All Forum Posts by: Phil Bottfeld

I am around the same area and was wondering about very same question. In most areas in Miami, prices are very high that it seems impossible to cash flow a property that you bought from MLS. Adam I'll message you as well, please share any tips. Thanks in advance.

Hi Imran,

$10K will get you started but it's important to have reserves, if all you got is $10K and your budget requires $10K... you need to consider the potential of overages. A lot of times, early investors think they have enough cash to squeeze out a deal and then run into liquidity issues. If you've analyzed a deal and think it will require $10K.. make sure you have $15K just in case you have overages (it happens often). Just my two cents.

Best of luck!

Phil

2 Votes

Hi everyone,

I am looking for some help to get a loan. I invest in 55+ communities. In general, it's difficult to get a loan because of the recreational lease in the condominium complex. Does anyone know of a portfolio lender or lender who can originate a loan in one of the communities of South Florida?

Thanks,

Phil Bottfeld

0 Votes

Originally posted by @MANUEL GONZALEZ:

Originally posted by @Phil Bottfeld:

Originally posted by @MANUEL GONZALEZ:

Hi Phil

There is not debt so we will have a 7.8 yield aprox. I think is decent, we expexted a 9 or 10 but very dificilt in todays market

Thank you for your input

Great. IS the property compliant to be eligible for fannie mae? If so, you can probably get debt at 4-5% and significantly raise your return. Food for thought.

Yes, it is fannie mae approved but how getting a mortgage will raise my return? unless I buy another property. Correct?

Are you buying Cash? If so, you are guranteed to increase your overall return if you allowed to borrow (cash out) whatever amount of money at a lower interest rate than what your overall yield is (7.8%).

Regards,

1 Vote

Originally posted by @MANUEL GONZALEZ:

Hi Phil

There is not debt so we will have a 7.8 yield aprox. I think is decent, we expexted a 9 or 10 but very dificilt in todays market

Thank you for your input

Great. IS the property compliant to be eligible for fannie mae? If so, you can probably get debt at 4-5% and significantly raise your return. Food for thought.

0 Votes

Hi Manuel,

Have you calculated the following metrics?

Cash on Cash

Overall Yield after debt amortization

Are they high enough to meet your standards?

0 Votes

Originally posted by @Daniel Ricci:

Hello! My name is Daniel Ricci and I'm in the process of moving from the DC area to Davie, FL for medical school. I'm in the process of buying a home (condominium) in Davie near the school and it should be settling next week.

A little about myself: I'm 29 years old first year medical student. This would be the 2nd property I've owned in my life. I recently sold my first townhouse in preparation for this move. I found BiggerPockets after reading their book about real estate investing and I've been hooked ever since! I hope to own multiple investment properties one day and generate cash flow. I'm eager to learn and any and all help is appreciated. If anyone in the South Florida region is available with advice or wisdom, please let me know!

Hi Daniel, thank you for your service! If you ever need a brain to pick, I have been investing in the pembroke pines/cooper city area for a couple of years. I'm happy to grab coffee during the mornings and just chat about what you want to do.

Best,

Phil

0 Votes

Originally posted by @Frank N.:

Hi Bigger Pockets Community,

My name is Frank and I am a junior in college studying Accounting. I am in the middle of deciding whether to jump into real estate full time or go into accounting full time. I just listened to Podcast #3 and the amount of information I just absorbed is insane. I ran into this site trying to learn a few things about wholesaling. Although i'm still not sure what I want to do within real estate, I've always found it very interesting. I'm currently reading "The Millionaire Real Estate Agent" and find it to be very inspiring.

One of my short term goals is to be able to shadow a professional real estate investor in order to gain as much first hand experience as possible. I enjoy the idea of being an investor in today's market but I need to start some somewhere; which is why i'm here. Any suggestions?

Hi Frank, fellow CPA and realtor here. Feel free to give me buzz and pick my brain with questions you may have and things to do. I highly recommend doing some soul searching and consideration of what you truly want in life before taking the direction of a stranger. But I'm more than happy to share my experiences and hope it helps you make the best choices for the future Frank.

Best,

Phil

0 Votes

Originally posted by @Omar Diaz:

Hi, My name is Omar Diaz and I currently reside in Miramar, Fl. I have always been interested in real estate investments and have finally decided to take the first step. Any advice and information is welcome.

Hi Omar,

Welcome to BP. I'm in Pembroke Pines and always willing to lend an ear.

My best piece of advice is to figure out first what your goals are and what you want to get out of Real Estate. Do you want a life-time of cash-flow (buy and hold)? Do you want the potential to make large amounts of money in a short period of timing (Flipping). Do you want to dip your toes in first from a capital commitment standpoint but learn the art of find deals (Wholesaling)? These are generic descriptions but are fairly applicable. Read a book or two, get involved in your local clubs (go to meet up.com), and get a mentor who's done what you want to do before.

- Phil

0 Votes

Originally posted by @Tyler Martin:

My name is Tyler Martin and I'm 20 years old. I'm a student at Florida State University (Go Noles) majoring in Entrepreneurship, Finance, and considering a third major in Real Estate. I grew up in Miami, Fl (Palmetto Bay) and I spend my summers there, but I spend the school year in Tallahassee at Florida State.

I started reading, and then I started flipping. Exploring garage sales, craigslist, and Facebook, I bought and sold everything from shot glasses to Ipods and Roombas (robot cleaners). Looking for ways to grow, I got into retail arbitrage, where I spent my time in Marshalls finding deals on underwear I could sell on eBay. Research on the retail arbitrage process led me to the private labeling business. Now instead of selling other people's products, I started a business creating and selling my own.

Last week youtube suggested I watch a video on flipping homes, so I figured i'd give it a shot. After grinning ear to ear through hours of videos and podcasts I realized that Real Estate is my next step.

I'm young but I'm a hard worker and I'm eager to learn the ins and outs of this business. How should I get started?

Hi Tyler, grew up right where you did. Except I went to UF :). But I won't hold it against you. I agree with @nickbritton best way to get started is joining networks and building your relationships. You don't need to learn everything or have all the money to get started. Just ambition and willing to take steps forward. I'm happy to grab coffee and share experiences with you.

Regards,

Phil (Palmetto high class of 2004)

0 Votes

Originally posted by @Allende Hernandez:

Hi there folks,

I just happened to bump into a FB post from an agent marketing a 4plex in Indianapolis that at first seems to be a good deal. I am from Miami, FL and have never been in Indianapolis or any of its surroundings. I am not targeting it either, I just happened to see the ad and took a stab at analyzing it.

I exchanged a few emails with the agent and after factoring in all the expenses (PITI, vacancies, capex, utilities and management) the property is still above the 2%rule.

The downsides I see are the distance and the age of the property(1910)

Not sure if the distance should be a blocker for a good buy and hold deal.

Can any one from the area give me your impressions on the age of the house and also the area? The property is located in IN 46221

Thanks in advance and Happy Investing!

Hi Allende, Check out my interview on the The Real Estate Loop Podcast Episode 80. We go into the details of the various types of Turn-key provider platforms and what they offer. If you have not already made a decision on which to use. I think it's a helpful podcast.

Regards,

Phil Bottfeld

0 Votes

All Forum Posts by: Phil Bottfeld

Phil Bottfeld has started 7 posts and replied 85 times.

Post: Are there ways in Miami to start with 10K on your first property?

Post: Getting a loan in a HOPA (55+ Community)

Post: Buying my second property in miami

Post: Buying my second property in miami

Post: Buying my second property in miami

Post: New member in Davie, FL

Post: Frank from Miami!

Post: New Member from Miramar, Fl eager to learn

Post: Young and Eager to Learn

Post: Is it a big NO-NO to buy my 1st rental property in another state?