Entering the market and submitting offers

Miami, Florida
Multi-Family and Apartment Investing
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Entering the market and submitting offers

Adi Jacob
New to Real Estate · Miami, FL · Member since 2019 · 11 posts · 12 votes

Hey everybody!

Thanks in advance for any feedback.

Due to where we are in the market currently, I'd like to begin sending out LOIs to get a feel of the market.

I have 500k available and looking for a small multi-family in good location east of I-95, Hollywood down to South Miami.

How should i go about it? Get a buyer's agent to submit offers or send LOI's myself directly to the sellers agent?

All help, tips, and recommendations are truly appreciated!

Jacob 

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Scott AllenBusiness Member
Real Estate Agent · Columbus, OH · Member since 2020 · 449 posts · 471 votes
3y

@Adi Jacob

What's a duplex going for in that area of Miami? 

You should find an investor friendly agent to help you write offers on properties but, if you're sourcing properties on your own right now off-market then you'll want to know the contracts you're using inside and out and know what terms you should write to protect you in your offers. 

A buyer's agent represents you and your best interest - talk to about 3-5 before you find one that you feel is a good fit. A seller's agent represents the seller and they're best interest - not yours.

Agents have fiduciary duties that they are bound to when representing a client versus a customer. If you're going directly to a listing agent, just know that they are limited in what they can do to help you and the agency disclosure will most likely say that they are going to represent the seller during the transaction.

With up to $500k for a down payment, you're looking at A Class multi-family in Columbus, OH and larger over 4 unit multi-family in B Class. 

Best of luck!

[email protected]614-698-1227
Reafco - Columbus, OH
WebsiteView Page
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  • Arn CenedellaPro Member
    Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
    3y
    Quote from @Adi Jacob:

    Hey everybody!

    Thanks in advance for any feedback.

    Due to where we are in the market currently, I'd like to begin sending out LOIs to get a feel of the market.

    I have 500k available and looking for a small multi-family in good location east of I-95, Hollywood down to South Miami.

    How should i go about it? Get a buyer's agent to submit offers or send LOI's myself directly to the sellers agent?

    All help, tips, and recommendations are truly appreciated!

    Jacob 


    [email protected]650-575-6114
    0Reply
  • Arn CenedellaPro Member
    Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
    3y

    @Adi Jacob

    If you found these properties thru your own efforts - without another broker - I would go direct to seller agent. 

    If on the other hand, a broker brought you the property, you should write LOI thru that broker.

    The way I do it, whoever brings me the deal, gets the buyer side commission if any. 

    That being said, since you are new / it might be in your best interests to develop a relationship with a broker who will be looking for you and working for you - someone who will educate you and has your best interests at heart. If you find that person then work thru him or her. If they take the time to educate you help you thru the process, they deserve to be compensated for their time. 

    Hope this helps. 

    Arn

    [email protected]650-575-6114
    3Reply
  • Luis Maqueira
    Rental Property Investor · Miami · Member since 2022 · 247 posts · 75 votes
    3y

    Hard to give you advice. 

    What is your opportunity cost to reach the market. 

    what software will you use to identify criteria deals, what about violations, title problems etc. 

    What price will you offer?  if you are to low you will miss deals and you dont want to over pay. 

    Show us your plan, then we can tell you what we think is best. Based In what we did in the past. 

    Talk to a wholesaler ask them how much time, money and effort they need to get a deal.  And is not a deal is a property they got under contract to sale. You still do all the work.

    Talk to an investor, that yes analyze deals and see again his overhead cost. 


    We as a group buy-find deals and is a great business and you make a lot of money. But you need to do it efficiently. Find your team to work with.  I love realtors, they love their commission they do they work and they give you properties....  I love wholesaler they love their work and they give you the deals.... 

    YOU want to be on the other side the investor and I agree with you that where you build wealth... 

    Lets us know the plan. 

    Luis Multifamily team

    3Reply
  • Juan Strano
    Wholesaler · Miami, FL · Member since 2023 · 3 posts · 1 vote
    3y

    I'm an active single family and small multi-family wholesaler in miami-dade let's connect!

    1Reply
  • Ray Hage
    Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
    3y
    Quote from @Adi Jacob:

    Hey everybody!

    Thanks in advance for any feedback.

    Due to where we are in the market currently, I'd like to begin sending out LOIs to get a feel of the market.

    I have 500k available and looking for a small multi-family in good location east of I-95, Hollywood down to South Miami.

    How should i go about it? Get a buyer's agent to submit offers or send LOI's myself directly to the sellers agent?

    All help, tips, and recommendations are truly appreciated!

    Jacob 


     Hey Adi, 500k is plenty enough to get started. I have small MFs myself and can advise you and represent you as your realtor. You don't absolutely need a realtor but it helps a lot especially one who is also an investor like myself who will help you avoid problem-properties. I'll send you a private message 

    3Reply
  • Ash Hegde
    Lender · Fort Lauderdale, FL (Lending in FL CT GA MI PA) · Member since 2022 · 470 posts · 349 votes
    3y

    For homes that are on the market, I would get your own agent for representation. The seller is paying for it anyway, and their agent will be looking out for their interests, not yours. @Ray Hage would be a great agent to help with this. 

    3Reply
  • Scott JohnsonBusiness Member
    Specialist · Greenville, NC · Member since 2019 · 673 posts · 408 votes
    3y
    Quote from @Arn Cenedella:

    @Adi Jacob

    If you found these properties thru your own efforts - without another broker - I would go direct to seller agent. 

    If on the other hand, a broker brought you the property, you should write LOI thru that broker.

    The way I do it, whoever brings me the deal, gets the buyer side commission if any. 

    That being said, since you are new / it might be in your best interests to develop a relationship with a broker who will be looking for you and working for you - someone who will educate you and has your best interests at heart. If you find that person then work thru him or her. If they take the time to educate you help you thru the process, they deserve to be compensated for their time. 

    Hope this helps. 

    Arn


     I agree. If a buyer's agent brought you to it, have them send it. Otherwise you can send it yourself. 

    [email protected]
    2Reply
  • Justin Moy
    Investor · Kansas City, MO · Member since 2020 · 400 posts · 278 votes
    3y

    If you feel sophisticated enough to represent yourself then I'd do that unless a buyers agent brings me an off market deal. 

    If you don't feel confident enough to pursue a deal yourself then a buyers agent is worth their commission. 

    It's tough to work with many buyers agents so I'd start speaking with a few if you want to go that route and establish a strong relationship with someone who you want to work with. 

    If you'd rather go your own way you can set up your own alerts on listing sites (zillow, realtor.com for SFH, crexi or loopnet for commercial) and just submit LOIs as they come up.

    1Reply
  • Scott AllenBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 449 posts · 471 votes
    3y

    @Adi Jacob

    What's a duplex going for in that area of Miami? 

    You should find an investor friendly agent to help you write offers on properties but, if you're sourcing properties on your own right now off-market then you'll want to know the contracts you're using inside and out and know what terms you should write to protect you in your offers. 

    A buyer's agent represents you and your best interest - talk to about 3-5 before you find one that you feel is a good fit. A seller's agent represents the seller and they're best interest - not yours.

    Agents have fiduciary duties that they are bound to when representing a client versus a customer. If you're going directly to a listing agent, just know that they are limited in what they can do to help you and the agency disclosure will most likely say that they are going to represent the seller during the transaction.

    With up to $500k for a down payment, you're looking at A Class multi-family in Columbus, OH and larger over 4 unit multi-family in B Class. 

    Best of luck!

    [email protected]614-698-1227
    Reafco - Columbus, OH
    WebsiteView Page
    3Reply
  • Adi Jacob
    OP
    New to Real Estate · Miami, FL · Member since 2019 · 11 posts · 12 votes
    3y

    @Scott Allen

    Hey Scott! Duplexes can go for at least $400k-800k depending on location and condition..

    I will go with a few investor minded agents in the area.

    I would love Ohio prices with Miami appreciation and quality!

    Also im local.. 

    0Reply
  • Florencia Cafure
    Member since 2022 · 18 posts · 8 votes
    3y
    Quote from @Juan Strano:

    I'm an active single family and small multi-family wholesaler in miami-dade let's connect!

     Hi Juan, I am considering jumping into the same thing and i m going into the same questions. I do have my real agent, the one i trust but i always wonder if i should go alone. For the moment i only focus on condos but i have the feeling that multifamily is the next step to grow . which areas are you considering. Would be great to connect

    0Reply
  • Ace Goodrich
    Phoenix Metro, South Florida · Member since 2022 · 37 posts · 19 votes
    3y
    hi Adi Jacob, you're in a good market for so many reasons. SoFla is growing everyday.

    I had a very good experience with an agent in Miami near Riverland/new stadium area, which will more than likely see solid appreciation in the upcoming years.  

    Ultimately didn't acquire the property, but would definitely collab with that agent again. They were very thorough and helped answer/guide me on the many questions I had as a first-timer.  They also invest so their perspective was valuable and thoughtful in that respect.

    Would be happy to connect you if you like. Good luck as well.
    1Reply
  • Ace Goodrich
    Phoenix Metro, South Florida · Member since 2022 · 37 posts · 19 votes
    3y

    @Adi Jacob very investor-friendly 

    1Reply
  • Hans Waisfeld
    Real Estate Agent · Miami, South Florida · Member since 2023 · 62 posts · 30 votes
    3y

    Hey @Adi Jacob for your first investment property I would recommend you using an agent 100% without a doubt. You want someone to REPRESENT you, the listing agents have a fiduciary duty to represent the seller their original client not you. So becareful there.

    Secondly, you should use an agent on your side who knows and understands numbers, just because you speak to a seller agent does not mean that they know what they are doing or even know how to run numbers.

    I bought my triplex about 10 months ago for $400k and a duplex 2 months ago for $500k in the Miami area so that price range is the perfect price range but just like you there are also tons of buyers and investors looking so you need to know, understand and be ready when the right opportuinity comes.

    Again I highly recommend using an agent who understands your wants and needs. Hopefully someone from this forum wether its me or another investor-friendly agent

    Goodluck and let me know how it goes!! I will be looking for my third property in a few months :)

    2Reply
  • Ace Goodrich
    Phoenix Metro, South Florida · Member since 2022 · 37 posts · 19 votes
    2y
    Quote from @Adi Jacob:

    Hey everybody!

    Thanks in advance for any feedback.

    Due to where we are in the market currently, I'd like to begin sending out LOIs to get a feel of the market.

    I have 500k available and looking for a small multi-family in good location east of I-95, Hollywood down to South Miami.

    How should i go about it? Get a buyer's agent to submit offers or send LOI's myself directly to the sellers agent?

    All help, tips, and recommendations are truly appreciated!

    Jacob 


    0Reply
  • Ace Goodrich
    Phoenix Metro, South Florida · Member since 2022 · 37 posts · 19 votes
    2y

    Hi @adi Jacob, yes, happy to connect you two.  Send me your email here in BP and I will make sure you link.

    Cheers

    0Reply
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