All Forum Posts by: Frank Boet

Hi Walter, I'm in Miami/Kendall. Contact me when you have properties in the Dade County area. Thank you, Frank

Edgar, if the property is still available can you please pm me more info? Thank you, Frank

I agree with David. The demand is not as much as in Miami. I live in Miami and the only "good" deals are in Homestead, but there is a reason why Miami is HOT and Homestead isn't. The schools in Homestead are not very good. There aren't great paying jobs. Other than the Air Force base, Baptist Hospital and some retail on US1, the jobs just aren't there. Residents are commuting to Miami to work. Look at the Turnpike at 9 AM :(  I think people are slowly moving to Homestead because the lower cost of housing. Unfortunately, there are too many condos down there. I don't want to invest in condos. They don't resell well and they are more difficult to refinance. I would definitely buy real estate in Homestead if it is a great deal. You wholesalers down there keep me in mind. Frank

Is that a typo? Do you mean it is selling at $205,000?

My brother in law's son who came from Colombia and hasn't lived in the U.S for two years yet, doesn't have hardly any work history, currently working at a fast food restaurant for $9/ hour was approved and bought a 2016 Ford E-250 cargo van! Oh heeeeeeeeeeeeeck no. Say it isn't so! Yup, 2006 all over again.

 John, I love shorting stocks. Stock prices fall faster than they rise. We are in a Bear market in my opinion (although we are not down the 20% off the high to make it official. But, the signs are there and am I not going to wait for the Dow to fall to 14,700 to take action). I'm a technical trader. I use moving averages, Fib retracements, trend lines, etc. Even great companies fall in Bear markets. In my opinion,  Apple and Disney are going lower. They will bounce, but the trend is down. I see Apple and Disney dropping to the $60's, which is a 50% hair cut from their highs. Like you said, diversification is key!

Exactly Joe! I bank with Suntrust and went in last week and spoke to a loan officer. It turns out, I can get a HELOC for 15 years without any closing costs! That's 100% free credit line. We are waiting for an appraisal (paid by Suntrust) and we should qualify for about $175,000 credit line at .75% plus Prime. We opted for the interest only payment which is ideal for a short term flip. That comes out to approximately $354/ $100,000. That's a lot cheaper then private or hard money!

 Jose, I look at price per square foot to find value. Right now 1/1,  600 sqft condos in blue collar areas in Miami are selling for $180/ sq ft. Crazy! I'll wait for them to drop to $100. Right now I'm sitting in front of my computer making a killing shorting stocks! Just like I patiently waited for the stock market to begin the selloff the first week of January, I'm patiently waiting for a RE selloff. The signs are on the wall. One BIG sign is when the real estate gurus start pumping their "magic formula" on the radio. Or when the tv pundits on the financial networks are too optimistic on the next real estate boom. I'm a contrarian at heart. I buy during doom and gloom periods. That's why I'm loading up on gold stocks and junior gold miners and I will soon start loading up on oil stocks. I'm also building an online selling website. Plus, I have a cleaning company for almost 30 years. So, I'm very diversified. A SECOND red flag on a potential RE top is when everyone and their brother want to flip houses. Buying and selling anything is easy, making a profit is a lot harder. Btw, a RE bubble is a very good thing! The serious money is made when buying bottoms. I don't fear a bubble, I embrace it.

We are in a RE bubble, but people refuse to believe it or accept it. When you have multiple offers for a property and the property sells for above asking, something is wrong. In Miami, a 2,000 sq ft SFH sells for about $400,000. I ask myself, can a couple with two kids, a dog, a cat and a 30 gallon fish aquarium afford such a home, making a combined salary of $60,000? Heck no. So while we investors are able to buy a property cash, can Average Joe and Jane American qualify to buy such a property? If anyone familiar with Fibonacci percentages knows the Rule of Thirds and the 50% Golden Mean. Basically, when prices get too inflated, the price will eventually fall 50%. We saw it in oil when the barrel of oil hit $110, now it is around $30. Gold hit almost $2,000, it dropped to around $1,050. The Stock Market climbed to 18,200, now it is heading down to 9,000. That same $400,000 home in my example will drop to $200,000 again. When? I think within 3 years. It just takes one seller to run to the exit before there is a stampede. I just applied for a HELOC. I'm going to sit on that line of credit until I start seeing more for sale signs in my neighborhood. That's when I know it is the right time to buy!

Who can recommend a supplier with the best selection and prices on kitchen cabinets, flooring and granite counter tops either locally in Miami or online? Thank you, Frank