All Forum Posts by: Mike Waltman

Hey Gary welcome to the site. If your mainly interested in keeping up with the people in Miami/ south Florida area make sure to set up keyword alerts to include names of areas you're interested in 

Welcome to bigger pockets it's a great place for learning and networking. Lots of very helpful people around here

Might be busy but going to try my best to make it.

I have been wondering the same thing. I am about to start a direct mail campaign primarily to find my own rental properties but if a deal come along that doesn't fit my criteria but would work for someone else I would like to be able to wholesale it. 

Seems like there's a very blurred line here between it being legal or it being illegal with small chances of getting in trouble for it, at this point in time atleast. Remember all it takes is one or a few people in the right position to change enforcement standards. I've seen it happen in other industries.

I will be talking with a lawyer soon and will post back.

I am having the same hesitations right now. As much as I am interested in seeing what properties you have to offer, there is very limited information available about your company.

Past deals, an example or two of current deals, references, providing any of those things on your website would make me feel more secure. But to have none of them and to be required to sign a legally binding agreement that also requires I reveal to you my home address prior to know ANYTHING about you is sending up a serious red flag. 

I understand wanting to cover yourself, I respect the purpose of the NCND. The issue is that your company has provided zero peace of mind. Sx2usa may be a legitimate, moral and reputable company and the optimist in me thinks it probably is, but your marketing has done nothing to reassure us of that. 

Until I receive information that establishes legitimacy I would never sign anything or reveal personal information.

@Sam Bleek haven't done any deals in Jupiter. Haven't done any deals period. I"ve spent time building a foundation of knowledge on the local markets in PBC and am now actively seeking my first rental property

Sounds like a handy tip on renters insurance @Account Closed. Is renters insurance something the tenant has to work out themselves or do you provide access to it for them? Would it be an additional expense for the tenant or would you include it in the rent?

Think everyone has the right idea here. Knowing your market is fundamental to knowing if what you have in front of you is actually a deal. 

First do some work yourself deciding what markets you think would work well for you/your strategy. Once you've gathered as much relevant info as you can on your own and think you have a good idea about some markets, call a bunch of property managers that service the areas your looking at and pick their brains. Vacancy rates, which types of properties rents the best, tenant quality, etc. Agents can be helpful too. Cold call as many PMs and Agents as you can, some will be extremely helpful, other will not be so don't limit your exposure to just one or 2 opinions.  Do this for a few markets and then decide which ones you like the best. 

Then FOCUS in and find the deal. 

@Sam Bleek Jupiter is a great place to live in palm beach county. I used to live and work in Boca but decided to move up and commute to Boca because I like it that much better up here. 

As far as investing in Jupiter goes, its really tough to find a deal. Its a hot market, awesome schools, safe, very desirable place to live. Very similar to Boca in a lot of aspects, including the higher price tag. 

If you can find a DEAL here that actually works for a fix and flip, TAKE IT. It will sell. But probably not the place you want to focus on for a flip. 

Palm Beach County is a big spectrum of areas, ranging from the low low to the super high. Find an area or two you like thats somewhere in the middle and HUNT for that deal. Its a fast, competitive market here so it helps to know where/what you are looking for that way when it does come along you can pull the trigger quickly before someone else does. 

I would run the property through the BP rental property calculator.

 https://www.biggerpockets.com/buy-and-hold-calcula...

Make sure you account for repairs, cap ex, vacancy, management. I don't know all the numbers on your property but doesn't sound like there is much meat left on that bone, cash flow wise.

Also be careful about buying at retail price. If the market drops you could find yourself in trouble quicker than you would if you picked up a similar property at a discount to retail value through a wholesaler or auction. Buying retail can still work but it depends on your strategy.