All Forum Posts by: Frank Boet

Josh, Allapattah (33125) is an up and coming area. Two months ago I bought a condo on NW North River Drive, along the Miami River.

I don't think SoFlo will drop like 2008. Miami is hot. Everyone wants to live here! LOL  I think things will "cool off", but I don't expect a huge sell off. I have lived in Miami since 1969 and have been through good times and bad times, but Miami recovers real quick. The key is knowing the neighborhoods. The nooks and crannies. Cape Coral is another animal. That is Southwest Florida. In 2008 they were almost giving away homes there. Not any more. 

Everything goes through cycles. Earlier this year I posted how I was out of real estate and instead was buying gold and oil stocks. I also bought some KB Homes and Zillow Call options. I made a nice profit, then sold when I saw those markets topping out. Now, I'm looking at real estate again. In fact, I closed on my first condo rental this past Monday. The key is to NOT follow the crowd. I'm a contrarian at heart. I like to sit back and sip my pina colada or mojito and wait for the market come to me, not me to it.

I just noticed my post title, apparently, I have been drinking too many pina coladas LOL

I've noticed the Miami real estate market is cooling off. Asking prices are coming down and the competition isn't as fierce. I have been on the sidelines sipping on my pina colada  waiting for a more buyer friendly environment. I think we are getting close. 

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=343746

Btw Mathew, I saw a little bit of New Braunfels when we went to visit our son in San Antonio and I really liked that area. I may consider buying a rental there some day soon :)

I have a heloc on my primary residence with Suntrust. I'm in the process of buying a rental property with the heloc. I don't have any restrictions on how I can use the heloc. So far, I'm very happy with Suntrust.

On my primary residence.

Joshua, with Suntrust you can use the heloc for anything you want. No restrictions. It just so happens that I found a condo in a very good location near downtown Miami and I'm using my HELOC to buy it. I transferred funds from the heloc to my checking account and wrote a cashier's check for escrow. Before the closing, I will transfer the rest to my checking and write a check for the balance. The great thing about the heloc is that interest is charged only on the amount drawn. I also have the choice to make an interest-only minimum payment and pay as much as I want towards the principal.

Go to :http://www.miamidade.gov/info/county-directory.asp. Get the property's folio # and use this Dade County tax estimator http://www.miamidade.gov/PAPortal/Taxes/TaxEstimat....

I don't leave home with out it :)