All Forum Posts by: Daniel Jodrey

@Robert G.

This duplex is in Southern Miami, a bit south of Palmetto Bay. Their asking price is $234,900. I was running an analysis saying if I got an offer accepted at 200k, this would be my estimated cash on cash return.

@Malgorzata Sadowska 

Excellent to hear. Looking forward to hearing from you.

@Robert G. I believe with this property the tenants pay their own electricity but I still put a number in there for analysis purposes. The property is also fully renovated in the inside so I put the repair cost at 5% because of this. 

I appreciate your feedback, I am still practicing and trying to understand the market better and this helps for sure.

Hello all!

I am on the search for an investor friendly real estate agent in the Miami area that is willing to work with me. I am a newbie looking to start in multi family properties. I have been slowly researching and studying real estate over the last several years but am now taking actionable steps to get where I need to be to start my investing.

I have been analyzing many properties coming from popular sites like realtor.com, redfin.com, zillow.com etc, and practice and beginning to better understand that process more. I would really like to have a automatic alert sent to my email from the MLS so I can continue to analyze/practice leads, learn the multi family market further and eventually start putting out offers with the numbers I run giving me at least 12-14% COC ROI and roughly $125-$200 cash flow per unit.

Would love any advice/tips from anyone in the area and specifically doing multi families as well.

Please reach out to me and thank you!

Daniel

@shane 

@Shane Baganz Absolutely and that is a great point. I understand how important comp sets are in determining what may look like a good deal is an actual good deal in its neighborhood. 

@John Leavelle 

This is great, and again thank you for taking the time to walk through this with me. I also noticed that each unit has separate utilities so I believe that is a expense that can be taken out as well. The property was built in 1989 and the inside was recently remodeled. The outside has some minor things that can be improved but i wouldn't expect more then 3k-4k in rehab expenses.  

I have added in the Property Management 10% expense as well as $100 Other Expenses to help with lawn care etc. With those additions and taking out utilities, an offer of 200k would put me around 12.68% COC ROI.

I have another question about refinancing. Say that I have a partner that can fund me the down payment of 45k needed. Is it reasonable to say that within 8-12 months I would be able to refinance the property and have that money paid back to them in that time? I am a bit unclear how refinancing works.   

i am running this analysis to where I would not live in one side and would be putting down the traditional 20% down payment. 

@John Leavelle That does make sense and I appreciate you explaining that.

I have been looking at the below property and trying to analyze it but I feel like I am missing something.

This is a duplex property that's asking price is $234,900. I am trying to run the BP calculators to see the analysis. I ran the analysis with an asking price of $200,000, and putting 20% down.

Annual taxes roughly =$3,000

Monthly income=$2500

Monthly Expenses= $2139.46

Vacany- $125

Water/Sewer-$200

Electricity-$200

Garbage- $50

CapEX- $250

Insurance-$100

Prop Taxes- $250

Repairs- $125

P&I- $839.46

Monthly Cashflow= $360.54

COC ROI- 9.6%

NOI- $14,400

I feel I am running these numbers very conservatively and in reality would most likely be a bit less. I am still very new in analysis and would love any feedback or what you think.

Hello!

I am looking for a Multi Family property, preferably a triplex or fourplex, as a first investment property.

I just moved to the Miami area. My overall plan/goal is to find a fourplex/triplex that needs a little work that I can get a FHA loan with 3.5% down and bundle in a 203k loan for renovations. I would live in one unit and begin the BRRRR strategy. I do not have a specific area in Miami that I am concentrating on now, more focused on trying to find a good deal. I also am interested in HUD homes and I like that many of them have a period of time that only owner occupied can place a bid which i think gives a great start against competition for my first property where i do want to owner occupy.

Can anyone let me know what they think of my plan, is there any holes or areas that wouldn't work. I also am looking for a great real estate agent that focuses on investors. Anyone in the Miami area that is new or been here for some time that has experience/tips/advice or networking possibilites; please reach out to me and let me know!

Looking forward to hearing from you all.

Daniel

Hi Doug, curious to see how you are doing 9 months later and what you have learned. I am currently looking for a Multi Family as a first investment in Miami and would like to use FHA loan with 3.5% down. Any updates and advice on what you have learned would be great!

Best regards,  

Daniel