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All Forum Posts by: Rik Patel

Rik Patel has started 31 posts and replied 126 times.

Post: Looking for Accountant Recommendations

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

Hi All! I'm looking for real estate accountant / lawyer recommendations here in Florida , preferably South Florida. Feel free to direct message me!  

Post: What would you in Los Angeles with $60K cash

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

@Dennis Maynard Thank you! What areas are you suggesting to look into in that case?

Post: What would you in Los Angeles with $60K cash

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

@Dennis Maynard Leaving off from your latest comment, what do you suggest for investors looking to buy into LA with the net migration? Look in cities around LA? Or will people continue to leave to nearby states? Just curious to know your thoughts!

Post: Miami/Broward Area Returns

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

@Ashraf Spahi What areas are you seeing multi-family's with decent returns? 

I would say that's my opinion in general about condos. I'm not too familiar with the condos in those areas but I'm assuming the HOA fee isn't as expensive, I'll check into it just for our own knowledge. As long as the numbers work, it can be a great starter investment, however, I don't believe condo's appreciate as much as other types of real estate. Another upside you might have is the oversupply of condos in Miami, it can be a good buying opportunity! @Alissa Kitamura

I look into other markets besides Miami, just like you said, it's very hard to find good value-add deals here at the price/area you want. I think condos (especially Brickell) are nice to live in, however, I wouldn't want to invest in a condo because of the HOA's and any potential special assessments that could occur.

Post: Redoing a garage floor

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

Hi All! Has anyone here redone a garage floor? In one of my properties there are plenty of oil stains and cracks in the concrete and I would like to redo it so it looks presentable to tenants again.

I've seen some repaint there garage and some do an epoxy coating. Any experience with either of these?

Any recommended products to use? Looking for more info! Thanks.

Post: Refiancing Home Loan or Home Equity Loan

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

@Jaysen Medhurst messaged you! Thanks

Post: Refiancing Home Loan or Home Equity Loan

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25
Hi Jaysen,

Can you provide an example of the BRRRR method with a HELOC?


Originally posted by @Jaysen Medhurst:

@Hector Lewis, yes they are different. Refinancing is getting a new mortgage. Home Equity Loan is a 2nd mortgage.

I recommend you look into a 3rd option, a Home Equity Line Of Credit (HELOC). The up-front costs are much lower than the other options, you don't pay any interest until you actually use the money, and only pay interest on the money you do use.

The downside is that the interest rate is higher, usually floats, and is amortized over a shorter period. For these reasons, it's really best used for short-term financing, like with a BRRRR.

Post: Best way to tap into equity with current market?

Rik PatelPosted
  • Real Estate Agent
  • Miami, FL
  • Posts 132
  • Votes 25

Will do it! I just hate how I might have to get the money now before I find a property which means I'll start paying interest while property hunting @Andrew C.