All Forum Posts by: Marco Cepeda

Does anyone have a discount code for Breezeway? Please post it here!

Hi, if you own MF property in Broward County Florida with 24+ units or know owners in that area looking to sell, we're looking to buy and offer a finder's fee starting at $10,000 to be included in the LOI or NDA. Our primary area is Broward County, 24-50 unit complex or portfolio on the same or adjacent lots with a high walk score, and residential and tourist amenities within 15-minute walking distance (i.e. grocery stores, restaurants, shops, and a main strip, etc) as well as proximity to the beach (i.e. within a 10-minute drive or 2.75 miles).

Our management business model is to take a minority percentage of units, about 30-40% of the total, and operate them as STRs to help improve the property and to improve the rental value for long-term residents. This is what we've done with our Hollywood property: www.palmsyoungcircle.com If you have anything that meets our general criteria we can give you quick feedback within 1-2 days. 

Our broker representing us as buyers is Victor Patane with 1st American Group who helped us acquire our 10 units in downtown Hollywood and will be helping us with any MLS listings as well. Finder's fee starting at $10,000 for any off-market properties 24+ units you may bring us that we buy (i.e. not listed or marketed anywhere online or offline at the time of our signed, exclusive agreement).

No daisy chains please and thank you!

Thanks Dmitriy!

So the Costar monthly price quoted was $850/month, a bit higher than I can justify for now. I'm already planning to hire someone to assist me with a lot of the online research and marketing for the off-market deal search and I'm going to see how far we can get on our own using more affordable online tools available. There's a great platform from the City of Hollywood that allows you to search public records via maps, and gives you the owner's information and last sale and price. I can combine that with skip tracing type tools to put together a list of potential sellers and if we're still not getting very far, then I can consider costar again. But we're already familiar enough with the local markets and what we're looking for. etc

Thanks for the feedback everyone!

A better way to handle the bonus commission might be to offer a buyer's rebate on the seller's broker commission up to 3%, so the seller's broker doesn't look like a dual agent. Then the seller can choose to offer an additional bonus to his agent by going with me. 

Great advice, thanks Spencer! I will make it clear what I'm looking for and have no problem making offers. Another person mentioned offering a 1% bonus commission to the broker, which I'm fine with, but not sure if that's potentially a conflict of interest for the broker or puts them in a difficult situation. I would imagine it would or should be disclosed at some point before the close to the seller.

Any thoughts or feedback on that?

Investment Info:

Large multi-family (5+ units) buy & hold investment in Bronx.

Purchase price: $4,500,000
Cash invested: $1,000,000

Purchased 100% stock ownership from manager/partner over 6 year period and lived there briefly for a couple of years. Grew up around the corner.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Bronx.

Purchase price: $3,875,000
Cash invested: $1,000,000

50 unit elevator building, owned and managed for 14 years. Ready to find replacement property in South East Florida where we currently live.

Thanks for the feedback Spencer. I likely will be able to budget the $500/month if that's the price for costar. Not because it will be that many more listings but as part of a larger strategy that helps me get more inroads to the right deals, brokers, owners, etc. Since our target market is very small, this is more about using a sniper rile than a shot gun. 

I agree that targeting the right brokers is one of the top strategies and I will do that as well. So I really like your advice about getting on the A list. That's something I would need to explore as well. Maybe I'll start a new thread on that topic, but other than taking them out to lunch and buying a property, do you guys have any other advice that can get me on that buyer A list?

I'm going to start by creating our "ideal target property" list for brokers on what we're looking for and our experience as investors/owners, etc.

Thanks! But costar/loopnet has more listings and that's where the value is for me. Any idea how much they charge? 

I will be getting a 30m demo next Tuesday afternoon. If anyone is interested in the answer to this question (or perhaps interested in pooling for access), let me know. :-)