All Forum Posts by: Jason Brown

@Julie Potts

This was close to south of fifth on Michigan.

@Dov Klitnick

My .02 cents. Getting an offer turned around in a couple hours is great. Good realtors, especially in this market, are super busy. If you have a solid and competent realtor turning around your offers in a couple hours for you and you have no history with them in terms of closed deals I would say you've got a good one. I've got a wonderful realtor who I work with exclusively and who I've closed about half a dozen deals with and she can take a couple hours to get an offer in writing but its because she's a high end realtor who is also trying to close 500K - 750K properties for her end buyer clients while also servicing my 100K - 400K investor price range. What I've resorted to doing a lot of times is basically iron out the price with the seller's realtor beforehand and get my realtor to send over the contract immediately afterwards. That way she's writing up my offers knowing that I've laid the groundwork for the deal to be accepted and it's more a transactional activity with a straightforward pay day. In this market you've got to negotiate the deal yourself and then let your realtor take the transactional time wasting activities off your hands. That's the realtor's true value add to my deals. Writing the offer, following up with the seller, communicating with the title agency, gathering the documentation, following up with the inspector, reviewing the appraisal, following up....... following up...... hahaha following up and ultimately letting me focus on other activities until its time for us to link up again at the closing table in a couple weeks.   

@Manuel Villegas

Thanks. This was what I guess they would call a pocket listing. I called a realtor about a unit on the beach but he said my price point probably wouldn’t work for his seller. He then told me he had just gotten another unit in the same building that was in need of complete rehab that I might be interested and that he hadn’t listed yet. So I ran over there, eyeballed the rehab I would need to do on it and made a cash offer on the spot and they took it. It was a first for me because usually my deals have come from direct Mail or other direct marketing to sellers.

@Jon H.

Thanks. Yeah getting a quality contractor is definitely critical especially when you can’t be on site all the time to babysit which I couldn’t nor did I want to. Fortunately I’ve done a few projects with my current crew so we’re starting to get a pretty good understanding of each other’s expectations. My main areas are Miami Beach, Allapattah, Liberty city, Miami Gardens and some other parts of north Miami.

Not a home run but I'm pretty proud of this one mainly because it's helped me work on developing my systems and network so that I have less and less involvement in the actual project. This was originally going to be a rental but the sales price was solid for what I had invested in it and I have a few other projects I'm interested in moving on to.

This was a South Beach studio that I picked up December 30th and did a full gut rehab.

Purchase price: 60K

Rehab 25K

Sale Price 130K

First time flipping a condo and a co op at that so I learned a few things but overall a solid experience.

Didn't get the total pictures up in time. Here we go.

Investment Info:

Condo fix & flip investment.

Purchase price: $60,000
Cash invested: $25,000
Sale price: $130,000

Finished flip in Miami Beach. Small studio in South Beach. Great area with potential AirBnB upside for buyer!

What made you interested in investing in this type of deal?

Price point was great. Needed a full gut rehab but the number worked out to a solid return.

How did you find this deal and how did you negotiate it?

Called a realtor about a unit in the building. Found out they had this unit that they hadn't even listed but was in pretty bad condition. Went immediately over to view it prior to them listing it and made an offer as I was walking out so it never got posted.

How did you finance this deal?

Paid for it cash.

How did you add value to the deal?

Full gut rehab down to the studs.

What was the outcome?

Closed December 30th. Was able to get my contractor in there the first week of January and turn it around for end of February. Took a little while longer than the SFHs that I normally do but was able to get a buyer at 130K.

Lessons learned? Challenges?

This was my first time investing in a condo and I definitely found the working around the co-op board and co-op president a little more involved than my normal SFHs that don't have any of those. Also when dealing with investments in this price range you need to make it as easy for the realtors as possible. I called the listing agent, went there myself to view it that same hour without him having to even go there and made him a cash offer on the spot that I had my agent immediately send to him.

@Joseph Grullon

I've done a couple flips in Miami and I've had some success sourcing spare impact Windows from Craigslist and Offer up. As long as the color is pretty standard like bronze you will find a lot of great options for almost all sizes.

@Mack Hollins

Very cool to have an NFL player here. Are you interested in South Florida specifically? Connect with people actually doing deals and you'll learn a lot. Best of luck!

Exactly what @Branden Rivero said. There are tons of deals down here. A lot of investors will throw generalizations out about Miami real estate being too hot or overpriced like New York or San Francisco but it's not necessarily comparable. Yes like the entire country Miami prices have skyrocketed over the past 18 months and we have, I believe but definitely fact check this, the lowest income to rent ratio in the country which further exacerbates the ridiculous demand for affordable rentals and affordable housing. If you're willing to put in the work and go direct to seller (letters, seo, signs, door knocking or whatever) you can pull down deals monthly with ease. Do I see enough inventory down here that would allow you to implement a big acquisitions operation? Not necessarily but for the small to medium size investor whether it be single family, small multis or condos there are deals everywhere.