All Forum Posts by: Josh Malenfant

Right now in Miami we are seeing a buying opportunity in the Miami Beach condo market. Theres a large supply right now and we have seen steady decline in price on the beach. I think most investors miss the opportunity to get good deals. They see an asking price and are afraid to try to negotiate down to a point where you get a good deal.

To get a deal, you need to make multiple offers on multiple properties and use the number game. If your just asking for a super deal to be given to you, think again. Anybody searching the MLS or any other site like zillow you arent going to find much but at market deals so you are going to have to get used to negotiating or having a qualifed agent to negotiate for you. Your not going to be the first person to find the super deal.

@Will B. Hello Bill. Sorry to hear you have had some issues. I believe some of the issues you had would have not necessarily needed a permit. Such as remodeling a bathroom, you can pull a permit for it but if your just doing a cosmetic remodel (tiling, new vanity, mirror, bathtub etc.) it would have likely not been an issue unless you are changing the layout and moving around plumbing etc.. Also the driveway pouring concrete you can pull a permit, but thats something that inspectors aren't looking for. Unless you have actual layout change, pulling permits for everything has got to cost a pretty penny. If it is a simple chainlink fence that needs some repair, or a regular wood fence that needs some boards replace it would be ill-advised to pull a permit for those. Of course for all the necessary areas like electrical, mechanical & plumbing it is a must. Last thing you want is the house catching on fire. 

I have a property an in Miami Gardens as well. Your correct on not putting in higher-end finishes. The area needs only the basic finishes. Many properties are old in the area, so as long as the materials are new you should get your ARV price as long as you understand the comps. Comps for a 3/2 run as high as 280K, but usually run around $210-240K. Once your finished with the construction, I would be happy to help a fellow an investor sell the property for a discount rate. I work with a few investors and usually do a flat fee to help save you money.

Agent & Investor here in South East Florida. Anybody looking for an investor friendly realtor, reach out. 

@Brian Burns You're better off using a realtor. 

Hello @Thomas Orgler and @Diego Perez. If you are looking for a Realtor to help find deals that can bring in a nice return for fix and flip don't hesitate to contact me. 

@Jo Chan You first have to figure out what exactly you are looking to invest in. Regardless of the area you need to find out what you are comftorable going into. Second, determine what your investors are willing to spend and what return they are looking for. Third, link up with a Realtor that can help you find a deal in area that you would consider you "Farming Market." 

I am a Realtor in the Miami market. I could help, but it seems you have a bit of due diligence you need to put forth before being able to execute. Most Realtors will only start working for you once you have obtained Proof of Funds, so they know you have the ability to execute and aren't just blowing smoke. 

Look forward to seeing some of you guys.

@Jorge P. Currently on my first flip. Not doing a whole entire rehab, just a prehab to flip over to an investor in Miami. Looking for my first buy and hold in Florida. Looking to do some deals up in Jacksonville, Orlando and the South Florida area. Can get properties up in Jacksonville for 40-50K. 

Every area is a different and I am no expert in your market. Every body has different goals, cash flow, appreciation etc. 

It definitely doesn't apply to everywhere. Especially dense populated areas with heavy competition. My question is why would you want to tie up that much money, when there are many opportunities with higher returns. Instead you could have multiple properties generating income, instead of just having one. It also diversifies the risk, in case a property becomes vacant. @Jorge P.

Personally, I would flip the house. Unless i am receiving rent over 2% of the purchase price, it just is not worth the hold. There are many opportunities out there that you can invest less money and generate a better COC than the property you are renovating. As for the other two lots, if you have experience building homes, i'd say go for it. Since you are looking to be a developer, it would make sense to start with your first ground up project. As David advised, I would concentrate on putting your effort and energy into one before focusing on multiple projects at once. Building a house is alot different then renovating one. This can be a frustrating and lengthy experience. You don't want to be juggling everything and miss deadlines, or have too much on your plate to really learn and appreciate the process.

Use each experience as a case for yourself, to learn what you could have done better. So that your next project comes out with greater efficiency and FASTER! Good luck!