Real Estate Investor · Las Vegas, NV · Member since 2016 · 29 posts · 11 votes
Hey everyone. I live in Las Vegas, and have been tirelessly searching for a multi-unit complex or sfh that will cash flow. So far all I can do is keep putting in low bids as the prices they are asking for will not cash flow anything.
What i wanted to ask is if there is anyone in the Miami, Florida Dade County area that is looking for a short sale property that I happen to of found on an auction site. It is a small Duplex, 2-1bd/1ba units, in Northern Miami. It looks in very nice shape in the photos (but we know you can't go by them) The starting bid price is at $65k. From what i have researched the rents in the city of Miami are ranging from $1900 for a 1bd and $2500 for a 2bd on average. I have no idea what this duplex would rent for but It sure looks like it has potential to cash flow. Since it is a short sale and on auction it is available for financing so that is a huge plus.
@Shawn Barga You really have nothing here.....it's a public auction, it's not a secret. The "starting bid" which is probably actually an "opening bid" (on auction.com, right?) is not a price the bank will accept, it's just a low ball teaser price to get you to bid. The acceptable price is undisclosed. And understand, this not the same even as an REO auction.....the "being the winner" simply means you are in contract on a short sale, then going thru that process. And likely the property is already under a short sale contract, and the auction is being done as a "price verification", common to a Nationstar short sale. $1900 is Not the typical rent for a 1 bedroom in Miami, maybe on Miami Beach or downtown, but not in general, and of course you have no idea what kind of neighborhood it is in.
@Shawn Barga You really have nothing here.....it's a public auction, it's not a secret. The "starting bid" which is probably actually an "opening bid" (on auction.com, right?) is not a price the bank will accept, it's just a low ball teaser price to get you to bid. The acceptable price is undisclosed. And understand, this not the same even as an REO auction.....the "being the winner" simply means you are in contract on a short sale, then going thru that process. And likely the property is already under a short sale contract, and the auction is being done as a "price verification", common to a Nationstar short sale. $1900 is Not the typical rent for a 1 bedroom in Miami, maybe on Miami Beach or downtown, but not in general, and of course you have no idea what kind of neighborhood it is in.
I have been in MIAMI lots of people when they hear MIAMI they think automatically the hot market,it hase the top line and low end properties , just like in central florida winter park witch is one of the best area you can invest in with confident but doesn't mean winter park dozen't have it's low area but they still hold good value because of many factors close to upscale properties ,very low crime rate, near college park the best college in central florida equivalent to Harvard university Boston MA ,if your a beginner I would focus on lacation first because you can get the best deal when it comes to dollar sign but the return can be dadly because of the location ,you have to make sure for been far where you at in MIAMI to partner with someone from that area is very wise .
Just an update Final BID was $183k pending review. Where did you see that it was rented out for a total of $1350 a month? Was that for both sides of the duplex? That is ulta low rents even in high crime areas. And no it was not on auction.com like someone tried to assume they knew all about it which they didn't. Thanks for the feedback, but those rents would need to be verified as it sure doesn't sound right for that area.