All Forum Posts by: Mantas Kudrinas

I decided to to refinance my condo in order to lower my payments, drop Mortgage Insurance and lower my APR (currently 4.75%). I bought the property as a foreclosure with 10% down and now it went up in value so my estimated LTV should be around 80/20. I called up couple lenders and came to find out that LTV in Florida for refinancing is 75/25, which means I'm not eligible or I have to cough up more cash to qualify.

Are there other refinancing options out there?

Are there lenders that will be able to refinance with 80/20 LTV?

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Welcome! Its a great website.

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Hello @Chris Kennedy,

Very helpful information, Thanks a million! It is due to people like you, BP community is going strong and will continue.

Originally posted by @Chris Kennedy:

I have to agree with what @Robert G. said - Broward has much more opportunity for small Multifamily than Miami right now. It is definitely tough to find the deals, but they are out there and you can get actual 8-9% caps with decent cash flow.

@Mantas Kudrinas , there are some Broward areas that I think are good areas to invest right now from the point of view of prices still being reasonable and improving neighborhoods:

Dania beach area - still has some rough spots, but we have found properties for $55-$65k per door here this year near to US 1. Developers are starting to pay more attention to this area since it's one of the least developed spots between Miami and Fort Lauderdale.

Croissant Park and Tarpon River area just southwest of downtown Fort Lauderdale. There are still deals to be had, and proximity to downtown is allowing rents to be increased if you can purchase and renovate an outdated property in otherwise good condition. You could also group Sailboat Bend into this area, but it's getting really tough to find good prices there.

Regarding Miami I agree that SFR is the better way to go there. There are spots in North Miami and North Miami Beach that still have SFRs under $130k with excellent neighborhood rent rates and not too rough. Plus if you're willing to get your hands dirty then you can pick up something with liens and/or city code violations for a bargain, and add significant value by clearing them up and doing some basic rehab. Refi in 6-12 months and you might even own one for close to no money in the deal :D

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Originally posted by @Robert G.:

If you're set on small MF, I'd highly suggest starting in Fort Lauderdale and working your way north at that point.

Miami is high purchase price, high insurance cost, high tax cost, and relatively low rental income in return. No exaggeration, I've seen duplexes that bring in $2200 a month selling for over $400,000. In some areas, you can even get 2 SFR for cheaper then a duplex.

And, aside from all the numbers that don't work, Miami just doesnt have much small MFR inventory. You'll find pockets here and there, but nowhere near the representation you'll find in other markets. I think you'll do better a bit further north.

Thanks for your input Robert, you make a lot of sense. Do you have ZIP codes in mind that you like in Ft Lauderdale for multifamily ?

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Hello Jordan,

Welcome to BP!

I've read your post and I feel, that I'm in the same shoe as you are. I've been digging into BP forums and listening to Podcasts, yet I have hard time determining the right area (in Miami) and property to invest in. I'd love to acquire an inexpensive multifamily for starters, but I run into same issues as you: the neighborhood is to risky/dangerous or if its in nicer area - the numbers don't make sense. Many BP pros are saying that Miami is very competitive and is only good for appreciation value, which I wouldn't like to rely on. Yet for being new at this, I don't want to risk and invest in other states or areas, where I can run into big headaches.

I was eying Broward county, which seems more affordable and would love to see what other BP members have to say.

Good luck with your Journey and lets hope we get some feedback from our local BP investors.

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Welcome Kenneth.

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Hello BP Miami!

If anyone is interested the Broward county (next to Miami Dade) BREIA is hosting Education & Networking on Wednesday March 4th @5:45 PM in Dania. I'm new to BP, so I'm eager to meet and see some local investors. Miami seems to be quiet when it comes to networking and forums, it is probably due to competitive market. Anyways for 15$ bux, I think it'll be worth while checking it out.

http://www.breia.com/event/education-networking-night/

Cheers!

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Miami have transformed a lot in past few years. I suppose the prices will continue to climb up, yet the growing current and planned inventory (25000 plus condo units will pour into market in next two years) will slow down the growth and maybe its for the better in the long run. The rising sea levels are more of the threat in Miami Beach locations, from what I heard, but I'm sure it controllable. Be aware tho, the good deals are hard to find, as so many people are chasing the properties to invest in.

Good luck.

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Dear Wendy,

You won't see many Russian billionaires anytime soon, as Russia now is not in good shape and a lot of people lost a ton of money. I know a lot of wealthy Russians and they all are crying.

Yet, I have to agree, that Miami market is very competitive and there are little or no margins on investment properties. I'm fairly new to this, but I've been looking a lot and wasn't able to find any great buys in Miami - Dade, or its in the areas where I would want to collect rents. I've been looking a lot into Broward county aslo, because prices there are lower; but not much there either. I think, unless you run into direct seller or come across property, that is not on MLS - its hard to find good deals. But lets stay positive, good stuff will come our way.

I'm always looking to network with good people and even take on the project. Feel free to reach out.

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Hey Stefan,

I'm new to BP and would love network locally, I live in Miami (Aventura to be exact). Which local REIA's or clubs you recommend around here?

Originally posted by @Stefan Wolff:

Hi everyone,

I'm putting feelers out there for anyone in South Florida (Dade, Broward, Palm Beach, etc.) that is interested in REI down here..

I've been a full-time investor down here for a year, and am looking to grow my network of buyers and sellers and hopefully do some business with you. I'm involved with the local REIAs and clubs, but I didn't want to neglect the BP crowd, because I know there are a lot of you out there.

I'm currently rehabbing in Fort Lauderdale, but will go as far south as Miami/Coral Gables, and whatever deals I can personally rehab (not enough funds, over my head, too far for my workers, etc.) then I offer them up to other buyers. Is anyone else doing this down here?

I'm slowly getting more active on the forums, message me and let's connect!

Best,

Stefan

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All Forum Posts by: Mantas Kudrinas

Mantas Kudrinas has started 3 posts and replied 14 times.

Post: Refinancing: What is LTV Ratio in Florida?

Post: Hello everyone I'm Manny from Miami, Florida

Post: Where are the safest low income places in Miami to invest in?

Post: Where are the safest low income places in Miami to invest in?

Post: Where are the safest low income places in Miami to invest in?

Post: Hello I'm Kenneth in Miami, FL

Post: Miami - Dade / Broward REIA

Post: Buying in Miami with concerns over sea level

Post: Is the real estate market in Miami to high for investing

Post: Rehabber-Turning-Wholesaler in South Florida