All Forum Posts by: Jose Corbera

Hi everyone,

Does anyone know a trustworthy contractor or a someone that you would recommend to rehab properties. I’m looking for a contractor that hits timelines and stays within the agreed upon budget.

Thanks!

Very inerested. Would first need pics. Thank you.

@Rik Patel I normally plug in the property address into https://mdc.maps.arcgis.com/apps/webappviewer/inde.... 

From there I use the following link to understand the flood map zone. http://www.miamidade.gov/environment/flood-maps.as... Unfortunately, the property I was interested in was in an AE zone (Moderate to High Flooding Risk).

Hope this helps.

@pete You are right. I would prefer cashflow than appreciation but this property looked like a winner. Unfortunately, after looking into things further, there's even less cashflow than what I originally thought. Time to keep on looking as I cannot just rely on appreciation. 

Thank you Rik!

@Russell Brazil Thank you very much for the insight Russell.

@Rik Patel Simply because of all the new developments and purchasing of property happening in Allapattah. Several developers and realtors that I have come in contact over the last few month say it may be the "W.O.W District"... for 'West of Wynwood. Not sure if that will be the case but the money being injected is substantial. Currently, many residents and city officials are against the gentrification of the area but so were the people of Wynwood sometime ago and look were we are now. 

What are your thoughts? 

@Matt R. and @Mark Bookhagen Thank you gentlemen!

Hi All,

Here's the deal... I'm looking at a second property which is a somewhat updated duplex in the Miami in an area that may appreciate substantially over the next 15 years. For those that are local, it's on the north side of the Miami river between the Miami Marlins stadium and the Miami International Airport. The details are as follows:

Purchase Price: $350,000

Monthly Expenses: $2,582.61 (Duplex is in a flood zone since on the river, where by my insurance is $6835.92/12 = $569.66)

Monthly Cashflow: $317.39

Total Cash Needed to Close: About a $100k

Cap Rate: 5.99%

I'm torn because although the property is in a great location, doesn't need work, has current tenants, and has plenty of speculative value, I will have a $100k parked until the property appreciates, not to mention the below than average monthly cashflow. My initial thoughts are that opposed to having a $100k sitting and not really creating monthly cashflow for me, find a different property, perhaps with less speculative value and more monthly cashflow.

What are your thoughts? Thank you in advance.

Jose

Here's the deal... I'm looking at a second property which is a somewhat updated duplex in the Miami in an area that may appreciate substantially over the next 15 years. For those that are local, it's on the north side of the Miami river between the Miami Marlins stadium and the Miami International Airport. The details are as follows:

Purchase Price: $350,000

Monthly Expenses: $2,582.61 (Duplex is in a flood zone since on the river, where by my insurance is $6835.92/12 = $569.66)

Monthly Cashflow: $317.39

Total Cash Needed to Close: About a $100k

Cap Rate: 5.99%

I'm torn because although the property is in a great location, doesn't need work, has current tenants, and has plenty of speculative value, I will have a $100k parked until the property appreciates, not to mention the below than average monthly cashflow. My initial thoughts are that opposed to having a $100k sitting and not really creating monthly cashflow for me, find a different property, perhaps with less speculative value and more monthly cashflow.

What are your thoughts? Thank you in advance.

Jose