All Forum Posts by: Gustavo AL

i think there sound be a Miami BP meet up.... 

Hello @Russ Swan and wellcome to BP... this is a great place to learn and network, if you have any question regarding Miami market fell free to contact me...

You will see soon how resourceful this site is... Enjoy...

hello and welcome to BP... lots of great information on this site.. 

wellcome to BP. this is a great place to learn and network with other, read and learn as much as you can..... 

thanks @Scott Nipp, I ran my numbers a little more conservative and they still make sense.

  i have also double cheek to make sure my number are not guesstimates, my only worry if the appraisal, not sure it mite come back to asking price but i know with a little work i can have the property in the 220-240 range. let see what happens, i will be submitting the contract today..

will keep you guys posted...  

i think so too, @scott nipp but how are you still getting 600 cash flow a month. if all my expenses, i.e.. mortgage,tax,insurance,(20% for vacancy)  of 2400 rent i still get 870 cash flow???

were is in math wrong??? 

@john skaggs thats for the response, but i will we taking care of the Property Management and the tenets will be paying all the unities, as far as maintenance and lawn care I will do it or have a tenet to it. also no points on mortgage. 

To all my land lords, I would like a little feed back on these numbers. I am really looking for a second/ third or multiple options ... my numbers work for me, just curious to see what my fellow BP followers think about this deal...Do keep in mind that this is Miami market.  

174,000 purchase price

35,000 down payment 20%

139,000 loan amount

5,500 closing cost

2,700 yearly taxes 

2,000 yearly insurance 

2,400 monthly rent (1200 per unit)

1,050 mortgage,tax,& insurance 

1,350 Cash Flow

I know plus 10% to 20% set aside for maintenance and vacancy    

Repair cost are minimal, another investment company purchased this property a couple of month ago and did a good job in getting the duplex ready for rent. No other property in the area is listed at this price. Here is a little back ground on the property area, location is near A plus schools and is in a great location in South Miami. Comps are in the 250,000 range. I have two option/strategies for this property.  One is I hold it for a year or so and happily collect rent and then sell it in the 250 range or two, I pull the equity out in a couple of month and continue to flip or buy another duplex/fourplex...

Hello, yes @GiseleBlum and @Edgar Collado Miami is very competitive. It is hard to compete with hedge funds and other investors that have large capital. I am constantly looking for deals, however, where I have been struggling is finding good whole sellers or even deals on the MLS. Their idea is of a "good deal" is not always accurate, although every now and then I do find a good deal. Up to this point, I have ended up losing all the deals I have been interested in. In the last two months I have put four contracts on four deals I thought were great, however, so did twenty other investors and they either out bid me or were able to close faster. It is a struggle to find the right people to work with, individuals you can trust. I have since reassembled my team of finance guys, they have more real estate investing experience, especially in properties that require rehab. I am now able to compete with the bigger plays and able to close faster on the good deals. Lets see what happens in the next couple of weeks. I am ready and eager to close on a deal very soon.

thank you all for your warm welcomes. I have and will continue to read and learns as much as I can, I enjoy listing to the postcast. I thinks what you guys are doing is amazing, its great to hear other peoples mistake and also their triumphs, but most of all its their philosophy and how they got started, Im getting ready to close on a deal with week (or at least i hope i am) when i do i will keep you guys posted thru the process