All Forum Posts by: Joe Biscaha

Hi @Ahmed Mohammed just sent you a message. 

Hi @Justin Linares I can help you out on this deal if you'd like to partner, Send me a message. 

Here is more information about doing airbnb in Miami to help you out.  https://youtube.com/playlist?l...

@Mary Joe My team and I primarily work the urban core of Miami (Brickell/Downtown/Midtown/Edgewater) and deal with a lot of Condominiums. 

The average sold price last month was $600k. What you can get depends on what kind of building (full service amenities, concierge, etc) you are looking at. 

Our clients have seen HOA maintenance go up, again, it's depending on the building. Some buildings have been poorly managed and not been collecting reserves, others have full reserves and are prepared.

In FL when you go under contract to purchase a condo you will receive the last 12 months of meeting minutes, budget and condo docs to do your own due diligence. Buyers have a 3 day recision period. 

Almost everyone (Single family home & condo owners) are experiencing some kind of insurance increase because of the insurance carriers pulling out of the state. 

Although mortgage rates have increased it does not really have an effect on our market, more than 50% of condo sales are purchased in cash. 

Our market remains strong, and Brickell remains a top choice https://www.miamitodaynews.com...

Thanks for sharing and checking, thats what the form is for. As others have mentioned this doesn't sound legit. 

If this is a legitimate loan you should be able to ask for a Loan Estimate from the loan officer. I doubt you are getting a 3% rate. 

Quote from @Joshua Townsley:

Quote from @Thomas Tsitouridis:

Quote from @Joshua Townsley:

I have seen that project and I am a little fearful that it is going to cause price competition and from there it is going to be a race to the bottom for who gives the best deal per night and that hurts every owner. But I guess hotels don't normally have an issue- well most of the time. So maybe it will work out fine? It has been an interesting project for sure but I think everyone has to analyze their own risk tolerance and profit projections. 

 If at the very least it pays for itself, I see upside equity potential and/ or resale value there.... and a place to stay in Miami.

 Also very fair points. By the time they finish building it anyways the property values will have likely doubled at the rate we are going down here... and a new vacation home is never a bad thing lol

If you are an investor and you buy a Miami condo, you normally have two options: sell it upon delivery and never use it, or rent it long term and never get to use it yourself. With short-term rentals, you can rent it and get to use it yourself, and somebody else is paying for your property.

Quote from @Thomas Tsitouridis:

This project features 1 of the 3 buildings with one being ONLY for AirBnb purposes. Supposedly first of it's kind in the Miami market that is centrally managed & has a partnership with AirBnB for super host status from what they say. 

Looks like a great project. Wondering if anyone has invested in a new development like that as I've only had experience with existing structure purchases, BRRRR and STR of SFR.

Here is the project: 

https://e11evenresidences.com

Looking to purchase a unit for $670,000

Sleeps 4 with approx. 614SF and one of the few units with outdoor terrace and cooking area

From developer:

PAYMENT STRUCTURE

10% @ contract signing

10% in 6 months from contracts

10% @ Groundbreaking - Summer 2024

10% @ anniversary of Groundbreaking

60% @ closing 2/3 Q 2027

Let me know your thoughts here!

From what I've found, Miami as a whole averages approx. 80% occupancy @$300/ night

Appreciate any help here...... as I'm typically one to do the leg work. This is more of a, sit back, we'll do it for you approach.

P.S. My broker bought 2units 2 years ago and has $400k in equity already (approx. 300-400k per unit then)

Hi @Thomas Tsitouridis I think you are referring to West 11th, e11even residences is sold out. 

Let me know if you have any questions I have a client under reservation right now. 

West 11th is the building partnered with Airbnb. They launched sales 2 weeks ago and are already at 45% contracts. 

Send me a message if you have any questions, I can be your local boots on the ground. 

Quote from @Alecia Loveless:

@Jorge Armas Hi Jorge, I work exclusively with one buyer broker and we have an understanding that I will pay 3% on whatever properties I buy through him even if the listing agent is only offering 2%, I make up the extra 1% of the commission at closing. He would never weasel me out of fees or try to rope me into a 180 day clause.

Thanks for sharing, It sounds like you are working with a professional agent @Alecia Loveless

Hi @Jorge Armas, What's your gut feeling with this agent? 

Did they take the time to explain the agreement and how they get paid??

If you have any doubt, interview a couple more agents. 

I work in Miami and I have all my clients sign an exclusive buyer broker agreement when they hire me. The first thing I talk about in our onboarding meeting is Laws, Agency Agreements and how I get paid. Most agents dont take the time to explain how they get paid and most customers don't know how their agent gets paid. 

6% is very high... my fee for buyer representation is 3% and normally the seller pays my fee, HOWEVER there may be a situation where compensation is not being offered (Like a For Sale By Owner) or a situation where compensation is less than my fee (seller is offering 1%) and I explain that I will always let my client know before showing them a property and they will need to decide if they still want to see it. 

Agreed with @Adam Schooley the $345 junk fee is a flat fee commission. Every single broker I've worked a deal with charges some kind of flat fee. It does not go to the agent it goes straight to the Broker. 

Quote from @Daniel Forero:

Quote from @Joe Biscaha:

@Daniel Forero welcome! Happy to connect and help you on your journey any way I can. My team and I work with investors in Miami/Ft.Lauderdale and come across multi family deals all the time. Let me know if you ever need anything 

 thanks! followed on insta!

 Thanks 🙌 look forward to connecting!