All Forum Posts by: MANUEL GONZALEZ

Absolutely true, is really easy to manage the properties when they are in the same zip code, and even better if they are close of where you live!! Thank you Linda for your input!!

Thank you Jaysen for your opinion, it is true, there is a lot value know in deep the neighborhood you are working!!! My only concern is if the prices of the property goes down all your properties will go down the same percentage due to the fact are in the same area. But thats why as you said we have to be careful with every purchase we make!!! Thank's again

Hi my name is Manuel, and i have 3 rental properties in Miami and looking for the 4th one. I want to know your point of view in buying rentals in the same area or diversified in different zip codes. As you know Miami is a difficult market but all my properties are in the same zip code and they perform really well compared with other zip codes in Miami. I really appreciate your input thank u!!

excellent information

Originally posted by @Alex R.:

Manuel , your paying close to what the 1% rule some investors use. If it rents for 1700 and your paying 167k its not bad for Miami. Not as easy as it was before to find in Miami 1% - 2% rule situations.  Now you cant go by that 100% since it does not garantee it means its a great deal but its a good start. I do no even begin to consider a property unless it fall in the 1%-2% rule.

Thank you Alex for your input, we have been looking for good deals in same area you work with and is very difficult to get them, even properties in short sale and foreclosure are selling for apprised value. I also follow the 1% rule to consider a purchase. I think we have to be very careful with this market right now!!

Bes

Originally posted by @Phil Bottfeld:

Originally posted by @MANUEL GONZALEZ:

Hi Phil

There is not debt so we will have a 7.8 yield aprox. I think is decent, we expexted a 9 or 10 but very dificilt in todays market

Thank you for your input

 Great. IS the property compliant to be eligible for fannie mae? If so, you can probably get debt at 4-5% and significantly raise your return. Food for thought.

Yes, it is fannie mae approved but how getting a mortgage will raise my return? unless I buy another property. Correct?

Thank you Alex for your input, we have been looking for good deals in same area you work with and is very difficult to get them, even properties in short sale and foreclosure are selling for apprised value. I also follow the 1% rule to consider a purchase. I think we have to be very careful with this market right now!!

Best

Hi Phil

There is not debt so we will have a 7.8 yield aprox. I think is decent, we expexted a 9 or 10 but very dificilt in todays market

Thank you for your input

Good afternoon to all the investors!!!

We have been looking for a property in Miami for about 6 months but the inventory is minimum. We like the zip code 33015 because tax and association are less expensive and it is a decent neighborhood and rents are high. My wife which is a realtor  found last week a condo back on the Market for 180K apprised value of 178K it is a 3-2  1315 sqft built in 2005 in perfect conditions and we call the seller and we could negotiated in $170K and the closing cost will be $1600. My wife as realtor will make the 3% commission so we will end it up paying around 167K. The association fee is $160, last year taxes $2200 Last two condos were rented for $1700 so I calculate I would be able to rented for $1650 easily (I have another property in the same are). the Cash flow after taxes, insurance, association, reserves for damages and vacancy is around $1200.

In your experience is this a good deal?

thank you so much for advise

Best,

Manuel Gonzalez