All Forum Posts by: Mike Curadossi

I run a meetup the second Tuesday of the month from 8-10am at the locomotive coffee in Jupiter. Not sure where you’re living in south Florida but would love to see you there. Lot of great people. 

Call the building department/ zoning/ health departments (if it's on septic) and ask them.  Then if they say you can rent it as a duplex get it in writing maybe through email.   You could buy it and run it as a multifamily but all it takes is one neighbor to call the town and shut you down.  Has happened to me before.  I bought a 4 bedroom house with separate detached cottage.  I was renting them both separately and the neighbor got into an argument and they called the town on me.  Apparently I could not rent out the cottage and the main house for some reason.  So I just sold the property.  

@Teresa De Jesus Did you end up getting the deal done?

Rob and Ray,

What are your emails? I will add you to the email contact list so you get notified of future meetings.  Feel free to message them to me if you don't want the whole BP community having them haha

Wanted to remind everyone of the morning meetup next Tuesday the 9th at Lokomotive Coffee in Jupiter. Starts at 8am but feel free to drop in anytime after that. 

Shane McCain of BluEdge Real Estate will be talking about the $30mil land deal he just brokered in Palm Beach County during our 15 minute deal discussion around 9:00 - 9:15 with time for questions after.

Hope to see you all there!

Rob, I host a meetup in Jupiter the 2nd Tuesday of every month at Lokomotive coffee.  Developers and self storage guys there that I am sure could help you out with anything you need. It’s from 8-9:30am. Show up when you want. I was there talking with people until noon last meeting.  Hope to see you there.

So is the seller taking a second position behind the hard money lender?  

Hello All,

We have a meetup the second Tuesday of each month from 8-9:30 at Lokomotive in Jupiter FL.    This month it will be 11/14

Very informal. No agenda.  Just a great place to come network and meet other people in the area doing deals. 

If you live in Jupiter, Tequesta, Juno Beach, West Palm Beach, Palm Beach Gardens, Lake Worth Beach, Wellington, Hobe Sound, Stewart, Palm City, Port St Lucie, Loxahatchee, Royal Palm Beach, Riviera Beach, Boynton Beach or Delray Beach you should check it out!

Hello,

I am in the middle of doing a cost segregation study on a property I purchased which will be on my 2021 Taxes.  I am also about to apply for a mortgage for a primary residence in Florida.  I know depreciation gets added back in as income but wasn't sure if about $400k of depreciation in one year from a cost seg would be all added back as income in 1 year as well?  I have called the brokers I know and none of them have ever dealt with a cost seg and that much depreciation in one year being shown on a tax return before.

Any help would be much appreciated.

Mike

Hello All,

I have a friend on mine that makes a high W-2 income and is looking to diversify by investing in real estate.  

Looking to structure a deal that makes sense for both of us. He will put up 20% down payment to purchase and then I would handle the rest. Looking to have just myself as personal guarantor on mortgages. The no doc 80%LTV 30yr fixed at 4.25% (with 1 point) is most likely how we would finance the properties.

His wife is a stay at home mom so also considering doing it with her so she can over time become a "real estate professional" on their joint tax return and I can teach her the business as we buy more units.

I have been researching ways to try and creatively set something up by a tax reduction strategy for them but it has gotten extremely complicated.

Thinking to just pay them out 8% interest on money invested and then 50/50 on equity growth from mortgage pay down and appreciation. Comes out to about a 11.5% return on rate and mortgage pay down with any appreciation as a bonus. (goes up year over year with more paid to principal and less to interest)

These will be standard MLS deals with light rehab if any so no real value add play. I ran numbers based on a 2 family in my area which goes for $500k and gross rents are $67,200/year. These deals will start off most likely buying 2-4 unit buildings.

Greatly appreciate any thoughts on this because I have done a lot of research and feel like I am just spinning my wheels at this point

Mike