All Forum Posts by: Marcelo Ricarte

Hey BP family! 

I'm trying to help a friend of mine to sell his property, which after doing lots of upgrades took a little bit of a hit back in 2008. I have a few ideas on how to approach it but not 100% sure so I decided to ask you guys for help...

Property is a 3/2, 1950 sqft with a 10k sqft of land, Year built is 2003. Granite countertops, tile floors, 2-car garage, screened swimming pool and up to code with new hurricane standards. Property is located in Sebastian, FL. 

Owner still owes around $170k. After the sale he'd like to have in hand at least $10k.

I think the appraisal could be around $220k ish...

Property's been rented for the last 3 years (same tenants).

Comps in the area are about $200k without a pool.

That's some of the info I have

Thanks guys!!

Hello @Jameson Mercier, welcome!! 

I'm also in Ft Lauderdale, let me know if I can be of any help or maybe we can do something together one day.. Good luck!

Thank you @Robert Abreu

Hi guys, I'm posting this opportunity for an Investor/Lender to help out a friend and his family not to lose his home which he've had worked hard upgrading for the last 12 years while being scammed.

After making a couple of bad decisions, including getting a hard money loan to pay off his home, now the year of the loan is due and he needs to return $210k to the lender, which is now 90 days late.

The property has been upgraded with granite countertops, hardwood floors, tile throughout, and extra efficiency, a deck, etc.

Appraised three months ago for $285k. 

Located at 6451 Tamiami Canal Rd, Miami 33126.

There is another investor who had approved him for 192k but he'd still need some extra cash to close (around $15k). What they would do (for what I have understood) is some kind of LO by taking control of the property and lease it back to him for three years while he buys some time and be able to get approve by a lender to exercise his option. 

My Idea is to take advantage of this opportunity by getting an Investor/Lender who can come up with the money he needs to pay off his current loan to the lender and close.

Please contact me if interested. Thanks.

Hey BP Community, anybody can refer me to a good CPA in the area of Ft Lauderdale?

Hey @Linda Cooper, late but sure haha. Look up Wendy Patton (I think it is..) she has pretty good info ;)

Thank you @Hattie Dizmond, for some reason it only works for me ;/

Anyways,

List price is $425k

Monthly income $3500 (1-2/1- $1050, 2-1/1 $875 ea, 1-Efficiency $700) / $42k annualy

Monthly expenses $3124

Cash flow +$375

Cash on cash ROI 22,13%

Hey BP community, came across this fourplex and analyzed it thinking it might work but I'm not sure because I'd be occupying the bigger unit (2/1) which rents for $1050. The other three units are 2- 1/1 ($875 ea) and 1 efficiency at $875. All rents could go up at least $50. No leases, just month to month.

https://www.biggerpockets.com/buy_and_hold_results...

hopefully somebody has the time to take a look at it and give me a second opinion?

Thanks!

Welcome @Elisheba Kihara!!! All the luck for you!!

Hi @Shelby Pracht, I'd consult a CPA to be sure..