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All Forum Posts by: Joseph Grullon

Joseph Grullon has started 20 posts and replied 64 times.

Post: Seller prospect willing to do a creative deal.

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Meeting with a seller this week regarding a creative deal.

Seller wants to sell his property to me, but in one year. In the meantime we spoke on the phone about a $15k deposit upfront to lock the property up this year. He told me I could lease it or even Airbnb it.

He has some sort of loan against the property that he has to wait until July of next year, in order to not be penalized for pre-payment. His monthly payment, all in is $1500, we offered to pay him $1600 per month for the next 12 months and then purchase outright at the end of the 12 months. 

He’s Asking $290k (from which we’d subtract the initial $15k deposit for a total due at end of 12 months of $275k)

ARV is $350kOn Airbnb should pull in approx. $4.5k

What would you call this type of deal and is this the best way to structure it?

Post: Miami Zoning and Land Use

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Good afternoon, I have a property in Miami that is zoned T3-R, and the Land Use is: Single-Family, Med.-Density (2-5 DU/Gross Acre).

But on property search the property is listed as single-family. Although, the previous owner added 2 dwelling units to the property and both additions reflect on property search when it comes to adjusted sq footage. Owner has plans and pulled permits. But the property is still classified as a single-family rather than a duplex or multi-family. Would it be possible to get this property classified as a duplex with the zoning dept? Been trying to reach them, but figured I'd ask here while I wait.

Any help would be greatly appreciated. Thanks!

Post: Zoning and Land Use Multifamily (Miami)

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

@Paul H. thanks a bunch for your insight! As far as parking, the property actually has four parking spots upfront, so I should be good to go on that end. At least for a duplex. 

If I’m able to get this property classified as a duplex, the numbers would definitely be favorable for a flip🤞 

Post: Zoning and Land Use Multifamily (Miami)

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Hey Juan, I'm actually in a very similar situation right now in the City of Miami. Were you able to get any answers, if so what was the outcome. 

I my case I have a property that is zoned T3-R, and the Land Use is: 

Single-Family, Med.-Density (2-5 DU/Gross Acre).

But on property search the property is listed as single-family. Although the previous owner added 2 dwelling units to the property and both additions reflect on property search when it comes to adjusted sq footage. But the property is still classified as a single-family rather than a duplex or multi-family.


Any help would be greatly appreciated. Thanks!

Joe


Post: Real estate coaching program

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Has anyone ever been a part of the REI game changers coaching program?

Is it any good? I know many coaching programs don’t have the best reputations, but they’re may be some legit ones.

Currently going at it on my own and slowly progressing, but I’m not opposed to spending a little money to fast forward and make sure I’m making the best moves for my future success.

Thanks in advance!

Joe

Post: Turns out to be a tear down house

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Congrats @Mark Gaskins

I was in a situation about 6 months ago when we went under contract with a wholesaler. He told us that the property was occupied, but the tenants were moving out within a week. Well 10 days, passed by and he ended up disclosing that the truth was the seller had been trying to evict the tenants for months and due to the moratoriums he was having no luck. Since this was to be our first flip, we wanted no part of this. 

It was very disappointing that the wholesaler had not been upfront with us from the beginning. But luckily, he came back to us a couple of days later telling us that the seller had been offered more money and therefore wanted to cancel his contract. 

Normally, that would've been a big issue that the seller did not want to fulfill his contract. But in this case it was just the "out" that we needed from this whole situation. 


Luckily in March of this year, we found another wholesaler and purchased a property from him. We just wrapped up the rehab and will be listing the property on Monday.

Purchase price: $188,000

Rehab: $60,000

Asking price: $329,000

Profit before closing/holding costs: $81,000

Will update you all on how the listing goes. Btw, will be listing with my brother/partner who is a licensed relator, so we'll save on commissions. 

Post: Should I Virtually or physically stage my fix and flip?

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

@Cody Neumann

@Michael Dumler

Thank you all for your responses. Great advice! 

I looked up the comps in my area and none virtually staged, but I think we would like to stand out from the others especially as the cost will only be about $100. Hoping for some ROI!

I'll let you guys know how it goes. 
Joe

Post: Should I Virtually or physically stage my fix and flip?

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Good morning BP, so yesterday we finally wrapped up the rehab of our first fix and flip! Very excited! We have a cleaning company coming in to do post cleanup, and will be taking pictures, my question is should we get the property staged? If so would it be better to just do virtual staging to save on costs, or should we go with the real thing?

So that you can understand the area, It’s an area that is up and coming, used to be a pretty rough area but in the last couple years many rehabbed properties and revitalization. Flipped properties are going for $300k+ in this area.

Thanks in advance and I really appreciate your advice.

Joe

Post: Creative financing structure for this deal

Joseph GrullonPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 73
  • Votes 14

Hey BP, I spoke to a seller yesterday. He is interested in selling his property as he is retired and would just like to cash out on this rental he’s had for years. He stated none of his children want the property, therefore he would like to just sell it. Here’s the caveat, he took a personal loan against the home for $105,000. He would like $340,000 for the property, local comps value the property at around $400,000. He said he would be a little negotiable, in order to get the deal done but not much.

According to him he would have to pay a pre-payment penalty if he paid off that loan now. Otherwise he said he would be willing to wait the 14 months, in order to not be charged the pre-payment penalty.

Does anyone have any tips or advice on a potential subject to structure for this deal. Something where I could offer to acquire his property now for some sort of agreement and then a balloon payment in let’s say two years.

Thank you guys as always,

Joe