All Forum Posts by: Rich Urban

@Chris Rush - That was a dick move calling the city on them to force repairs.  When those things come up, we usually cover the costs & get credited at closing.

I'm located in South Florida.  We always rip out the window units & install central AC as well as energy efficient / hurricane impact windows.  

Hey Bobby..   Yeah, definitely a rougher area of Miami.   We just closed on it Thursday, and plan to start showing it on Monday & resell in the next week or so.  

 

I woke up to this voicemail from one of the family members selling us a property. Apparently, one of the other family members started selling drugs out of the house. Now a drug dealer was murdered on the property. Just a typical day as an investor in Miami :) :)

Hey there fellow landlords.. I thought that you'd find this funny :)

We were wholesaling a rental property with a paying tenant inside.  The buyer asked me if the tenant would allow him to move into one of the bedrooms... Pulling from my years of experience as a landlord (and general common sense), I begged & pleaded with our buyer to reconsider this idea.  Of course, he did it anyway.  This is the result... :) :) 

Duplex in a nice area of Miami.  Property was sitting vacant for a few years.  Turns out it was owned by a private lender in California. He took it back in foreclosure after lending $360k on it. We reached out to him and he was definitely interested in selling.  After repair value was $350k.. we bought for $100k and put $20k into updating it.  We still have each side rented for $1400 month.  The duplex is paid off and is a nice little cash cow with $2800 a month coming in and low expenses.  

What we did right:  Bought it cheap enough to make a profit and didn't leverage ourselves into oblivion.  It made money from the moment we rented it.  Also, bought in a desirable area so it stays rented.

What we did wrong:  We failed to screen our first tenant properly and ended up having to evict.  She had been evicted three times prior.. Oops :)

Yeah.. I use Rentometer to check rents in the neighborhood.  You can also check through craigslist to see what people are asking. 

I'm with Ben ... I net about $3k a month on one of my duplexes.  No way in hell would I spend the time to manage 59 tenants for only $3k.  

 

I was referring to North Miami, Port Saint Lucie, some more rural areas in Palm Beach County.  I've bought and sold in Liberty City as well at that price range.  If you wouldn't drive through there in daylight with a tank, then you must be only looking for the really pretty properties.  I've never had a problem in that neighborhood even at night.  I will say, that I try to stay out of the overtown area though.

 
@bob bowling - Damn, you must pay retail on all of your deals :)   That actually sounds like a typical deal for me.  We purchased our duplex with a net operating income of $29,000  for only $100k.  By your logic, that would have been a bad idea?   We flip houses here in South FL where monthly rentals is about $900/month and sell them for about $30,000 all day long.