All Forum Posts by: Sebastian Giraldo

@Karina Alves: Check out the meet ups. There is one today from the off-market deals community by Luigi Ferrer and the other Real estate and chill by George Munoz. They're great people and great way to get started. Its a challenging landscape because sellers understand they're land is valuable; thus greed kicks in. However, if you sift enough you'll find motivation somewhere.

 Thank you. CRA (Community Re-development Agency) grants are possible for this specific area. Im exploring that alternative with the city. BUT I won't be dependent on them.

The area is building up with 6 new multifamily buildings nearby. And demand is high with housing shortage and new premium LTR rentals filling up. Solana Bay by RELATED is being built 1.5 miles away from the subject proeprty. 

After having multiple meetings with contractors of different trades. I will be seeking a reduction from the. Let's see how this one turns out. 

The property is located in North Miami, FL. I'd say it is a solid B class location 5 min driving to home depot, whole foods, publix, LA Fitness. 12 min driving to Surfside beach and Bal Harbor. 

Sales price: $900,000

Seller finance: $400,000 / 2 year ballon / 7% interest rate / interest only monthly payment: $2,333 / no pre-payment fee

Estimated monthly income: $9,300 / Annual: $111,600

Electric separated - water $450 per month

Property taxes: $16,700 (with property value assessed)

Property Insurance: $6,300

Renovation Repairs $150,000

I anticipate the Re-fi appraisal to come in at a conservative $1,150,000. 

What do you fellow BP investors think about this one? 

@Judy Mueller there are good deals in every market it is about sifting through the enough deals to find the gems amongst all the market value listings. Therefore i'd suggest narrowing it down to a market and going through enough deals where you can identify the opportunities vs the not so good opportunities. Im based out of the Miami market and there are hidden gems. There are sellers are willing to negotiate for duplex, 3plex and 4plex.

@Juan Lopez Hello juan, I have a friend investor who specializes on this strategy. He does it in Miami, I sent you my my # via PM. 

People have been saying there is a crash or correction coming to miami for the last 3 years. While the market has gone on a tear. Even on a high interest rate environment  the market has been climbing. THOSE who don't believe in Miami as the metropolis of the US will miss on it. Sadly it is always overvalued for the locals as well.

For context: the same comparable duplex a client purchased for $750k last february 2023 in Lil Havana is now asking $925k. This is according to multiple listings right now. 

People don't realize the amount of wealth that is flowing to Miami. The developments and businesses moving here. The re-vitalization of Flagler st by Moishe Mana, the big bets billionaire Ken Griffin is making on this city, brightline train, the Beckham soccer stadium will be ready for N America World cup 2026, the double decker hwy $840M Signature bridge connecting downtown miami and miami beach and the 30 acre park underneath it. 

H @Account Closed I think it may be more rumor than reality. I haven't had an issue with any client. Yes more strict 4 point inspections. Property insurance always goes through. A friends Insurance did request during ownership to change a 25+ year roof or they would kick up his rate on re-insuring.  

@Floyd Robinson, I have a great cost effective remidiation specialist. reach out and ill send oyu their contact. 

Good luck on your rehab!

Congratulations @Sabrina Dagostino. That is some great liquidity to play with. 

Just sent you a follow @Rafael Mercedes.

I do deals for investors and my self since 2015. I've wholesaled, flipped and managed 21 airbnbs.

To continue on continue on @Chris Rich; mention on the S. FL market. I am highly bullish on S. FL as a 23 year local. I won't get tired of saying the S. FL market will absolutely go on explosives once interest rates drop wether it is next year or in 3+ years. A few bullet points: 

1. S. FL has remained a stable and 7% positive YoY. 

2. Live local act will spurr density. 

I am passionate on real estate because of the monthly cash flow and big capital gains when investing in the right location. Section 8 lacks the location part that why I've never been involved. 

The sad part about South FL locals is that it is always too expensive for us. I think, yes it has appreciated and there is way more appreciation to come as Miami and Broward become a major financial hub and metropolis of the South. In your shoes I would sift through opportunities until I've found the best multifamily opportunity + location where I can put all or a majority of my capital. Allow location, appreciation and rent growth to do their thing where you can keep it and get plans approved to either re-develop it or list it for sale with plans approved. Simultaneously move on and into the next project.