All Forum Posts by: Joe Biscaha

Quote from @Luke Balchaitis:

First time buying a condo in Boca Raton and have some basic questions. 

The community has been around for a while but trying to understand reserves (see attached).

Inside the master community, there are many subdivisions.

In addition, what else should I be asking or other documents requesting?

Thank you

 Hi Luke, your lender will review the condo budget and they should be able to explain it to you. 

When you buy a condo you also should get a bunch of condo docs… Bylaws, Rules and Regulations, Articles of Incorporation, Frequently Asked Questions. You have a certain amount of time to review as part of the due diligence period. It doesnt sound like your real estate agent did a buyer consultation with you. You should ask your agent to explain the process of buying a condo and what condo ownership entails. @Share Ross makes some excellent points!!

Great advice Russell, its the same advice I give to my buyers who want to house hack with an FHA loan and they try low balling the seller.

Ying- sounds like you have an agent representing you, see if your agent can feel out what the seller wants. The property you buy today will be a “deal” in 5 years. 

Hi @Melanie Hernandez I'm a Miami Realtor. Airbnb arbitrage is not going to work in the Miami market. Our rent has increased and Miami is probably the most expensive city for rent. Second, landlords do not like subletting and the apartment buildings do not allow subletting or corporate leases. You may be able to find a for-rent by owner on zillow and convince them to let you list it as a STR. Overall when you look at the numbers at the end of the day it doesn't make sense from an ROI standpoint.

The median home price in Miami is $515k. There will be very few options at $150k

@Ivan Calais Coelho There are a lot of variables to talk through. How is title to the property currently being held? Is it in your name or the LLC? If you currently have a mortgage your bank will most likely not allow you to transfer the property into a LLC. I recommend you work with a local real estate attorney to advise you and draft the lease. Happy to connect you to my R.E. lawyer if you'd like.

@Zachary Harrison Very exciting! You can try reaching out to the owners and offer and make them an offer (call them, text or send a letter) but the sellers probably have an exclusive listing agreement with their realtor so its best to follow the proper protocol. 

Is there any reason you don't have an agent? A good buyers agent will represent your best interests and work with the sellers realtor to make the deal happen. I would be happy to refer you to one of my colleagues if you'd like. 

@Patricia Andriolo-Bull I have helped dozen of investors buy condos and houses for short term rental in Miami. Here's my advice:

1- Be prepared to buy in cash or start thinking like an underwriter. Lenders will want to see at least 20% down payments. Most lenders do not like condo-hotels since they are "risky" and have a higher default rate than owner-occupied mortgages.

2- Assemble a team. You need a great team that can work together to make the deal happen. At a bare minimum you need a real estate agent that knows the market for STR. They can recommend a local mortgage broker, attorney, property manager, contractor, designer, etc.

3- Consider new construction. There is a wave of new construction condos that have a professional in-house operator and allow daily rentals. The best part is many buildings come fully furnished and finished. I think the best hedge against inflation is pre-construction projects. Buying at a fixed price today for something you will receive in 2 years.

I'm a no pressure realtor. You can go to my youtube channel to learn more about Airbnb in Miami. search: joe sells miami. 

I'm a Miami Realtor and have helped dozen of investors buy condos and houses for short term rental in Miami. Here's my advice:

1- Be prepared to buy in cash or start thinking like an underwriter. Lenders will want to see at least 20% down payment. Single family homes are a little more flexible. Most lenders do not like condo-hotels since they are "risky" and have a higher default rate than owner-occupied mortgages. 

2- Miami is not the market to "get a fire deal". Everyone wants to be here. People are realizing they can work and live here. Miami is no longer just for vacation. Companies are moving their headquarters here.  The "deal" is the property you buy today and HOLD for the next 5-10 years. Read on about new construction. 

3- Have a team. You need a great team that can work together to make the deal happen. At a bare minimum you need a real estate agent that knows the market for STR, local mortgage broker, attorney, property manager, contractor and a designer.

4- Consider new construction. Right now there are less than 5 STR condo buildings in Downtown Miami. There is a wave of new construction condos that have a in-house operator and allow daily rentals. The best hedge against inflation is pre-construction projects. Buying at a fixed price today for something you will receive in 2 years.

Hey Ahmed, first off Kudos to you for diving into the Miami real estate market from out of town. I think this was a great deal and although it did not sell at the price you had hoped I think you still sold it at a great price. This neighborhood is interesting as it is very up and coming, but not quite ready for airbnb just yet. I advise my investors that Little Haiti is more a long term rent play. Either way nice job getting in and cashing out at the right time.

P.S. I lived in Hampden, Baltimore for a year when I was at my old job, I miss baltimore.