All Forum Posts by: Jacques Wurms

If you buy a house with illegal additions at least pay the price based on the legal size and rooms. In other words if it is a legal 2/2 that is how you should price it. I would not pay for an additional 3th illegal room. The problems appears when you try to put a new mortgage on the house or want to sell it again. The bank and or realtor  will see in the tax record what the legal size is of the house.  

I would find out how many leads you will be getting. Generating business on your own is very expensive and time consuming as a newbie! 

Hereby a attorney that is specialized in working with foreign investors. He did a seminar on the subject at the Fort Lauderdale board of Realtors last year, was very interesting. 

Steven Elliot, Esq, The Wallace Law Group.

The answer is you need a good a lawyer and accountant that specialize in foreign investors. They will tell you how to get money to the US and what sort of legal entity they should hold property in. Talk to them and get educated before you do anything. I do have a lawyer for you if you need one.

1501 NE 3rd Avenue, Ft Lauderdale FL, 33304

Asking Price: $180,000Avg 

Retail Value: $230k
Structure Type: CBS
Est. Rent: $2,375/ month
Est. Rehab Needed: $10K- Basic updating in each unit
Beds/Baths: 3/1+ 1/1 +eff
Living SqFt: 2,016 sqft
Lot Size: 2,041 sqft
Property Description
This CBS house has 2 meters! This is set up as a 3/1+ 1/1+ efficiency.
The 3/1 is paying $1150/mo
Efficiency is paying $575/mo
1/1 is paying $650/mo.
Comps:
1513 NE 3 Ave 4/3 CS $350K
1521 NE 1 Ave 4/3 CS $259K
1528 NE 1 Ave 3/2 CS $226K
1501 NE 2 AVE 3/2 CS $230K

This one is not on the MLS

215 SW 9th Street #1-2, Hallandale, FL, 33009

Asking Price: $199,000
Avg Retail Value: $235k
Structure Type: CBS
Est. Rent: $2,400/ month
Est. Rehab Needed: $5K-$10K
Beds/Baths: 2 (2/2s)
Living SqFt: 2,064 sqft
Lot Size: 5,112 sqft
Property Description
Great duplex in an amazing location, Hallandale! Each unit is 2 beds and 2 baths. Should rent out easily for $1,200 per side. The home up the street is rented for $1,200 per side and is listed for $290k!
An Investor that purchases this for $200k and puts in $10k and rents it for $1,200 each side, will have a 10% CAP NET!
Comps:
Closed sales
25 SW 8th CT $265k
415 SW 9th ST $220k
611 SW 9th ST $215k
Active Sales
22 SW 9th ST $288k
209 SW 9th ST $290k
569 SW 9th ST $265k
104 SW 8th ST $246k

Sorry forgot to post pictures, please see bleow

This one is NOT on the MLS!

Asking Price: $58,000

Avg Retail Value: $140-$170k once fixed up
Structure Type: CBS
Est. Rent: $1400-$1700
Est. Rehab Needed: Needs a full rehab
Beds/Baths: 3/2
Living SqFt: 1,437 sqft
Lot Size: 6,004 sqtf
Property Description
This property is situated in a great neighborhood.
Needs a full rehab.
Needs all new dry wall, windows, kitchen, 2-bedrooms and flooring throughout.
Optional landscaping would make a huge difference in a curb appeal.
Comps:
Active Sale
3830 NW 8 PL $175K
891 NW 35 TER $1659
1210 SW 21 AV $149k
3630 NW 9 ST $145k
871 NW 35 AV $109k
Closed Sale
890 NW 35 AV $114k
920 NW 35 AV $99k
891 NW 35 TER $90k

Hello Lakila,

I can help you in Broward county. 

Hello Fellow BP investors,

This is a REO 2662 SF under air, asking price only $138900 currently it is empty.

Two 3*2 units could easily rent for $1300-$1400 each.  Figure  about $60K to fix it up.

Based on the rent once fixed up and rented the value is about $260K