this still be viewed as holding the property for investment purposes?