All Forum Posts by: Raffaello Cervera

I’ve never seen this been asked on BP and sadly it applies to me so now I’m asking it. I’m trying to buy a house hack in Miami FL, I’ve found the deal and I have about $20k saved up to do the deal my only problem is I haven’t filed taxes in the last 2 years so I’m not sure if I can get preapproved I spoke to one MLO and he said that it was very unlikely to pre approved with out my tax returns. I’m going to talk to some more MLOs to see if they give me a different answer. Has anyone gone though this I would love to hear from someone who was in this position previously as this is the last thing I need to buy my first deal! Thanks all feedback is much appreciated!

@Karl B. thank for the idea! I would've never thought to ask for the inspection report. Also I just found out that the property has no parking spots do you think that would affect the amount of rent I would get a month? 

Originally posted by @Henri Meli:

@Raffaello Cervera How old is this property? Is it currently occupied? Make sure there aren't any massive work to be done to get this place rent ready. 

I believe $300 cashflow in Miami on a duplex is pretty good.

 The house is pretty old it is from 1936 but that is pretty normal for that area and from what ive seen its in pretty good condition im going to make an appointment this week to see the house 

Originally posted by @Nathan Boyer:

do you have a link to MLS listing? I can look over the numbers and give a second opinion.

not really sure how to send the MLS sheet but here is the sheet from zillow

https://www.zillow.com/homedetails/994-NW-2ND-St-M...

Hello to everyone, 

This is my first post on BP after being a long time on looker from the sidelines. My name is Raffaello and ive been trying to analyze a lot of deals to sharpen myproperty analyzing skills. 

I came around one duplex for sale that the numbers look too good to be true. 

It is a REO duplex for sale in an up and coming part of Miami also it is close to downtown Miami

Sales price $245k 3-1 side and smaller 1-1 side

3-1 side rents for $2,500-$3,000

1-1 side rents for 1,500-$1,800 

tax is $4k/year 

I would be putting down 20% or 62k which would put my monthly payment at around $1,700/ month 

the house looks to be in decent condition I am a also a realtor so i am going to pass by the property to see it to make sure there isnt anything wrong  

My only concern is it has been on the MLS for about a month and no one has jumped on it, it would cash flow about $2k/ month is there something that I am missing?

Could this really be that good of a deal? i would love to hear  someone else'sopinion on this deal 

thanks to everyone in advance!

Any place in the US is a good place to be an agent or a broker all depends on how hard you work and how much you want your ultimate goal. My advice is to team up with a top producer or at least someone who is doing better than you and ask to shadow them for a week or ask if they will mentor you. That’s what I did and I’m selling 3-5 houses a month while in college!

Hey Omar! Yes there's deals in south Florida but it is definitely hard to find them in such a competitive market lol you just have to look diligently one way that I've found that most people over look is team up with a real estate broker that works with REOs and distressed properties and get them to send you there listings most of them need some cosmetic or complete repairs and they have potential

I would buy some rentals first if the Lambo is your real goal but enough houses to pay for the lambos payment and have enough money left over to still net a good amount of money to reinvest. Don't be so short sighted stop looking for instant gratification

Thanks to you both, it's greatly appreciated!

I saw a commercial about real estate investing on tv today his name was Than Merril he was advertising his real estate course,he was saying things like you don't need any credit or no money down. Has anyone heard anything about him, is he a scammer or is he legit? I'm petty skeptical about this but I wanted to hear what you guys thought about him, have any of you taken his course? Or heard anything positive about him? Thanks and happy holidays!