All Forum Posts by: Manny Del Val

Hello Bigger Pockets, 

I am interested in Multifamily deals in certain Florida Markets. I have reached out to agents but a lot of what I am seeing is on market deals with the way interest rates are currently it makes it very difficult to cash flow.  Are there any suggestions on the best way to find off market deals without having a large marketing budget or having to cold call. 

Also are their other states that have better cash flow than Florida.  I like Florida because the appreciation is high, a lot of people moving to this state, the tax situation is favorable, rent rates are favorable, job growth in the areas I am looking to invest high, and the rent to price ratio is on point. 

I have limited time so I would like to be able to maximize the little time I have in the best possible way to target deals that make sense.  Where should I be looking? and what sources should go after? 

Looking forward to any feedback. 

Thanks

@Patrick Hancock let's touch base next week

@Anaim Murcia let's discuss sometime next week.

@Kyle Tusing let's touch base sometime next week

Hello, I just completed the Multfamily boot camp and I learned the importance of partnerships. I would like to know if there are other like minded people that would like to meet up and discuss potential partnerships. I am in the Space Coast of Florida and I have invested from Miami to Daytona. Looking to see if there is an interest in the community for this.

Thank You

Here is my 2 cents.

1. If your cash flowing you did not make a mistake in my opinion

2. If you interest rate is in the 3% it doesn't make sense to refinance

3. Real Estate is a long game as long as you are cash flowing you are making money.  If you really looking to get out then think about selling but with interest rates the way they are Cash Flowing is very difficult. 

4. Have you made any improvements on the units. The concept of BRRRR is to make improvements to raise the value of the property and then refinance. If you have not made any improvements, you can't expect your property to appreciate, but again with interest rate being the way they are the numbers don't make sense.

5. Lastly make sure you work with an agent and an appraiser to properly value your property. 

Hope that helps. 

Manny

Thanks @Jonathon Graff appreciate the input. When I purchased the property, I made sure it was zoned for multifamily and that entire area is full of multifamily properties so I pretty sure I will be Ok, but never hurts to double check.  I appreciate you bringing this to my attention. 

@Chad Shultz - I would love to talk to you. I am primarily and investor, but I also have my real estate licenses let me know what your day looks like and maybe we can touch base tomorrow.  I should be free after 5:00 PM and Before 7:00 PM.  We are looking to rent the main 3/2 home after renovations are completed for $2800 with all utilities included.  It also has an in-room washer and dryer 2 large rooms a smaller room 2 nice redone bathrooms and new granite counter tops and a bonus room that can be used as an office to work from home.  If you know anyone that would be interested in renting it would definitely be interested in speaking further. 

I am also looking for additional multifamily properties to purchase this year.  We would like to purchase 2 or 3 Smaller properties Triplex and Quads or 1 larger property 8 plus units by the end of the year. 

Hit me up tomorrow to touch base.

Thanks

Manny

Thanks @Paul Pratt after I have this one completed and renovated with all 4 units online I plan on buying more. I am looking for more properties to by Small Multifamily deals from 2-8 units. If you have anything available would love to touch base. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $225,000
Cash invested: $275,000

This property is in Daytona Beach Florida its 4 blocks from the beach and 4 blocks from main street. The property is a Single-Family Property with an ADU in the back. I am working on converting the garage to another rentable unit and the shed to a tiny home. The top ADU is rented and the main house is a 3/2 that will be available to rent on May 1st, 2023. If you're looking to rent or know someone that is interested please reach out.

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

The potential to add additional units to the Main Home and the ADU already there. Adding an additional 2 units will be key to being able to cash flow.

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

Deal was brought to me by a wholesaler on Facebook.

How did you finance this deal?

The Deal was paid cash working the BRRRR method to bring the cash back.

How did you add value to the deal?

Renovated the main home getting it ready to rent by May 1st, 2023. Once the main home is rented then I will be working on converting the shed to a tiny home and converting the garage to another unit.

Lessons learned? Challenges?

make sure you walk the property thoroughly. I missed somethings on the walkthrough. Always look for was to add value and other ways that you can create cashflow.