All Forum Posts by: Daniel K.

I'm currently looking to purchase a SFH first as a primary residence to later rent out and move on to something else.

With the interest rates being as low as they are now, it almost seems silly not to take advantage of it. 

The issue is that $350k-$500k homes in Miami in a decent area are 1200SF homes 2BR/1BR built in 1950. Even outside of Miami, like Boca Raton or Parkland the home prices are so expensive that it doesn't make sense.

I just wanted to hear thoughts on the following:

Does it matter to overpay (i believe prices right now are too high) and take advantage of the low interest rates if you plan to hold long term?

If not, then the other option is not the buy something and if/when prices go down again to take advantage of low prices but the interest rates might be high again.

Finding a "bargain" as a non cash-buyer is almost impossible in this area.

Any thoughts are greatly appreciated.

Hi,

i have a friend who is looking to purchase a primary residence in the sherman oaks/encino/studio city areas. He has cash to buy but would like some help purchasing at a foreclosure auction.

Since i'm in FL and not familiar with the CA market, i'm looking for someone with a track record in foreclosure auctions in that area and would like to help assist in the process in exchange for a fee.

Thanks.

@Ralph Hernandez

it's online only as of a few years ago. My understanding is that there were alot of side deals being made in the room where the auction was held so it was moved online to level the playing field. For miami-dade, you go to this website:

https://www.miamidade.realforeclose.com

Wayne's comments regarding deposit etc are accurate.

hi, i was wondering if anybody can chime in regarding finding a good deal on a primary residence?

As criteria such as price, neighborhood etc differ for a primary residence as opposed to a investment property, i was wondering if anybody would share their thoughts on strategies to find a "good deal" on a house in a more upscale neighborhood one might actually want to live in? In my particular case, i was looking for a single family residence <$400k in miami neighborhoods such as miami shores, coral gables, morningside, coconut grove etc. it seems like people are listing their houses for almost double than 1 year ago and i dont see alot of houses actually being sold at those prices. These are MLS listed properties. I would be willing to sacrifice some features of my ideal house for value but it doesnt seem to get me anywhere.

Are there any particular strategies i should be looking at for this type of purchase?

Any help is greatly appreciated.

doing a cashout-refi requires the same amount of paperwork as a regular mortgage.

My understanding is that after you purchase your property cash, you can now do a cash-out refi without waiting for the 6-months seasoning period to pass. I'm no expert, so it would be best to do a google search for "Fannie Mae Delayed Financing exception".

Hope this helps.

since the material is the least expensive part of the project, i'm not too concerned with the cost/sf on material. It's the labor cost that I think is high. I have actually gone to Floor & Decor in Pompano Beach, they do have some good prices, definitely a good suggestion.

here in miami-dade county, a condo is considered a "commercial property" subject to a flooring permit. Not sure how it is in other parts of the country, that's just how it works here. So for the flooring guys to want to go through the hassle of getting a permit, they just quote high or it's not worth their time.

Hi everyone,

just wanted to quickly introduce myself, my name is Daniel, i'm residing in the downtown area of Miami and am looking to build a longterm RE portfolio as a passive income stream.

I've successfully acquired one foreclosure property via auction a few years ago which has been a nice learning experience but in the current market, it seems a lot more difficult to find good deals. I'm hoping to learn about other methods to locate a good deal and maybe find some like-minded people to invest with.

Daniel

Hello everyone,

I'm looking to replace about 500-600sf glued-down engineered hardwood floor in a downtown Miami-area condo. Besides having a hard time finding a person to do such a small job when a permit is required, i'm having a hard time deciding what material to go with.

Since the majority of the cost is labor (i'm being quoted around $5/sf install without material), i'm inclined to go with a slightly more expensive material if there's a benefit to it.

Any suggestions as to what I should go with?

I would like it to be durable, low-maintenance and neutral so it is easy to rent. Also, I want something that is currently popular and won't go out of style quickly so that I don't have to redo it anytime soon.

I am currently looking at high-gloss porcelain tile which many miami condos have these days.

Any suggestions?

Thank you,

Daniel