All Forum Posts by: Julio Ramon Barcelo jr

oh really? awesome Mark let me try that approach see if it will work 

ignore that last post

heres the link

http://library.amlegal.com/nxt...

its mix use

was priced at 650k

and I negotiated the selling price down to 560k. 

seems like all permits are up to date. just awkward that two appraisers could not appraise or " did want to put in the work"

seeking lending from another mortgage broker who claims they can do it but if its an appraisal issue then may have to walk away unfortunately.

Have a property under contract. 10units cash flows great but two appraiser said they couldn’t appraiser it. Says property isn’t zoned for the current use it has. Also some Airbnb action. This is what the lender said “

Here's what the Hollywood Planning and Zoning office has on the property. Here's a link to the specific zoning information, but the bottom line is the property is not zoned for residential use except on the second floor and above. Because the property is not zoned for residential use, I (and really no one that's using institutional money) won't be able to get residential or multi family loan on it. Someone could buy the property for cash, but I don't know any lenders that would lend on it.

Sorry.

Any thoughts?

count me in let me know when the next meet up would be thank you!

Hey Ron how are you ? Yes the unit is always occupied and alot of turnover.  Airbnb provides a great platform to market your apartment. Yes thats about the return on investment that I calculated before closing. It maybe slightly higher but 16% isn't bad at all, and also alot of tax benefits considering  proper book keeping ( something I stress on and got the books right all up to date.) Deals do exist in challenging markets such as south florida. I will personal message you a deal I found recently and you can call and get more informationand hopefully lock in a deal. If the numbers beat the stock market I am more than interested.

@John Moorhouse you do know that the United States biggest asset is student loan debt . Not working debt as in described in a lot of real estate books remember it’s one life make it a good one. Leave a legacy god bless

@John Moorhouse if the fire department doesn't pan out try the army they should grab you or worst case get your ged good thing about the army they have the VA LOAN opportunity. And that could set you up big time best of luck brother.

@John Moorhouse I agree take serious action school is a waste get in the game man

Investment Info:

Other buy & hold investment.

Purchase price: $75,000
Cash invested: $75,000

Studio in beautiful sunny isles beach Area. currently on airbnb and homeaway from home and rent privately through an acquaintenance I made looking for another deal. going very well . This was a cash deal ( not my favorite nor will I ever do it again) but has been going well and was determined to close on a deal this year. going very well cash flowing 1000-1500 a month after all expenses paid offering beach front experience at more than affordable price. HOA comes out to 751 ( I know expensive) however building wont be around for too long with new development growing in the area. The future is bright

What made you interested in investing in this type of deal?

South Florida Market is very challenging and after looking at over 100 analyzed properties finally found a property where the numbers made sense.

How did you find this deal and how did you negotiate it?

Found it not even looking actually. Looking at xome one day and called Listing agent and went to go see it. I live 5 buildings south so managing the property wasn't going to be difficult. negotiated hard as possible. pretty much consistently asking that my closing fees be paid and also offering to close as soon as possible

How did you finance this deal?

cash deal

How did you add value to the deal?

added more kitchen utilities small details that gave the studio life.

What was the outcome?

cash flow very happy 4-5 more of these and trump my pharmacist salary :D

Lessons learned? Challenges?

first property purchased learned about how to close a deal the steps necessary to actually get to the closing association ups and downs but very happy to have learned this early. also learned the power of airbnb.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I just focused on all the bigger pockets books read them all took notes. also watched videos on how to analyze deals. and applied everything I learned and kept analyzing 1-2 properties a day and then found one. I highly recommend you buy those bigger pocket books and study them. Dedicate yourself to life time learning but also apply what you learn and take action and run the numbers correctly and always continue to learn and grow.