All Forum Posts by: Mike Barone

Thanks for the shout out @Ray Hage lets find these deals!!

Thanks for the shout out @Ray Hage always looking to help out the home team :)

@Justin Linares Here are a few that that consist of wholesaling, flippers and much more! (I spread it out for you throughout Miami, Broward and Palm Beach)

Chill and Real Estate (Fort Lauderdale, FL) | Meetup

SoFlo Real Estate Network (Fort Lauderdale, FL) | Meetup

https://fb.me/e/3HJE4hlni Landlords and Lager

The Real Operators LIVE Event Tickets, Wed, Jun 14, 2023 at 6:00 PM | Eventbrite

South Florida Real Estate Wholesalers/Investors Meetup Group (Boynton Beach, FL) | Meetup

@Justin Linares it  can take some time to get your first deal but when you do you will be hooked.. Feel free to reach out I am always up to help  where i can :) @Ray Hage💯

Hey @Isaac Hall I am activley wholesaling in the South Florida market. Shoot me a DM and we can connect. 

Joshua is correct not all wholesalers are created equal. So whomever you work with make sure they are legit.

@Rufaro Chirewa What is the interest rate of your current mortgage? Have you thought about doing a wrap? You can create cash flow by wrapping to create a spread between the interest rates. You can also get a down payment which will allow you to get cash up front to buy another property. 

Example:

Current Mortage at 4% then you wrap at 8% (So you are getting cash flow from the spread)

Down payment from buyer 20% = 64K Cash Now money :)

Thanks @Stetson Miller appreciate the support!!

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $560,000
Cash invested: $100,000
Sale price: $1,300,000

This was an 8-unit value add project that took 18 months to complete. I have a video on my profile if you want to check out the project. We decided to sell the property, cash out and move on to another project. We are in search of the next project in the Florida market if anyone has an opportunity or needs someone to be a local operator. PARTNERSHIPS ARE POWERFUL!!

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

It was a larger multifamily property which is what I was looking for.

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

I reached out to another bigger pocket's member. We spoke a few times throughout the year. He was a local wholesaler and brought this opportunity to me when he got it locked up.

How did you finance this deal?

We used a hard money asset-based lender. (ABL1)

How did you add value to the deal?

Interior and exterior renovation. Washer and dryer hookups were added inside the units. Rents were increased to market value.

What was the outcome?

It was a 50/50 partnership so we both profited from the deal about 175K each after Hard money, rehab and selling costs.

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $560,000
Cash invested: $100,000
Sale price: $1,300,000

This was an 8-unit value add project that took 18 months to complete. I found this deal through bigger pockets and partnered with another member!! We had to turn over 7 out of the 8 units. Each unit was fully renovated, and rents increased from 750 to an average of 1250. I have a video on my profile if you want to check out the project. We decided to sell the property, cash out and move on to another project. After hard money, rehab and selling costs we cashed out about 170K each. We are in search of the next project in the Florida market if anyone has an opportunity or needs someone to be a local operator. PARTNERSHIPS ARE POWERFUL!!

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

It was a larger multifamily property which is what I was looking for.

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

I reached out to another bigger pocket's member. We spoke a few times throughout the year. He was a local wholesaler and brought this opportunity to me when he got it locked up.

How did you finance this deal?

We used a hard money asset-based lender. (ABL1)

How did you add value to the deal?

Interior and exterior renovation. Washer and dryer hookups were added inside the units. Rents were increased to market value.

What was the outcome?

We both got 150%+ ROI within 18 months.

@Daniel Brewer I am located in Broward and would love to connect with you. My partner and I have just finished an 8 unit project in Fort Myers which we are getting ready to list. I originally wanted to do a BRRRR but we have decided it's best to cash out and get liquid for a bigger project. I can go over the analysis with you and show you the end product. Reach out and DM me anytime!