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All Forum Posts by: Lucas Machado

Lucas Machado has started 49 posts and replied 745 times.

Post: reia's in south florida

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

Welcome @Mona B.! I wrote a bit about local REIA's and mentor programs in this thread, hope it's helpful for you: https://www.biggerpockets.com/forums/311/topics/23...

Don't be afraid to reach out if I can help answer any questions!

Best of luck in your investing. 

Post: Miami Rookie looking for a little direction

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

@Justin Cabral - Welcome to BP and real estate investing! BP is going to be a great tool for you to get started - lots of useful knowledge to gain here, and also networking with other investors in your area.

I also highly recommend checking out the local investor events/meetings. I wrote about them here: https://www.biggerpockets.com/forums/311/topics/23...

Let me know if I can help you find some properties for you to invest in. Also feel free to message me directly with any questions - always happy to help!

Best of luck in your investing! 

Post: Looking to connect w/local Palm Beach, Broward (Boca) community!

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

@Nadjalisse Rodriguez - I second what @Gregory Emmer says about BREIA/DREIA. I also attended @Account Closed's event this week and it was pretty great, especially for such a new event. 

With regards to "Scams & Shady Practices" - I think it depends on what you are doing...Are you wholesaling? You mentioned lenders - are you flipping? Buy & hold? There's a ton of unscrupulous people in South Florida, but what you need to watch out for depends on what you're doing...

Post: obtaining a loan under an LLC in Florida for buy and hold

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

Also, I don't see why you would take the risk of buying it in your own name and moving it into an LLC later...If it's a matter of the bank only taking your personal financial situation into account if you do it in your own name, I'd personally rather use hard/private money to acquire it, then refi with a bank once the property financials stand on its own. I don't say this because I'm a HML, but because I just don't like the risk/liability of holding a rental property in my own name.

But again, I'm not in that business...Maybe someone who is can shed some light / give better advice...

Post: obtaining a loan under an LLC in Florida for buy and hold

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

I'll second @Evan Demchick's suggestion - you may have an easier time doing the deal with hard money/private money/your own money, then after it's rented for a while any bank is much more likely to give you a loan. At that point, not only might you qualify personally, but the property is profitable, so the financing should come much more easily. 

I haven't done any loans in Florida on buy and hold deals yet, so I can't recommend any banks unfortunately...But my buy & hold borrowers elsewhere always refi me out using small local banks, not the big guys.

If you need some hard money to make this happen, feel free to give me a call!

Best of luck!

Post: NEW MEMBER

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

@Deivys Gonzalez - If information and networking is what you are seeking, you've come to the right place - at least, it's the perfect launching point to your career in real estate.

The best way to network with other RE professionals in your area is to attend the local REIAs and other investor meetings:

  • @Account Closed's company hosts an excellent lunch meeting in Weston on the last Wednesday of every month
  • DREIA hosts a monthly event in Miami Shores on the 3rd Wednesday. Occasionally they also do an event in Ft. Lauderdale - it's tonight actually, I'll be there (www.dreia.org)
  • BREIA hosts a monthly meeting on the first Wednesday (www.breia.com)

There are others that I haven't gotten a chance to check out yet, but the above events are my staples.

As for mentor programs, you're going to get mixed reviews on BP...I think they can be great or a waste - really depends on the person. The mentor program isn't going to make you a successful investor, you have to already have that inside you - the program/coaches are just there to help bring that out. If you're just too scared to take action, or have analysis paralysis, having the backing of a seasoned veteran can really help you get over those things. The DREIA team is really great, and they have a mentor program you might want to look into.

Please add me to your database - I'm a wholesaler, rehabber, and lender. Hope we can do some deals together real soon!

Best of luck in your investing!

Post: Wholesaler in Jacksonville, Miami, F Lauderdale, Cleveland!

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

@Attila Vad - Good to finally see you on BP :) welcome! Hope to run into you at one of the REIAs again real soon!

Post: New to Real Estate investing in South FL. Living in Boca Raton.

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

Welcome @Cesar Romero! Definitely try to come out to the next meetup event @Account Closed mentioned. My colleague and I went last night and it was really great. Hope we can do some business together soon - let me know if you ever need some transactional funding for your double close wholesale deals, or if your buyers need hard money!

Best of luck in your investing!

Post: NOT ON MLS! Cheapest 4plex on Normady Isles!

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

@Chris Mora - Yeah, this isn't going to cash flow if you have a hefty mortgage on it...This kind of deal is really popular with foreign investors down here. Someone who just wants to park their money in something safe, easy...They prefer to buy something solid in a highly desirable area over something in a war zone that will give 2x-3x cap - less headache. A lot of those investors even buy stuff sight unseen - so they tend to go for better areas where that's less risky.

Short term even a 4-6% cap is ok with them, and they aren't going to get a mortgage so there's some cash flow too. This low cap is ok for a couple reasons: 1) in their country their money could be earning less, or maybe even losing value, and 2) for someone who might have a stock/mutual fund/bond portfolio, they are used to having diversity, not just a lot of high return investments. And yeah, longer term there's the added benefit of it being likely to increase in value since it's in a great area. It's also a lot sexier to say you own a 4plex in Miami Beach rather than I own a few whatevers in Liberty City ;)

This deal is certainly not for everyone - but then again I don't think any deal is. Show me a rental play in a great area with a 16% cap and I still won't want it for myself :)

Post: NOT ON MLS! Cheapest 4plex on Normady Isles!

Lucas MachadoPosted
  • Real Estate Investor
  • Sunny Isles Beach, FL
  • Posts 788
  • Votes 333

Normandy Isles, Miami Beach, FL 33141 - $655,000

Contact me privately for complete address and additional information.

Cash Buyers or Private/Hard Money Only Please!

Square Footage - 3,000 sq ft

Floors - 1

Lot Size - 6,250 sq ft

Property Type - Multi Unit: 2x 1/1's & 2x 2/1's

NOT ON MLS! Cheapest fourplex available on highly sought after Normandy Isles. Fully rented for $4,700/mo. Leased through Aug/June/Oct 2016. 4 electric meters - tenants pay their own electric, landlord pays water. Doesn't need any work - turnkey investment.

Call, text, email, private message, or comment below if interested.

- 754-800-4743

- [email protected]

Want more deals like this one delivered straight to your inbox? Join our mailing list at: http://www.mwregroup.com/sign-up/

Not enough cash for one of our deals? Call us about a hard money loan!