All Forum Posts by: Michael Brian david

 Hi Mai! Good questions!

You should ALWAYS do a title search of any property your looking to auction for. You need to make sure how many liens there are, and what lien are you going to be bidding on. You always want to make sure your bidding on 1st lien( usually the mortgage) because then "normally" any other liens are not your responsibility and fall off from your responsibility(they can make a claim on any excess proceeds from the auction sale).

If your title search shows the 2nd lien being foreclosed on, well now your caught in the middle. And if you win that auction, there is still a primary lien attached to the property and the old owner. Which most likely they will not continue to make payments on(if they didnt stop much earlier making payments) and that lien would also likely default. Your only chance there is to speak to the owner directly to see if they can assign the mortgage or you can take over subject-to to avoid them getting the foreclosure on their record for 10 years. or just send a check to the bank for the balance due, I'm sure they wont mind this at all lol

alot of great info here! i think many things have changed since going online!

thank you for this info!

So first off congrats! Not an easy market down here.

To be honest, I go through my agent which I can send to you which can help.

You also can put the add on a flat fee listing service, like I did to avoid paying the 1st month fee to an agent.

I also have a local whatsapp group that is specifically for providing/finding places to stay long and short term.send me a DM if your interested in that

Thanks for the insight everyone, Especially @Julian Colvard as that was the general picture I had about the program. And you personally do not gain by me joining personally other than another like minded investor adding to amazing community! I am also intrigued about joining hopefully to find a mentor and team up to mutually grow! The entry fee for the lowest tier under 2M is $5000/yr or you can do $3000/6mo at a time to see if it is the right fit!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Ft. Lauderdale.

Purchase price: $465,000
Cash invested: $80,000

SFH with detached In Laws Quarters where I am living

What made you interested in investing in this type of deal?

Property looked in great shape in an up and coming historic neighborhood near downtown Ft. Lauderdale. Also had a separate entrance to the In Laws House which we could rent separately as another unit.

How did you find this deal and how did you negotiate it?

Real estate agent in the neighboring county suggested it as we where looking for more doors(4 unit) as our first house hack and she recommended a bigger and better duplex might still have a similar effect on cashflow and appreciation.

How did you finance this deal?

FHA 3.5% down

How did you add value to the deal?

Complete upgrade of both units kitchen and renovation of the rest of the units.

What was the outcome?

Living in the back house currently renting out the main house. Negative on cadh flow at the moment looking for a 2nd home to purchase.

 Welcome to BP!

just know that as far as I know, in the mortgage contract for a FHA loan, it says you cannot rent for less than 30 days at a time,essentially negating a STR option if you want to do it by the books.

as for "actually" living in an owner occupied property for FHA, my understanding is that it is very difficult for the lenders to come and "check" that you are actually living there. The suggested advice is to have all the utilities and bills under your name and that is a sort of safeguard to not raise any red flags for someone to investigate further.

Wish you the best of luck,

Michael David

Hello BP!!

So with the motivation and studying for over a year into investing, I got my feet wet with a duplex in Ft. Lauderdale purchased in July of 2021.

Now it's time to maximize those deductions and get some cost segregation factored in to get the most from my investment.

I've understood that any tax accountant can be helpful from in the U.S. but not sure if it's better to have someone local to be able to see in person and more familiar with the surrounding South FL area.

Please, any referrals for RE and investor friendly TAX account would be greatly appreciated, as well as any tips in the process as a first year RE investor are HIGHLY APPRECIATED AND ENCOURAGED!!!

MANY THANKS IN ADVANCE FOR YOUR TIME IN THIS MATTER!

-With much appreciation,

Michael David

Any specific areas in Miami that are BRRRR friendly?

I've also heard people suggest STR because they can be so profitable but not sure how difficult it is to find properties in the Miami area that can be done effectively.