All Forum Posts by: Gabriel Amedee

Hey @Cody Littlewood ! 

Welcome to BP man. You definitely came to the right platform. I'm sure many professionals will jump in and introduce themselves shortly but you should definitely come by to the next local BP meetup! You can RSVP here, hope to see you there! 

What's Brewing Miami - REI Meet Up ****LAST TUESDAY OF EVERY MONTH****

What it is - This is a group of local South Florida Real Estate Investors who get together once a month to talk real estate. Bounce ideas and deals off of each other.

Who is welcome - Agents, Investors, Bankers, Hard Money Lenders, Wholesalers, Management Company Owners, Attorneys and anyone who is interested in REI.

Best Case - Meet other like-minded individuals and learn about Real Estates Investing issues specific to South Florida. Talk about real estate! Perhaps find a deal or a partner.

Worst Case - Have Great Beer in Miami!

Please reach out if you would like me to send you an email reminder a week prior. Thank you! 

Originally created by: @Jonathan Azoulai (thanks!!)

Hey Mercy Cleto ! First things first, with $10,000 down there are very little SFH homes available to purchase let alone a MFH. I would suggest getting to know the market and try to rent in the area you plan to invest in so you can better solidify yourself as a market expert. Once you rent for X amount of time it takes to save a more sizable down payment (20-30k) you can pull the trigger with no fear because you know your market. As far as qualifying goes, I wouldn’t worry since I believe you guys will pick to rent first thus giving you time to build up employment history. Regardless if you did want to begin house hunting I believe you could qualify with your previous employment history if you are currently in the same field as well. Feel free to reach out if you want me to confirm specifics with my lender. Hope I provided some insight. If you have any more questions don’t hesitate to connect! We have a monthly meet up down that I think you would greatly benefit from as well. Happy investing!

What area are you located? I think this depends highly on the deals available in your area. In my area most of the properties with enough spread in profit cannot be financed due to their condition. Heck, even if they were in decent shape if the deal is that good you’ll have a handful of Investors offering all cash just to secure the deal over financed buyers. Most banks take 30-45 days to close while my private money lender takes 14, a seller will always pick me over the financed buyers. That’s why I say it is highly dependent on your market. Happy investing!

@Enrique S. @Alan Goldstein @Yoni R.

@Yoni R. @Justin Marx 

@Arnold Lorenzo @Jonathan Azoulai

Hey Everyone! 

Hope to see you all at today's event. I have the link attached here with all the details.

What's Brewing Miami - REI Meet Up ****LAST TUESDAY OF EVERY MONTH****

What it is - This is a group of local South Florida Real Estate Investors who get together once a month to talk real estate. Bounce ideas and deals off of each other.

Who is welcome - Agents, Investors, Bankers, Hard Money Lenders, Wholesalers, Management Company Owners, Attorneys and anyone who is interested in REI.

Best Case - Meet other like-minded individuals and learn about Real Estates Investing issues specific to South Florida. Talk about real estate! Perhaps find a deal or a partner.

Worst Case - Have Great Beer in Miami!

Hey @Brian Dombrowski

Welcome to BP! I am currently doing what is you are mentioning for a much smaller flip (10231 SW 132nd Ave LLC) here in Miami. Before going to an attorney I would ask the main partner if they already have an operating agreement structured.

If they do, ask if it has been signed and agreed upon by all members and then take it to an attorney prior to signing yourself. If there has been no operating agreement created I would draft one yourself or write down all the terms discussed and request everyone's approval on the terms. Then take the terms or drafted OA to an attorney so it can be finalized and tweaked. 

DO NOT go to an attorney with no terms in mind or with terms that have yet to be agreed upon by all partners; this will lead to a back and forth of revisions on the agreement thus costing you the attorney's time. 

If you or anyone has any further questions feel free to reach out. I am happy to share the Operating Agreement I have used. Happy investing!

Hey @Sean Gradin

Personally I think a HELOC isn't a favorable option unless you plan to constantly use the money.

If you only plan to pull out money once I think it is way more favorable to do a cash-out refi from the beginning. Better to lock in a fixed rate than an adjustable one that relies on the prime index. 

You said you already have some solid equity, is it not enough for a down payment? The lenders I know allow you to pull out up to 80% of the property value with a cash-out refi; with $100,000 down you can buy a great cash flowing MFH in Miami. 

Feel free to reach out if I am missing any details, happy to answer more questions!

Hey Karen Beadle I’ll be attending this upcoming one and am super excited. Have met GC before but never attended a 10x event. Personally I see it more for a motivation & wisdom benefit and like James Caruso said I would prefer to fund my first my deal before feeling I need some push from his courses. I will be making a thread as we get closer to the date so keep your eyes peeled!

Hey Daniel Alvarez Welcome to BP! As Autumn Alexander mentioned, you should definitely check out the local meet ups. There is one in little Havana monthly that pops up periodically on the forums, feel free to reach out if you can’t find the thread. Hope to see everyone at the next meet up Happy investing!