Hello People, I am Jaime from Miami , and I am new wholesaler in this area and OHHH BOY is really tough to get a Desent deal in Miami,
anyway....
Once in a while I go to visit Family in Palm Bay , Brevard county, FL and i am thinking to move to this area because is cheaper, quite and i can start doing RE business in here BUT i dont see to much movement or investor around here, thats beacuse there's no one investing in this area, or there is no inventory ?...
any one in here from Palm bay/Melbourne FL.?.
i only met one wholesaler and he told me market is not good and is very slow,, BUT naaaa, i dont belive him... anyone from this area ?
Real Estate Agent · Palm Bay, FL · Member since 2016 · 12 posts · 3 votes
10y
Hola Jaime, I am a real estate agent in Palm Bay, I recently joined bigger pockets and found you. I have been living here for 12 years now and making a move to RE investment. Maybe we can help each other. I don't have much experience in investment, but I am learning as fast as I can. I am currently driving for dollars and let me tell you there is many distressed houses out there to choose from. I am interested in helping my city by providing affordable housing to families and of course making money to eventually do some flipping and buying some houses for passive income. I think that wholesale is a good way to start for me and maybe I can learn from you. Let me know if you are interested, I will invite you for coffee and we can talk about it.
Melbourne, FL · Member since 2015 · 3 posts · 1 vote
10y
Jamie
I live in Melbourne and I join a realtor club and it was like three deals was being offer that night. You just have join the right clubs.
Good luck you south or central Florida
Investor · Orlando, FL · Member since 2016 · 1k+ posts · 780 votes
10y
I am a wholesaler in Orlando FL and I have 48 wholesale properties all over Central Florida including Brevard county. What exactly are you looking for?
Investor · Palm Bay, FL · Member since 2014 · 49 posts · 25 votes
10y
Palm Bay has a lot of distressed homes. However most of them are bank owned. Most of the privately owned distressed homes have been approached many times. You can find deals here but it will take diligence. We are always buying properties with rehab potential and do buy from wholesalers as long as they are fair and the numbers are not inflated.
Real Estate Agent · Palm Bay, FL · Member since 2016 · 12 posts · 3 votes
10y
Diligence is a must! You are right my friend, is not easey, I am farming the area, driving for dolars just trying to put to practice everything i am learning from BP ans others. It takes research and hard work, but it can be done and I will! Best of lucks to you all!
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
10y
I'm in Melbourne. My husband and I attend the local meetup that is hosted by @Priscilla Z. every two weeks. @Scott Schuetz is a beachside investor friendly Realtor who also attends. There is a good deal of experience in the room on any given night. We also attend the CFRI meetings on Merritt Island, when we've got the chance.
That said, I am not a long time resident, so am piecing together the story of housing here. In addition to the housing bust a number of years ago, the area lost a lot of high paid engineers in the space program. Unlike AZ (where I started investing) where the foreclosure period is very fast, the foreclosure process here (as where you are in Miami) can take years. Foreclosures accumulated, and the area suffered loss of people with money to buy. It has taken awhile to move on from those negative situations, longer that other places I have visited in the state.
Additionally, Melbourne is now growing. Space X is busy, Northrup and Boeing are hiring engineers again, the port up at Canaveral has expanded and there are more jobs to the North in the county...so JOBS are here and still coming. We see that building of new housing developments and the commercial buildings to support them, are again underway. I think it is a good time to invest.
Real Estate Agent · Palm Bay, FL · Member since 2016 · 12 posts · 3 votes
10y
I agree! I am waiting on Prisilla to join that list. I send her a request last week. Those the CRFI in Meritt Island have a web site? I only found an investor asso. in Orlando. I want to farm the Palm Bay area. I know is lest attractive compare to the big houses you can find in Melbourne, but is been my home for 12 years and there is a mix of old and new properties and a big demand on rentals. My goal is to buy distress houses, fixing and rent them for passive income and equity. I apologize if I miss spell any word here, I speak very good English, but my spelling well thats another story.
Investor · Orlando, FL · Member since 2015 · 49 posts · 16 votes
10y
I live in Fort lauderdale and I prefer the Orlando and Brevard Markets over South Florida any day of the week. It's all about how you market and have efficient systems in your business to capitalize on the leads.
I picked up 3 last month in those areas you're mentioning.. Two already sold and the 3rd i'm evicting the tenant then closing.
1st one I bought In Port John for 68k. put it on MLS and had 12 offers in two days.. accepted a 115k cash offered. I netted 45k after closing costs. Total transaction time when i closed to when buyer closed. 18 days.
2nd deal I bought in Palm bach for 78k. I accepted an offer 2 weeks later for 130k. that closes on the 31st. I should net around 45-47k.
3rd deal I got in Port john for 54k. The ARV is 130k. I'll list it most likely for 105k on the MLS.
I've been using Michael Quarles "wholetail" model and buying As-is and then instead of trying o wholesale to another investor for a portion of the as is.. you list in the MLS for full as is value and it's been amazing so far
1. how are you taking title? Cash? Sub2? Owner financing?
I've been buying everything "cash" using hard money
2. Are you listing it on MLS as soon as you get it under contract?
NO i'm not. However I will be on my next contracts
3. Are you using direct mail similar to what Quarles suggest?
Yes My business partner is a coaching student and we've been doing it the way he suggests
4. How big a list are you mailing to and what kind of callback and close percentages are you getting?
We did a 1400 mail list in palm beach and Broward... The results have been ok so far. no deals from it. We are about to hit our 3rd letter tho were most of the deals happen so it's too early to judge.
These deals came from driving for dollars from people I know that live there. Not any mail campaigns. So finding "deals" is not all that hard if you have the team set up for it.