All Forum Posts by: Viviana Rueda

Does anyone have a rough feel for the psf that you are spending on remodels for above standard remodel work but not crossing into luxury? Coming out of South Florida the figure I worked with was $125/psf. TIA.

Two lawyers I consulted suggested LLC. And one suggested having a master LLC holding each individual property as an LLC within it. If you have a partner somewhere you need to document your operating agreement. If you put in your own names not only do you liability risks but you'll also need to figure out how to document your partnership terms and handle accounting.

Even if it's in your name or not, financing is still going to look at the investments with different terms if it's not your primary residence as far as I recall. I remember getting better terms than multi-family/commercial but since they knew it wasn't going to be my primary residence the terms were different. You can buy in your name, close financing and then transfer into an LLC too. Not sure how every state does this but in FL there's a transfer fee. Fairly nominal but it all adds up.

@Michael Cooper @Nick C. @Malgorzata Sadowska Thank you! I appreciate your detailed and thoughtful responses. I agree and lean toward the adage of "you get what you pay for." In saturated markets/hot markets I find myself cautious about qualifying statements such as "it's the standard" b/c even if it's standard, what you get from a rock star agent/broker as standard is not what you'll get from a mediocre novice as standard. Great reminder for me to slow down and go back to a. doing solid due diligence and b. negotiating. Plus it was 5% that I was paying in CA not 4%. That was for an industry veteran who got me above asking with 4 cash offers. Part of that was the market naturally. He was worth the 5%.

This probably falls into the category of, "the headline got me." And the target is probably the average home buyer looking to stay in their home 15+ years. But somewhat interesting nonetheless.

what about Keller williams? good splits, great training (so u feel like ur money is going to a worthwhile effort), good flexibility for ur own branding.

I just had a real estate agent tell me that the standard listing fee in Florida is 6%. I've done a few deals in Florida and I've only seen 4% and I've never paid more than 4% in California. What gives? did I miss a course correction in the market where it's now standard to ask 6%? TIA.

those are pretty common in Miami. The only trouble is that you have to make sure that they're actually zoned legally and permittrd. We found that there are a lot of "improvements" that are not done above bar in Miami.

@Sean Davidson Thank you! That's super helpful. And that's ground-up construction for single-family vs HPR?
For single-family homes in Miami I've seen numbers ranging from $175 to $250 psf depending on how close to the water one is. But that's not uber luxury either. I'm sure some of the condo developments like the Porsche tower are closer to $350-400, I don't know , maybe highter, but then again they sell for $1,800/psf too:-)

Hi folks - ran across this Bloomberg article on LinkedIn this morning. https://goo.gl/VW2JFF

Not such a surprise to this crowd I'm sure. The looming question for me isn't necessarily that we're crowding out the potential first-time home buyer but how we address the livability factor. IE rents are escalating at a fast clip. Faster then seen in a decade and yet affordable housing (when I say affordable housing I'm not talking subsidized housing) for middle-income families as well as for single-wage service people isn't being built. It's mostly luxury or higher-end homes, townhomes, and condos that are in the works. So, for the developers out there, with so many people who are paying more than 30% or more of their income in rent, making it impossible to save or a home eventually and even pushing the limits of being able to make rent, why isn't building more affordable housing seem appealing? Do we really still have that much of a demographic left that can continue to absorb high-end inventory?  Thought this might be a fun conversation with so much going on in Nashville.

What's the range for rehab/remodel psf and ground-up psf for luxury homes in the Nashville Metro area?  By luxury I mean homes in the 3 to 5k sf size that are being marketing as finished product for $1.2-$1.7M. Aka not super luxury but definitely not the middle-range of inventory.
Curious what the range is analysis on Live-n-Flips.

Thanks!