All Forum Posts by: Jason Angrist

Thanks Nicholas much appreciated. 

I’m looking to purchase a multi family property in Miami that is currently zoned and tenant occupied with 5 units. From a lending perspective a commercial loan requires a higher down payment, thus I would like to combine two of the units into one unit to make it a 4 unit residential property. Does anyone have experience in re-zoning from commercial to residential? 

I’m looking to purchase a MF in Florida that’s zoned for 5 units but from a lending perspective a commercial loan requires a significantly higher down payment. Does anyone have experience in re-zoning to a 4plex so this doesn’t have the be a commercial loan? 

You cannot, only licensed real estate agents are entitled to commission. What you can do is try to get a seller credit due to perhaps some repairs needed on the house that were uncovered during the inspection. I just closed on a house, and while I am a licensed realtor, I was also able to get a $10K credit at closing for repairs. 

Market has definitely softened here in Miami however prices have not come down. Buyers have a bit more negotiating power but anything thats priced correctly and presented the right way to the buyer community isn't sitting on the market very long. Miami is rapidly changing before our eyes. It seems that every day a new condo or commerical project is being announced. If you're looking for a long-term investment that will provide consistent cash flow and appreciation, I would go all in on Miami. Every top developer, restauranteur, hospitality brand has all entered our market..that says something. 

Hey there,

Thanks for sharing the details on the condo in 72 Park Miami Beach. It looks like a unique opportunity with the 1 Bedroom + 1 Den + 1 Bathroom layout and a sizable balcony.

The estimated income breakdown is comprehensive, and the STR approval is a plus. However, it's crucial to scrutinize the figures and consider factors like market trends, competition, and potential fluctuations in daily rates and occupancy.

Given the absence of comparable data on AirDNA and the distinctive nature of this building, assessing the deal might be a bit challenging. The pricing per square foot compared to other condos in the area is also a notable point to consider.

I'd recommend digging deeper into the local market, maybe perhaps exploring single family homes with a pool. The ADR on these are quite competitive versus condos and occupancy is higher rates are higher. I represent a lot of investors in this market and would be happy to walk you through options that make most sense for your goals. 

The concerns about an insurability vacuum in Florida are certainly on the radar for investors and property owners. The potential impact on the housing market, affordability, and loanability is a concern but shouldn't be a deal breaker as the demand for property still outweighs the supply. Insurance plays a crucial role in property ownership, especially in a state like Florida prone to natural disasters. The looming threat of increased premiums, reduced coverage, or even the unavailability of insurance could indeed pose challenges for both current property owners and prospective investors. It's a situation worth monitoring closely, and many in the real estate sector are keeping a watchful eye on developments in the insurance landscape.

With that said the good news is living in FL is in high demand. Prices have been steady and if you're not in a flood zone there are still competitive rates out there.  I have numerous carriers that I works with and can always facilitate in getting you quotes for you. 

Hey Kevin! First off, congrats on paying off your first rental property in such a short time—impressive! It's fantastic that you're delving into Real Estate Investment with Brandon Turner's books. Considering your property has appreciated, options like a HELOC or leveraging the equity for down payments are solid ideas. Each has its pros and cons. Exploring multiple cheaper options could diversify your portfolio, but selling and using the profit for down payments is also a strategic move. Take your time studying, weigh the pros and cons, and perhaps consult with a financial advisor for personalized guidance. Exciting times ahead for your real estate journey!

I have an AMAZING PM here in Miami who manages multiple properties for a client of mine! 

Hi Juan,

Yes I have clients that have built ADUs on their lots and have used them to rent out or for a home gym, home office etc. Drawings for the ADU need to be submitted to the city as there are requirements for it to be considered a legal dwelling. Many owners in Miami do this without permits however when you go to sell it can cause problems down the road if it's an un-permitted structure as you will need to either get a retro-active permit or tear down the structure.