All Forum Posts by: Denis Moreira

Anthony,

I purchased a duplex in port charlotte in november 2018. It was off the MLS and met the 1% rule. I reside in Miami, and can't find anything close to 1% in South Florida.

It's a buy and hold for me. So far so good. Inherited tenants, they've been communicative, keep the units in good shape and pay on time.

good luck

Denis

John,

That was my initial gut feeling too, let them figure it out. I feel if I offer up information I'll be guaranteed the just value will inch closer towards 185k whereas if they have to figure it out based on comps, it may not.

Thanks for your input.

Hi,

Wanted to get the community's opinion on whether I should fill out a sales verification questionnaire that the Property Appraiser of the county I recently purchased a duplex in sent me.

I feel like it could only hurt (meaning a big increase in my 2019 property taxes) based on the information they are requesting. Has anyone else had to do this? What are your thoughts? 

Additional information:

I bought the property for 185k and the certified just value on the county site is $93k.

I do live in the state of florida and I do not occupy the property, so no homestead exemption.

I've attached images of the questionnaire for reference.

Thanks in advance,

DMo

Hi everyone, I will have an opportunity in the next couple weeks to make an offer on a property from a tired landlord. I have been pre-approved by an HML but a relative that lives in Canada is interested in lending me 70% of the funds and I'd put the other 30%. I prefer to go this route because it's someone I trust/they trust me and I can close a few days faster (assuming no title issues) than a HML. My exit strategy is to refinance using the delayed finance exemption and pay him back that way. So a couple of questions for BP members: 1) what differences are there in receiving foreign PM compared to Domestic PM? 2) would I still be eligible for delayed finance exemption in this example? Thank you in advance for your help! Denis

Steve Vaughan thanks for pointing out the tax implications of converting my primary to an investment property! You are right I will do the HELOC strategy instead. Thank you so much!

Harjeet Bhatti thank you. I totally agree it makes more sense especially if I use it to buy a property cash and refi a few months later to pay the LOC back . Denis

Hi BP,

I bought a primary home in 2009 for $85k in Miami. It's worth about $135k-$140k right now and i owe 72k on the loan.

I'd like to pull the equity on it which would result in $22-26k (75% LTV) after closing costs. The home would then be considered an investment property, no longer primary. I will use the proceeds as a downpayment on another property (multifam). Is this a good idea? Or is that amount of cash not worth pulling out because of the associated closing costs & appraisal fee to tap it?

Should I instead consider a HELOC?

Thanks for your help!

Denis

Edgar,

I am in the same boat. Foreign investors & speculators have driven up prices in Miami/Ft. Lauderdale & anything on the MLS is nowhere near meeting the 1% rule. Personally, I don't want to get into flipping or rehabbing. So that same podcast #229 opened up my eyes to get creative.

Currently, I am in the market to buy SFH with in-laws in a nice neighborhood. My plan is to lease the in-laws to a long term tenant and then airbnb either the entire home or room(s). A friend of mine is doing airbnb on a home he just bought - in west park (not the best neighborhood) and even he's having success with it.

Props to you for getting into the investing mindset at a young age (25).

Best of luck

Denis

Hi Sam please email me details on the package deal @[email protected]

thanks!

Mike Abramowitz interesting, I thought 12% return was above average when stock market historically average 8%. Am I misunderstanding you ?