All Forum Posts by: Marty True

@Tara Panaccione I'd love to chat with you about your structure. I have some experience there and could offer some things to think about. Also, I am new to Miami Beach and looking for a great realtor to work with so it might be worth connecting!

@Soumya Brijesh sorry if I misled by saying "does the HOA allow..." I meant financially, does the HOA fee allow enough room in the potential rent, to make it cash-flow for you and for the exit later, when you do the cash-out refi, will the HOA fee add too much to the mortgage expenses compared to how much rent is collected.

As a buy & hold investor, I typically stay away from condos or any asset that has an HOA fee, if I am planning to use debt at all. It just normally adds too much to the monthly expenses to make it worth it. There are some deals where the HOA is low enough to still make the deal work but Miami Beach often has high HOA fees. If you can get into this deal, looking at your future refi expenses, and still cash-flow with all the expenses down the line, then I would say go for it! North Beach is on an uprise and in a few years, property values will soar (but let's keep that quiet for now :)

@Soumya Brijesh - great advice and questions from @Malgorzata Sadowska!

From what I know, the area you are referring to does allow for short term rentals (ABNB) - the city of Miami Beach, as a part of the North Beach Master Plan, did recently approve for specifically the North Beach area to do so. But as Malgorzata mentioned, I would confirm with an official.

Also, what is your long-term exit strategy? Will you refi after a while? If so, how much is the HOA fee and would it allow for a cash-out refi strategy?

Does the HOA cover the insurance requirements? All these things play into cash-flow so I would analyze everything.

Hi @Pierre Alvarez I'd be interested to talk with you. I read your bio and we may be able to help each other.

Hi Kristopher, I have a deal I'm looking to fund with hard money in Florida. Would be interested in what you have to offer.

@Jason Couto and @Robert Hetsler I would be interested in connecting with both of you. I am an investor in Miami Beach, only been in the area a little over a month, so still looking for key people to work with. Please feel free to connect with me here on BP.

@Jeremy Hart Thanks for following up. She accepting my connection on Monday but I'm traveling out of town all this week so I planned to contact her Monday.

Thanks @James Stansberry - Since you are close, if you see anything good there you'd want to JV on, feel free to reach out!

@Sam Ally - Good information... I can vouch for the Jacksonville market too, I just moved to South FL from Jacksonville a little over a month ago and actually have a multifamily portfolio deal in the works as we speak (in Jax). I would be interested to speak with you more on lending in PSL county, to see what kind of funding you do.

Thanks @James Stansberry I meant to say that I am familiar with "Alphabet City" and know that is not a good area. But was curious about the other areas of Ft Pierce

Hey BP'ers, I've been getting a lot of wholesale deals coming in to me in the Ft. Pierce area so I wanted to see if any investors in that area could give an overview of that market. I'm somewhat familiar with Ft. Pierce but not with the current market, from an investor's perspective.

Like, I know that most of the streets that are named with a single letter (Avenue D, Avenue E, etc.) are in 'D' class neighborhoods. How is the rental market there? How is it for fix/flips?