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All Forum Posts by: Long Di

Long Di has started 6 posts and replied 14 times.

Post: Property Manager Recs - Miami

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6

Hello all, I'm a resident physician; looking for a property manager in Miami to help with managing renting out rooms from my SFH and in-law suite. Ideally would charge up to 10% of income earned. Working >80 hours a week as a resident so really trying to outsource anything

Post: The Miami Real Estate Meetup June 7 2022

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6

Really great you take the initiative and effort to organize these meetups Jose! I'll be out of town but hope to make the next one when I move to Miami on the 13th. Cheers!

Post: Red Flags on Property Walkthrough

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6
Quote from @Marc Winter:

If you don't hire a licensed home inspector (which I recommend you do) and you want to get an idea of what to look for, try this template:  https://d2myx53yhj7u4b.cloudfr...


 Thanks Marc! Will use this on my future walkthroughs - very helpful to have this template as a guide. 

Post: Red Flags on Property Walkthrough

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6
Quote from @Randall Alan:
Quote from @Long Di:

First timer here, just did my first in-person showings this last weekend. For the more seasoned investors, what questions do you ask during a walkthrough? What things do you look for? What are the red flag signs  that you pay attention to? 

Major systems are the first thing I look at… age of roof, AC, and if on Septic, how old is it and how well is it functioning.  Those 3 things can drive $40,000+ in expenses that you want to consider when you will have to face them.   
If you buy a house with a 25 year old roof or AC, you know within 1-3 years you are going to spending a considerable amount on capital improvements.  

Other concerns would be really old electrical or plumbing for the same reasons.  Often it will be your insurance company that tells you “fix that” or they are not going to cover your property… so know the decision isn’t always yours to make, as the bank will demand your property remains insured.  

Termite damage is another big one… little black grains on the window sills are often a give-away there.  

Cracks in foundations, soft floors on crawl space homes, sloping floors are some other items.  
More broadly, the neighborhood itself… if it is a D-F area, you will have increased crime, more turn-over, poor tenant choice, and less demand when you eventually sell the property. 

those are a few for you.

randy 

 Thanks a lot Randy; this is a great place to start for me and was incredibly helpful! 

Post: Red Flags on Property Walkthrough

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6

First timer here, just did my first in-person showings this last weekend. For the more seasoned investors, what questions do you ask during a walkthrough? What things do you look for? What are the red flag signs  that you pay attention to? 

Post: Financing a Home with an Insurance Claim

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6

Hi everyone, newbie here that came across a recent problem. Found a great SFH but turns out the owners took out an insurance claim on the flooring. Per my agent lenders will not finance with an insurance claim. Any idea on how I could creatively finance this home?

Post: Bigger Pockets Meetup in Miami?

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6
Quote from @Bryan Escudero:

Hi all,

I saw an old post about someone looking for a BP meetup in Miami. I am currently closing my first deal in TN. I am also working on evaluating some much larger deals.  Anyone out there meeting up? I would enjoy conversations over cafecito. Long distance investing looks like it will be my best option for now as South Florida is too rich for my (investing) blood. I hope to hear from some of my fellow South Floridians or some of the folks in Tennessee.

Cheers!

Bryan


Hey Bryan, I'm moving to Miami in June - working on my first investment (either a condo or SFH) right now. Would love to meet up once I move to the area!

Post: STR in Miami-Dade vs Broward

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6
Quote from @Polina S.:

I'm looking to buy a home to airbnb an efficiency/in-law suite but was advised that Dade county is too restrictive and difficult vs Broward county. Can anyone shine some light on why that might be? I know that in Miami you have to be careful of the neighborhoods where it's not allowed and you have to get the permit to do it plus yearly inspections, but is there anything else I'm missing here that makes it impossibly complicated? I can't seem to find any info on comparing the two counties and restrictions. Thanks!

Hey Polina! Great to meet another investor, per my discussions it seems as though it is restricted but not regulated/enforced. Meaning that airbnb is technically "illegal" in Miami-Dade county but action will be taken by the county unless they're notified of the problem (eg neighbors complain, etc). @Sebastian Giraldo is a real estate broker I recently met that has been incredibly helpful and specializes in STR in the Miami area - would speak to him!

Post: South Florida Condo Market

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6

I'm thinking about investing in a 2b/b condo in Miami - plan is to rent the other bed/bath out and hold as long-term investment. There's been a huge boom in the Miami condo market the past year but there's two main concerns I have for long-term outlook in the future: 

1. The relationship between condo prices and the economy. With rising inflation and risk of another economic downturn, I fear the condo market may get hit harder than SFH or MFH if there is a dip in the market.

2. New construction in MIA. With a bunch of new construction in Brickell and the design district (Native, Quadro, etc) I wonder how this will effect prices and rent in existing units in those areas or elsewhere in Miami. 

Thoughts and opinions are much appreciated!

Post: Any physician/resident/NP/PA RE investors out there?

Long DiPosted
  • New to Real Estate
  • Miami, FL
  • Posts 15
  • Votes 6
Quote from @Julie Toh:

 You don't. You decide what part of the process you can do well, say, the research part and outsource the renovation and property management. Onboard a business partner(s) to share the work load if you have scalability in mind. 

Thanks Julie; this is so true. I always forget about the concept of comparative advantage and some people will just be better at certain steps of the process than others. As a type A personality it is difficult for me to not want to control and manage all aspects of a project but I forget how important it is to rely on your team. Thank you for reminding me of this!