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All Forum Posts by: Mickayla Fatovic

Mickayla Fatovic has started 3 posts and replied 12 times.

@Craig Daniels

I own a local top reviewed real estate brokerage and property management company in palm bay. I agree with the others. This is too much out of pocket for a net cashflow of only $175/per month on a holding property. 

This property to me seems like a great learning opportunity and starting point. 

I believe your net equity may be the silver lining here. I feel that you should have about 30k-80k in equity ($250k-300k property value) based upon the little bit of information you have told us and my experience in palm bay, FL / Brevard County, FL. I am assuming you did a full renovation, so the SFH property is now turnkey. This is of course assuming it's a 2-4 bed / 2 ba SFH wood or CBS frame SFH on a standard lot. So, you may be able to get your money back at least plus some and position yourself better.

If this was me, I would leverage my equity into a commercial office/retail/industrial multi-unit or multi-family property. May even do a JV, so I could bolster up and expand quicker.

Personally speaking, from an investment broker and investor standpoint, I feel single family investing is the riskiest in some investment ways in comparison to larger investments due to the fact that it only takes 1 repair or tax/insurance hike to put you under or lose all income. I have seen it too many times where an investor will buy an older property or even a new build, they net cashflow similar to you for a year ($100-$200 per month) and then a $5,000 repair or insurance/tax hike here hits them and it's a loss - they either get forced to sell or are majorly setback and unmotivated. 

If a large repair or tax/insurance hike were to happen with a multi-unit than you at least have other units cash flowing (usually) which helps stabilize such unexpected costs. 

If you ever want to connect to discuss more about REI in the area - let's connect. My family would be happy to help yours. We have worked in many areas of FL for years and specialize specifically in REI.

Wishing you the best of luck and looking forward to receiving your response. 

Post: Allow full year prepaid rent?

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

We accept lease terms to be paid in full. It is not always a red flag for people to pay in full... I have many corporate and high-value tenants that do this.

We hold advance rent in escrow, and we treat it as a deposit, then we release installment payments when that months' rent is called due. We pre-screen all tenants and they must qualify. 

In FL this is a common occurrence for tenants to pay months in advance or entire lease balance upfront. If the tenant breaches the lease that's a whole other topic and we can still evict for breach of contract. We conduct a minimum of 2 walkthroughs per year at our properties to ensure satisfactory conditions. Usually more though. Move-in, mid-lease, renewal/move-out, plus any other time we have severe weather or other concerns relative to the property's conditions and maintenance. 

Furthermore, in our lease we outline that if the tenant fails to perform their maintenance obligations than we may complete their obligations on their behalf and at their expense. Everything is always communicated with tenants and pre-authorized/agreed to in advance via lease. 

I'd speak to legal and have them outline the state's laws. Legal should outline processes for this in the lease or an addendum attached to all leases where a tenant pays in advance. I've found including these terms in my lease as a clause is easier (too many addendums can become overwhelming). There is always a way to pre-mitigate risk, but as investors there is no way to avoid all risks. 

Post: 5 months using RentRedi and I HATE it

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

Doorloop is great - they had a moment about a year ago where they sucked, but they fixed everything for the most part. Appfolio is okay - I'm not super impressed by them. If I had to choose between the two I'd say Doorloop. However I currently use both. Appfolio has 24/7 maintenance and some features doorloop doesn't offer yet. 

Post: Investors in Melbourne Florida?

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

@Stanley Smeltzer That's a good starting point. If you'd ever like to discuss more - feel free to reach out. We will be one of BP's local PMC's starting in May. I'm a local broker in the area. Personally, I did over 250+ transactions (including STR, MF, SFH, LTR, RRs, Corporate leasing, Acquistions/Sales, Value-Adds, etc.) on and off market in 2023-to-date in our area. We've managed/serviced hundreds of units in the area (and still do). We own a top-rated local property management company and real estate brokerage here, so lots of resources no matter where you are in your career and always happy to help!

Post: Investors in Melbourne Florida?

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

Hi Stanley, what are you investing in? We are a real estate investment brokerage and property management company in the area. Happy to connect. 

Post: Investor Friendly Agent Brevard County, FL

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

Hey Bob, I'm a local Broker / Property Manager. I own a top-rated investment and property management brokerage in the area. Feel free to text, email, or call our team and we can setup a time to discuss what you are looking to do. We work primarily with investments here in the county and have over 6 years of experience. Last year I did over 220+ transaction sides on and off market. We work with anything from STR, LTR, Corporate, MF, and Hybrid Investment types. We can help with acquisitions, management, stabilization, selling, and exit strategies.

Every time I find a good deal - it ends up being not so good once I start analyzing the numbers and the reality of the home or environment lol. I think being in property management and maintenance my experience keeps me at bay for about 99% of properties I review.... I immediately see repair, permit, and maintenance issues. Then when I find a property that doesn't have too many repair, maintenance, or permit issues - the numbers don't work out or the sellers won't work with us to find a middle ground. Near me it's becoming a buyers' market, so I am eager for the full-shift and reality that comes with that. I'm ready to buy and close, but I'm not desperate to jump on any deal that is thrown at me. Especially not with the declining market by me. 

Post: How I did over 220 transaction sides in 1 year.

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

Once upon a time, I ventured into the realm of real estate with boundless enthusiasm and unwavering determination. In the beginning, it seemed like the stars had aligned in my favor. With over six transactions under my belt within the first six months, I was swiftly touted as the rising star in my brokerage, even landing radio advertisements. It was a whirlwind of success that felt like a dream come true.

However, as quickly as the accolades came, they faded away into a haze of uncertainty and struggle that persisted for the next two and a half years. My journey was fraught with failed contracts totaling over $180 million, each one a heartbreaking setback due to negotiations gone awry, inspection issues, financing troubles, or unforeseen complications. The weight of my failures bore heavily upon me, casting a shadow over every aspect of my life.

In the midst of my darkest moments, when it felt like I was drowning in despair, I found myself at a crossroads, teetering on the brink of surrender. My marriage strained under the pressure, my financial burdens mounted, and the disappointment in my children's eyes mirrored the turmoil within my soul. It was a defining moment of reckoning, a stark realization that I had sacrificed years of my life for a career that seemed to be slipping through my fingers.

Yet, amidst the despair, a flicker of resilience ignited within me, fueled by the echoes of past triumphs over adversity. As a former foster child who had battled addiction from a young age, I had overcome seemingly insurmountable challenges before. I refused to let this setback define me. With a deep breath and a steely resolve, I vowed to reclaim my dreams, no matter the cost.

I took a critical look at my surroundings, recognizing the toxic influences that had veiled my path to success. Like a snake shedding its skin, I severed ties with those who drained my spirit and clouded my judgment with their deceit and greed. It was a painful but necessary purge, clearing the path for a renewed sense of purpose and clarity.

Armed with newfound determination, I embarked on a journey of self-discovery and reinvention. I reimagined my business image, honing in on my true identity and aspirations. Instead of chasing success, I focused on crafting a genuine connection with my clients through informative videos and a heartfelt commitment to service.

As the seeds of change took root, the fruits of my labor began to blossom. With each closed transaction, I felt a glimmer of hope rekindle within me. My efforts were rewarded with a snowball effect of success, culminating in the realization of my long-awaited dream – opening my own commercial and residential real estate brokerage and property management company at just 25 years of age.

With each passing month, my client base grew, and my reputation as a trusted advisor in the industry soared. By the end of my fourth year, I had surpassed even my own expectations, closing over 220 transactions and ranking among the top professionals in my field.

But my journey was never just about personal accolades or financial gain. It was a testament to the resilience of the human spirit and the transformative power of perseverance. As I basked in the glow of my achievements, I knew that my success was meant to be shared.

With a heart overflowing with gratitude, I extended a hand to others, offering guidance and support to those who dared to chase their own dreams. My husband, once skeptical of my chosen path, joined me in my mission, followed by a loyal friend eager to embark on their own journey of self-discovery.

Now, as I stand on the precipice of a new chapter in my life, I am filled with a sense of purpose and possibility. My dream is not just to build a business, but to create a community – one that uplifts and empowers every individual to reach their fullest potential.

In the end, my journey from the depths of despair to the pinnacle of success serves as a testament to the indomitable spirit that resides within each of us. It is a reminder that, no matter how daunting the obstacles may seem, with unwavering determination and a belief in oneself, anything is possible.

(Photo by SuccessHunters) - This was the only poster that got me through some of my worst days

Post: 212units: 3151 S Babcock St Melbourne, FL 32901

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

Thank you!

Post: 212units: 3151 S Babcock St Melbourne, FL 32901

Mickayla FatovicPosted
  • Real Estate Broker
  • Palm Bay, FL
  • Posts 12
  • Votes 7

Investment Info:

Large multi-family (5+ units) other investment.

External Leasing Brokerage. Asset valued at approximately $36,000,000.00+ (appx as of 12/23) 212-unit multifamily garden apartments.

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

We were approached by a private management group to assist them in leasing over 30 vacancies. We filled all vacant units in just a few months.