All Forum Posts by: Richard Morrison

Hey @Leonard Rybak ,

I'm located just south of Boca in Pompano Beach, but am in Boca a good amount. DM me and let's see if I can help you out.

Hey Roman,

I'm a realtor in Pompano Beach and literally live less than 10 minutes from that property. That area is considered a D or C class area. It's definitely a lower income area, and will not attract renter's for Mid-term or short-term rentals. There are several large brand new affordable housing buildings being finished less than a mile away, that will also pull potential renters from this property.

I'm not sure where you pulled your numbers from, but I wouldn't be surprised to see that property rent for less than $3k/mo for the entire house. I could maybe get $4500/mo for mine, and I live a 5-min bike ride from the beach.

Pompano is trying to put a lot of money in the area by renovating local parks and community centers, but the gentrification of the area is still in the beginning stages. The city plans to also create a "downtown" space just south of there within the next 10+ years. Eventually it may be a good place to own for investment. However, I do not think that that time is now.

If you're looking for properties for MTR/STR, I would suggest looking east of Dixie Hwy (this property is on the west side). You will notice a significant price increase for properties though.

Let me know if you have any other questions. Overall, Pompano is a fantastic hidden gem, and I love living here. It has seen significant price increases since COVID, especially since Pompano's CRA has finally implemented and completed tons of projects to revamp the entire area.

I'm a realtor who lives & works here in Pompano Beach. Sadly I see properties misrepresented a lot, just like this. There's actually a property that is currently for sale in the Old Pompano neighborhood, that just came to market that is being sold as a Duplex, but all county tax records show it to be a SFH.

It will be hard to prove that the previous owner knew there were violations. It's worth speaking with a lawyer. Then decide if this is worth pursuing.

It is up to the Buyer & the Buyer's Agent to do their due diligence on the property, and not take anything at the owner's word. There's honestly a chance that the owner had added the efficiency years ago, and just assumed that automatically made it a duplex. Or this could have been done with owner before that one.

In S. FL you have to double check all sorts of stuff. A lot of stuff was allowed to skate by in the 70s/80s since the cities didn't keep great permit records. I've seen & hear about stuff coming into the light of day all the time that completely messes with the closing of properties here.

See ya'll tomorrow!

Welcome to Florida! I'm also a Gold Coast graduate as well. I did it all online and it was very easy to navigate.

I'm in Pompano Beach, but make my way up to Boca & Delray quite a bit. Please feel free to ask any questions, especially as you start looking for a brokerage to join.

Hey Janelle,

Try Trinkler Law out of Coral Springs, and ask for Jordan Goldman.

You just missed Landlords & Lagers at Brass Tap in Flagler Village last night (I didn't make it myself). They meet the 1st Thursday of every month from 7-9pm.

Hey Gabriel,

I"ve dabbled some with Ricky Carruth's coaching (he is the only free coaching out there). It seems to be pretty good overall, but I ended up going with the Mike Ferry Organization out of Las Vegas. So far I'm enjoying it. I wanted to find a coach that was going to push me, but also help keep me accountable to my goals & schedule. MFO is very focused on being proactive and cold-calling/prospecting (not as scary as people make it to be)

Another great coaching system to look at would be the Brian Buffini system (out of California). Buffini emphasizes your SOI (Sphere of Influence) and creating & nurturing relationships. I've done several of the Buffini courses and have enjoyed each one.

Let me know if you have any questions, and if you're ever down towards Fort Lauderdale, give me a shout!

Hey Evan,

To piggyback off of what Jacob was saying, there are areas of Fort Lauderdale that may be great to look into, typically on the west side of I-95. Another great area zip code is 33069 in Pompano Beach. Most of this zip code is an Opportunity Zone area. The 33309 zip in Oakland Park is another opportunity zone, with the majority of that zip being east of I-95.

I may have an investor friendly listing in the next few weeks in one of these areas. If so, I'll be sure to post it to the BiggerPockets classifieds & drop a link in this thread. :)

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $373,000
Cash invested: $75,000

Currently primary residence. Will eventually become STR that w/bikes & golf cart (6 min ride from beach)

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

Originally looking for primary residence

How did you find this deal and how did you negotiate it?

I'm an agent, and found it on the MLS. Went on market late Thursday night, I messaged agent that night, and had a showing at 12pm the next day. Had an offer in by 2pm Fri., and the offer was accepted on Saturday.

How did you finance this deal?

Conventional loan, 30-yr @ 3.25% and 15% down

How did you add value to the deal?

Fixed drainage issues (drain ditch, gutters, etc.), new landscaping in backyard, painted entire interior, renovated master bathroom, renovated kitchen (took out wall for open-concept) with new countertops/paint.