All Forum Posts by: Joe Biscaha

Hi @Elizabeth Bobo, welcome!! You're in the right place this is where I started when I was new.  Now I'm a full time agent and have been working in Miami for 4 years now. 

First, do your research and look for agents who have experience working with investors and a solid track record in the location you're looking at. You can check their online profiles and reviews to get an idea of their expertise and services.

If you have any other questions or want to discuss further don't hesitate to reach out. Happy to assist you any way I can. 

Joe

Hi @Stefano Vrolijk, my team and I help foreign citizens purchase investment properties all the time. I'd be happy to provide some recommendations and suggestions for your situation as a foreign citizen living in Miami.

First, it's important to have a good understanding of the local real estate market, including pricing trends and neighborhood dynamics. I recommend doing your research and looking at properties online. This will help you make informed decisions when it comes to buying. 

When it comes to getting approved for a loan, the process can be a bit more complicated for foreign citizens. Generally, lenders will require you to have a substantial down payment. You may also need to provide additional documentation, such as proof of income and employment, and may need to have a co-signer who is a U.S. citizen or permanent resident.

In terms of buying with an LLC, it can be a good option for some foreign buyers, as it can provide additional liability protection and potentially offer tax benefits. However, there are also some downsides to consider, such as higher fees/interest rate. It's important to consult with an attorney or an accountant to determine whether an LLC is the right choice for your specific situation.

You can reach out to me and my team who can guide you through the process and help you navigate any challenges that may arise. Good luck with your search!

Hi @David Cabañero Vazquez, you're welcome. A lot of these homes in Hollywood have "good bones" and are structurally sound, however they are just dated and need cosmetics and someone with an interior design vision. 

Think about two different rehab paths for your purchase:

1. Long/mid-term rents: You can just do the basics; flooring, paint, basic landscaping.

2. Airbnb/STR: You're gonna wanna do a little bit more besides the basics. Budget for home decor/furnishings and if you can improve the pool or add a hot tub to maximize the return.

Re: wiring- On my last deal in Hollywood I represented the buyer we negotiated with the seller for a credit to re-wire the house. Of course its different for every deal but just wanted to share that insight. Right now sellers are willing to work with buyers in some cases. 

Take a look at this before/after example thats in Wilton Manors not too far from Hollywood. 

Before (sold 2019 for $532k): https://www.compass.com/listin...

- basic rental finishes, 2 units were airbnb 1 long ter,

After (coming soon 2023 listed at $1.79M): https://www.compass.com/listin...

- painted, renovated bathrooms, improved pool with waterfall, etc. 

Hope that gives your some inspiration!! Reach out if you need anything else. 

Hi David, I've helped a couple clients purchase SFH's in Hollywood. They either Airbnb the property or have tenants on a long term lease. At 400k price point a lot of houses are configured as a 2bed 1bath or 3bed 2bath and need some remodeling. Have you budgeted for repairs or improvements? Also do not be surprised if you come across houses with cloth wiring, many of the homes in west hollywood were built that way.

hi @Michael Betancourt I'm an Agent specializing in STR. Happy to connect!

Completely renovated 2 Bed/1 Bath house with a detached 1 Bed/1 Bath guest cottage! This totally unique property has great possibilities. Live in one and rent the other. Great for AIRBNB/Yachtie housing or a long term tenant. Both homes have so many great features. Newer roofs, central A/C, tankless water heaters, appliances, impact windows, stylish tile flooring, contemporary kitchens & baths, custom shades, auto sprinkler system and landscape lights.

Nothing left for you to do! Both units have their own covered patio and garden area. Room for a pool or expansion. Tropical landscaping surrounds the property. Great location convenient to everything! Downtown Las Olas, the beach, FTL airport, the marina and the 95. Plenty of parking for a boat or RV. Fully furnished is optional.

$ 147,400 Cash Needed (80% LTV) Estimated $ 1,937/mo Cash Flow 9.2% Cap Rate · 15.8% COC

Estimated Property Analysis:

https://drive.google.com/file/...

View Listing: https://www.compass.com/listin...

@Omar Grant I dont see the monthly HOA factored in here. The listing says hoa is $750/month. This is not a deal in my opinion.

@Ben Matityahu Insurance is such a hot topic right now in Miami. You want to speak with someone who's licensed and can explain everything to you. I have an awesome insurance agent I work with, call Melissa Raposo. https://aventura.greatflorida....

Completely renovated 2 Bed/1 Bath house with a detached 1 Bed/1 Bath guest cottage! This totally unique property has great possibilities. Live in one and rent the other. Great for AIRBNB/Yachtie housing or a long term tenant. Both homes have so many great features. Newer roofs, central A/C, tankless water heaters, appliances, impact windows, stylish tile flooring, contemporary kitchens & baths, custom shades, auto sprinkler system and landscape lights.
Nothing left for you to do! Both units have their own covered patio and garden area. Room for a pool or expansion. Tropical landscaping surrounds the property. Great location convenient to everything! Downtown Las Olas, the beach, FTL airport, the marina and the 95. Plenty of parking for a boat or RV. Fully furnished is optional.

$ 147,400 Cash Needed (80% LTV) Estimated $ 1,937/mo Cash Flow 9.2% Cap Rate · 15.8% COC

Estimated Property Analysis: 

https://drive.google.com/file/...

View Listing: https://www.compass.com/listin...

Hi Alejandro, sorry to be the one to burst your bubble but arbitrage doesn't work in Miami. First, the apartment communities will not accept a corporate lease in the name of an LLC or allow you to sublet. Second, 99% of the condo buildings in Miami will not allow leases less than 6 months. You may be able to find a single family house and ask the landlord but they will probably say no.