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All Forum Posts by: Hugo Martin

Hugo Martin has started 2 posts and replied 3 times.

Thanks for the response ! 

yeah my dad was saying the same  thing about city might give me a headache in this situation.

Well just a little background the house only has 3 owners since 1971 so the first owner was a carpenter and did the enter back of the house up to code ( so they say) but the carpenter passed away and never permitted the home the wife sold it to the second owner, second owner lived in this property for 14 years then sold it to me. so at this point i might just leave as is and either rent or flip it in time. initially that was my plan anyways but wanted to see if I had other options or hacks for the permitted piece.

but thanks again ! 

Hello everyone,

Just wanted to share this and see all your thought or advice on this. 

I bought a villa in Miami Florida, for 250k, sell by owner.  when I initially did the Appraisal they estimated my house is 1000 sq ft on a 7700 sq ft lot but in the back of my house connected I have what they turned in to a living room an additional 900 sq ft  that was not included on my appraiser because it was not permitted. Make a long story short the appraisal came back for 253k and they didn't even include the back of the house. so my question is.. do i leave it like that ? do i try and permit the back ? maybe make the house worth more? I know my taxes are involved in this and just want to make the right decision.

Only person I really take advice from is my dad and he advice was leave it as is. once I sell you can do a sell by owner or rent it out. but I wanted to hear everyone else thought or if any one has any experience with this situation. 

Thanks in advance 

Post: Noob here: from Miami Florida

Hugo MartinPosted
  • Posts 3
  • Votes 1

Hello,

My name is Hugo Martin, I live in Miami Florida and I want to get in to real estate and become a real estate investor and work in the real estate industry. I recently Bought my first property (fixer upper), in the Miami lakes area with my wife and it was quiet a roller coaster ride. We got pre approved right away for 400K and after looking at 57 homes with a realtor we decided to buy a villa 2/2 NO HOA in Miami lakes for $250k (7700 sq ft lot and 1900 sq ft home). I did it with a lawyer because it was a sell by owner and I wanted to experience the process without a real estate agent.

So we started from scratch I had NO CLUE what I was doing, we started going online and researching how to get started. Make a long story short we found a lawyer, my lender got in contact with the lawyer drew up the contract and in 35ish days seller and I where at the lawyer office signing the paper work. VERY SURREAL !. well After the Signing I called my dad and told him to meet us up at the new place and bring a slag hammer and a crowbar... we went to work and in 2 months time we remodeled the entire kitchen,we had to remodel the closest in both rooms we did tile on the floor, paint inside and out, and new appliances. (we put in close to 20K).

So now living in my home for about 6 months I am real interested in the real estate industry because I see the potential.. I started reading books listening to podcast (of course Bigger Pockets) and I went down the rabbit hole in this real estate world and  without a doubt love it. So i just wanted to introduce my self, network. Also wanted to ask out there their experience. Just want to be able to pick peoples brain. I want to start working in the realm of real estate most of my friends just tell me to get the real estate license and start. I know everyone and there mother is a real estate agent in Miami ( no offense I see a lot of money in the street so i get it) so I was moving towards real estate investor. But of course friends and family just tease me a little because I literally just bought my first home and want to build an empire with one experience in buying a home. lol. 

I Just read this over and i am all over the place but i will leave it like that because i wanted to express myself write exactly how I talk lol

Hope to hear from people in this world and get some tips, advice, job, training, anything that will help me better myself. I am serious in this venture even if i do it on my own. 

also just properties I was recently looking in to was multi family homes ( duplex and triplex) in miami florida so if anyone has tips or anything really would be great

Thanks!!!