All Forum Posts by: Phil Bottfeld

Just would like to make an announcement. Mr. Philip Bottfeld is a BP member located in the South Fla. area. If your looking for a great CPA with sensible grade A customer service you should give him call. Very knowledgeable individual!

Best of luck everyone,

Thank you David. That's very kind of you. It was great to work with you as well.

Regards,

Phil

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Originally posted by @Assi S.:

Phil Bottfeld hey there, great to know!! Can i join you guys as well?

The more input the merrier. Please send me a PM with your email and I will include you in the emails that we send out.

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Originally posted by @Amilcar Pinol:

Hi Everyone,

Im 20 years old and I've been listening to the BP podcasts and joining webinars for the past year and Ive realized that real estate is a great way to achieve financial Independence. I wanted to know if there are any local real estate meeting in/near Fort Lauderdale, FL where I would be able to join and network with other people.

Hi Amilcar, a group of us from BP in broward area have been meeting up every month or two. Our next meeting is Feb 10 at 5:45 pm with and the location is TBD. Send me a PM and I can discuss with you further and put you on our emails.

Regards,

Phil

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Shaina Bottfeld - Coldwell Banker

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Originally posted by @Yaroslav Golubev:

Hi @Nahomie Samuel

I am actually in Borward myself still looking for a CPA, I am looking for a CPA that would do my taxes for 2016 and that has a real estate mindset, so when i do acquire property, proper steps could be taken to minimize my taxes . I currently don't own property, Good Luck on your search if you don't mind let me know how your search goes.

Good morning Yaroslav and Nahomie, I'm a CPA and rental owner in the local area and I'm happy to help or point you in the right direction. Feel free to send me a message and we can discuss off line.

Kind Regards,

Phil

1 Vote

Originally posted by @James Jacobs:

Nice to meet you Mary. I'm actually from Mobile and went to college and lived in Huntsville for 20 yrs. but now I currently live in Fort Lauderdale. However, I'm looking to invest in Mobile and Huntsville markets. Are you currently investing in only the Mobile market? What kind of investing are you doing? Wholesaing, Lease option, Commercial, etc?

Hi James, I'm a fellow REI in the Fort Lauderdale area. I own three condos in 55+ communities that I rent out. I enjoy meeting fellow investors for coffee. Best of luck.

Regards,

Phil

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Originally posted by @Account Closed:

Also, don't forget that Miami real estate will be much more expensive in the next five years. Although the luxury prices are currently levelling off, prices at the lower end of the market continue to climb due to high demand.

I agree with Kirsten partially. The increasing interest rate market will result in higher payments for most people so unless economic drivers continue to push the market, interest rates (over time) will have their influence on market prices (nothing drastic unless the Fed makes some serious moves).

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Originally posted by @Javier Guanda:

Hi! Everyone,

I will appreciate some advice on the following scenario. I have 40k to invest in a new rental but not idea how to proceed with the analysis and numbers. I'd like to buy a Townhouse in Miami and my overall financials are as follow:

I own a Townhouse already, paid off (145k).

I own a house with an mortgage of 355k.

I have 40k in cash (+ 1 year of security cash).

I was wondering if a HELOC on the paid off town house would be a good strategy or just keep saving money? Someone mentioned to me the HELOC as an opportunity to buy with cash and get better deals.

And the last question: I understand that prices are climbing fast and a peak would be reached in (2018-20)? I don't know if buying now is a good choice or just wait 5-7 years until prices decrease again? In that case the opportunity cost of X years of loosing income from rental would be high.

I will appreciate any advice. Thanks! Javier

Hi Javier,

Congratulations on owning your home outright as that's a big achievement. I invest in the local area (pembroke pines), primarily in condos, which are not the same as townhomes but have a lot in common. I am happy to share with your my spreadsheet or meet for coffee.

Kind Regards,

Phil

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Originally posted by @Yoni R.:

Phil Bottfeld

I agree with @ericka g. That's another way to get a close estimate. If you go to the website. you can pull a trim notice or property tax bill (click this link) Random Trip Notice

Click the icon that says "Click here to display your 2016 trim notice and apply the purchase price to these millages and you will get a very accurate number.. it's important to have the right millages so make sure you do it on your property. The random trim notice I sent won't work, it will have to be on the actual property you intend to purchase.

This is probably overly complex to explain via the interest (but it's quite simple once you get the hang of it). I would use Erika's method because it will get you offly close to your number.

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easy way to get a very accurate number is to get last year's property tax bill. Use the purchase price you are buying the property as the assessed value and apply it to the millage rates.

If you want to be conservative you can add an additionally 3%.

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All Forum Posts by: Phil Bottfeld

Phil Bottfeld has started 7 posts and replied 85 times.

Post: Services referral for great CPA's in Miami

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Post: Analysis for Rental Investment (Please Help!)

Post: Miami property tax

Post: Miami property tax