All Forum Posts by: Marc Middleton

My owner of his 9 unit was going to file against the city this year as well. We feel that multi-families on Grandview (where his property is) should be allowed to do short term weekly rentals. I understand neighborhoods with only SFR but blocks of Multi-families 1-2 blocks from the 'T-1' zone? Makes no sense to us. We could buy up the whole block, renovate, and make them high-end AirBnb type places rather than the run-down state that most of them are in (no value in fixing up since you can't get top dollar in that area).

My guy is going to put his 9 unit on the market next month. Thinking $550k..maybe $500k, not sure yet.

Tenants pay cash but we have a local PM who collects. Before R&M its about a 9 cap. The building next door is for sale for about $250k and is a 11cap. Could get both, maybe convert to AirBnB compound if you file for a variance with the city?

PM If you know of anyone interested before we list it!

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Not sure about Midwest (I know its a cash flow area, not much for appreciation), but rural parts of Florida rent really well (easier to find a 10cap+ vs the cities).

Hope that helps!

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Secret service, witness protection, senator/house of rep, police detective, etc.

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Originally posted by @Egemen Toprak:

Ft Lauderdale is an amazing place to live but i think a bit expensive now to invest. I ve been looking multifamily in the area and most of the things around 5% cap

I can find 7 caps in Broward in C+/B areas, its possible. You need a 7cap + if you plan to use debt and still want to cash flow it with a 5% int rate. Can also find condos that pay that as well...

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Fort Lauderdale, Florida

My wife hangs her license with Direct Realty, a 100% company. They charge about $800 per transaction no matter the price. There are cheaper ones probably, but she's been using him off and on for many years and he pays quickly. He also helps you out when its a property for a family member. Let me know if you'd like his contact info to get started. You still have to pay your own realtor dues (about $900 total for the year).

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Fort Lauderdale, Florida

using it as a STR or long term or vacation home doesn't matter .

Miami/Broward pays about 1.9%-2.0% of the purchase price per year as an investor and 1.6%-1.8% for an owner occupant with homestead exemption. That's just a rule of thumb I use for my clients. What the current owner is paying means nothing to you.

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Fort Lauderdale, Florida

google, angies list, homeadvisor, etc.

If your RE recommends one, I'm sure its someone they've used in the past.

The guy i use is amazing when I represent a buyer. He finds everything and when he's done, there will be plenty to negotiate for. Find yourself an inspector like that.

I know Evolve comes up high in google rankings but I find them pretty basic and hardly on-time.

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Fort Lauderdale, Florida

Originally posted by @Rahul Sunkavalli:

Hey BP Fam,

Looking to get some recommendations on real estate agents in North Dallas area. Looking for some help in my search to purchase a small multi-family as my first investment property :)

Thanks in advance!

Sent you a message

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Originally posted by @Patrick Milhaupt:

Marc,

Say I am looking at a $400,000 place. Do you think a lender would do 10% LTV I/O?

I just don't know of any lenders, even private, that will do 90% loans to investors. Then you add in vacation rentals and it becomes even more complicated.

How far from the beach is $400k getting you? That's going to be very important in these markets for vacationers.

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Originally posted by @Kelsey Harms:

Hey, I am new to this real estate thing and looking into the purchasing a duplex or tri to live in one unit and rent out the others as well...Does anyone on here perhaps have any good resources as far as where do I learn about a couple of things?

1. Where would I learn about what I should expect for vacancy rates?

2. How much does it typically cost to insure a multi unit?

3. Where can I learn about the eviction process and how long it takes?

4. Any good resources for learning about what are "good" areas and areas to avoid when investing in certain cities?

If you happen to be someone in the WA area that would be even more amazing! (=

Thanks so much!!!

Call an agent and hire him/her to be your buyer's agent. They will answer all these questions as well as point you in the right direction for any other questions you might have.

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All Forum Posts by: Marc Middleton

Marc Middleton has started 8 posts and replied 198 times.

Post: Daytona Beach Short-Term Rentals

Post: Investing in Smaller Towns/Rural Areas to get started

Post: Property Missing from Tax Assessor's Website

Post: Single Family in Ft. Lauderdale as investment?

Post: Seeking a brokerage to hang license with in Broward County!

Post: Property tax for short term rentals in Fort Lauderdale

Post: Home inspector in Fort Lauderdale

Post: Investor Friendly Realtor?

Post: Advice Needed: Private Lenders in Florida

Post: "House Hacking" Multifamily Questions