All Forum Posts by: Gabriel Amedee

@Jean-Baptiste Ramet

I have closed plenty of these of non conforming properties. Appraiser will not consider this as a multi-family and your values will more than likely be based on other surrounding single families.

Many conventional lenders may not approve financing on properties that are not conforming. I have had to have kitchens removed and doors installed to solidify FHA / Conventional financing with these type of properties.

As for the cottage/den I would not even pretend it exists if the property is not a legal dwelling unit and is being occupied/rented.

Make sure you consult with professionals before doing an inspection and paying for appraisal to find out that the home cannot be financed with your deposit at risk.

Happy Hour Hangout - REI Meetup


What Do We Do - Every month we meet on the last Tuesday and talk about EVERYTHING related to Real Estate. This includes, but is not limited to: How to get Started, Strategies we use, Areas of interest, Events we attend, Market Updates, Books we Recommend, and much more!

Who Can Attend - Fix & Flippers, Wholesalers, Buy & Holders, and anyone investing or looking to invest in the wonderful world of Real Estate.

Our Mission - To create strong and long lasting relationships with like-minded individuals who are looking to grow as an investor in Real Estate ( while enjoying a drink and having a great time! )

Our Only Request - The event is 100% free but if you could please be so kind to purchase at least one item at the venue it would be greatly appreciated (50% off all drinks till 7pm & $2 Pizza @ 9pm). Even a bottle of water will keep them very willing to host our event as our group continues to grow. This is not mandatory at all to attend. Thank you!

Happy Hour Hangout - REI Meetup

What Do We Do - Every month we meet on the last Tuesday and talk about EVERYTHING related to Real Estate. This includes, but is not limited to: How to get Started, Strategies we use, Areas of interest, Events we attend, Market Updates, Books we Recommend, and much more!

Who Can Attend - Fix & Flippers, Wholesalers, Buy & Holders, and anyone investing or looking to invest in the wonderful world of Real Estate.

Our Mission - To create strong and long lasting relationships with like-minded individuals who are looking to grow as an investor in Real Estate ( while enjoying a drink and having a great time! )

Our Only Request - The event is 100% free but if you could please be so kind to purchase at least one item at the venue it would be greatly appreciated (50% off all drinks till 7pm & $2 Pizza @ 9pm). Even a bottle of water will keep them very willing to host our event as our group continues to grow. This is not mandatory at all to attend. Thank you!

Originally posted by @Kevin Vasquez:

I think it will be but not sure. Literally outside of the restaurant waiting

 Hey Kevin!

Feel free to give me a call. I am here & we can begin discussing whatever topics most interest you.

(305) 332 0712

@Jermell Shavers Honestly I wouldn’t work that hard for a million I don’t have the taste

or hunger for a Rolls Royce or a 7 bedroom mansion I like my house the
way it is when you try to reach to far you fall even lower and then your
in Trouble I just want to be comfortable and content bills paid.
Vacation twice a year

I respect your choice for a simpler life but this is far from the truth and wanted to make it clear for others reading. Knowledge/experience is not tangible but nonetheless gained through failure.

In regards to your post @Shiloh Lundahl

As hard as I can.
My hypothesis is as you got older the cars did not seem like much of an achievement when many of the ones around you are financed on high interest debt. Funny since my taste in car ownership has changed as well, I am hungry to purchase all my vehicles cash now (:

In all seriousness I think @Bryan Hancock nailed it when referring to the process. I don’t think I would be able to wake up with energy at 4am daily if I had to chase down bad guys or operate on live bodies. I’ve shaped my life to operate on my priorities & our primal needs (most “busy” people react to other people’s agenda) so that the million dollars is just a by product of my sustainable lifestyle.

Happy Hour Hangout - REI Meetup

What Do We Do - Every month we meet on the last Tuesday and talk about EVERYTHING related to Real Estate. This includes, but is not limited to: How to get Started, Strategies we use, Areas of interest, Events we attend, Market Updates, Books we Recommend, and much more!

Who Can Attend - Fix & Flippers, Wholesalers, Buy & Holders, and anyone investing or looking to invest in the wonderful world of Real Estate.

Our Mission - To create strong and long lasting relationships with like-minded individuals who are looking to grow as an investor in Real Estate ( while enjoying a drink and having a great time! )

Our Only Request - The event is 100% free but if you could please be so kind to purchase at least one item at the venue it would be greatly appreciated (50% off all drinks till 7pm & $2 Pizza @ 9pm). Even a bottle of water will keep them very willing to host our event as our group continues to grow. This is not mandatory at all to attend. Thank you!

Hey @Christian Cruz

For someone looking for massive ROI I would definitely steer clear from condos. There are only a few specific scenarios in which I would recommend them as an investment. Have you considered the famous house hacking strategy? I think you will find it much more lucrative due to less capital upfront, more room for appreciation, more control over your asset, and zero fixed fees by a third party. Hope this sheds some insight.

Happy investing!

Originally posted by @Maya S.:

@Cristian Mazilu @David Lilley @Dave Foster

Thanks guys for your responses. I keep hearing about Fl & TX. Im hesitant of FL because of the hurricanes and AZ did poorly in last recession. Im kind of open to TX and the no tac state helps.  Dave do you think the same as David as far as the return goes?!

Hey Maya,

As a local Floridian, I find your worry quite humorous. Many homes in Miami are 30 years or older which means they survived some of the deadliest storms already (Andrew, Wilma, Irma, etc.).

Yesterday I visited two wood frame homes built in 1905, both still standing!

One thing I mandate all my clients to include in their numbers is property insurance. I've read of some investor's on this site not feeling they need any but because of the heavy storms here I would not recommend otherwise.

SFH premiums tend to sit between 1.5-3k annual. MFH premiums can get more variable due to age, zone, and unit count. You will sleep much better at night knowing your insurance will cover your new roof(s) when storm season comes around.

Happy investing!

Happy Hour Hangout - REI Meetup

What Do We Do - Every month we meet on the last Tuesday and talk about EVERYTHING related to Real Estate. This includes, but is not limited to: How to get Started, Strategies we use, Areas of interest, Events we attend, Market Updates, Books we Recommend, and much more!

Who Can Attend - Fix & Flippers, Wholesalers, Buy & Holders, and anyone investing or looking to invest in the wonderful world of Real Estate.

Our Mission - To create strong and long lasting relationships with like-minded individuals who are looking to grow as an investor in Real Estate ( while enjoying a drink and having a great time! )

Our Only Request - The event is 100% free but if you could please be so kind to purchase at least one item at the venue it would be greatly appreciated (50% off all drinks till 7pm & $2 Pizza @ 9pm). Even a bottle of water will keep them very willing to host our event as our group continues to grow. This is not mandatory at all to attend. Thank you!

Originally posted by @Karoly Holczhauser:

Dear all,

First of all thanks for your ideas and replies, I am very grateful.

I am considering Tampa area and/or Miami area too. Duplex and the vacation purchase is a great idea, I loved it. 

I am not a handyman myself, but I could afford some minor maintenance on the house after purchase. 

Do you recommend to negotiate on REO with banks? Is it comes with lower price?

Hey Karoly!

REO's and banks are not rampantly letting go of inventory like they were 5+ years ago. Like another poster mentioned, they typically have their number in mind since they pay for a professional to determine the market value of the property before putting it on the market. Very often I've seen better deals negotiated with distressed sellers on the market than foreclosures and short sales. These type of listings tend to bring more traffic since they attract the most entry level investor and even home buyers looking to save a buck.

As for the Miami market, you will need to incur some maintenance and repair costs if you plan to purchase a MFH under $350,000. Nonetheless there are still deals to be found if you know how to be creative and are adamantly surveying the market.

Hope this added some insight, feel free to reach out if you have any future questions. Happy investing!