All Forum Posts by: Frank Mongiello

I think we have the same dream, been running the numbers on a few markets including my own to see what it would take. Here for the comments. 

For your flip, assuming you'll be using hard money for 90% of purchase and 100% of rehab at 12% and 2 points your holding costs on a 4 month time frame could be close to 10k. Closing costs on the front end, a second agents commission on the back end with closing costs on the back end might be another 10k-15k. If you only get 250k you might be a little tight unless you have better pricing from title and holding.  

Warren Young

772-882-5668

Is great for homeowners insurance. 

I would be interested. 

Hello forums, 

I'm an investor friendly agent in Jupiter and active member in the Port St. Lucie REIA(meeting this Thursday). I am constantly walking investment properties, looking for both myself and clients in Lake Worth, Boynton, North Palm, Jupiter, Hobe Sound, Stuart, Port. St. Lucie, Jensen, Vero, Palm Bay and Melbourne(for the keyword searches)

I'm looking for someone that can tag along with me to some of these properties to help me make content. Ideally they have some video editing and shooting experience but if not, it's not a big deal. It would be a huge help for myself and would also be a great learning experience to see first hand where investors are looking, look at pre-rehab properties, post rehab reveal parties(we have fun), walk active STR's and flips, and meet some great minds in the market.

Feel free to connect and reach out, I'm looking to scale this thing and could use some help. 

Frank 

I came across a 1% deal yesterday in the Palm Beach market which is known for terrible cash flow. Deals are still out there you just have to work really hard to find them. Sounds like you have capital but lack the time to look at all the properties available. I would find a really good investor friendly agent in your market or maybe a young hungry kid who can look at on market properties, reach out to wholesalers, and do a little driving for dollars and you JV on the deal. There's a great multi family networking group once a month in Cocoa Beach you should look into to build your local network and see where the local guys are making moves.

I haven't seen that as much anymore. Inventory has increased sharply as has days on market. If you're an FHA buyer this is probably the best time to get something in the last 3 years, everyone else is panicking.

I love the way you laid out this problem and potential options. Coming from New York, the Florida market is still relatively inexpensive to what I'm used to looking at for most line items except insurance. I'm in the same boat in the Palm Beach market where I'm looking for on-market multi family properties that pencil out. It's been extremely challenging but they are out there if you look hard enough and build the right connections. I personally would rather be in a market I believe has the best chance to weather a recession and if and when the next recession comes, I'm not sold on keeping my net worth in the U.S dollar. I've seen plenty of new apartment complexes go up but not much single family activity in an affordable price point south of Port St. Lucie. If your ok living in less space, there are plenty of houses with ADU's you can buy. These are priced well and can help cut down your housing expense. We're approaching an election year and I'm bullish on the next wave of people leaving certain states who have enough equity in their homes to push the market a bit further.

300k is a tough price point for SE Florida but a little further north you hit Brevard county. That's where SpaceX(and sometimes NASA) have been doing their launches. There are also some other medium sized businesses targeting this area. You should continue to see population growth in this market as the commercial infrastructure expands. 

Let's connect. Let me know when you come down to West Palm. There are some great commercial multi family meetups in Delray and a great REIA in Port St. Lucie to meet other investors!