All Forum Posts by: Ana Garcia

Thanks George! We are making an offer tomorrow. It is much lower than the owner's asking price. Let's hope we get a counter or even better, get it accepted! Will keep you posted.

-Ana

Thanks everyone for your feedback!

@Mike Dymski We are leaning towards doing it all at once at the beginning. The advantage is that the construction is done in a more efficient manner, hence saving construction costs. The disadvantage is that we would need more capital and will have no rents during this time. You bring up all good points (we need to have many things lined up to avoid wasting time and money). I will make sure to listen to the podcasts you mention.

@Janette Nason How long did it take you to do all the work? What is the total size of the living area?

@Patrick Liska Great idea! I'm sure we can find someone interested in making some extra money and we can have some peace of mind.

Our next step is to make an offer. Let's see how that goes. Will keep you all posted.

- Ana

Hi Everyone!

We are analyzing a multi of 13 units which needs a LOT of repairs. Pretty much everything on the inside (walls, floors, ceilings, appliances, etc.) needs to be renovated. And, of course, the tenants, need to be replaced as well. We have construction experience (we still plan to hire someone to do the work), however, here are some of our concerns and questions:

1. Tenants: What is the best way to clean the multi and bring in new tenants? The current tenants are month-to-month, C type tenants. There are currently 2 vacant units. I have learned here on BP that it is best to work on the common areas first. Should we then start renovating the vacant units to bring new tenants little by little? Should we raise rents right away to current tenants?

2. Distance: We are 2 hours away and will not be available to keep an eye on the day-to-day construction work. Our idea is to go check out the work every weekend, plus request pictures and updates from the contractor at least twice a week. We have no one in the area who could keep an eye on it for us. Has anyone been successful at managing work this way? Any advice?

Thanks for all your input!

Ana

Hi Everyone!

We are analyzing a multi of 13 units which needs a LOT of repairs. Pretty much everything on the inside (walls, floors, ceilings, appliances, etc.) and of course, the tenants, need to be replaced. We have construction experience (we still plan to hire someone to do the work), however, here are some of our concerns and questions:

1. Tenants: What is the best way to clean the multi and bring in new tenants? The current tenants are month-to-month, C type tenants. There are currently 2 vacant units. I have learned here on BP that it is best to work on the common areas first. Should we then start renovating the vacant units to bring new tenants little by little? Should we raise rents right away to current tenants?

2. Distance: We are 2 hours away and will not be available to keep an eye on the day-to-day construction work. Our idea is to go check out the work every weekend, plus request pictures and updates from the contractor at least twice a week. We have no one in the area who could keep an eye on it for us. Has anyone been successful at managing work this way? Any advice?

Thanks for all your input!

Ana

Hello Everyone,

First, I would like to thank you for all of your responses! I was new to BP when I wrote it and did not see the answers until now - was expecting a message and was wondering why no one had replied to my thread!

We found a great realtor/broker (she actually found me through BP) whom we have been working with in finding multifamilies. We are focusing on the South Florida market (Dade, Broward and Palm Beach), trying to find that gem in our backyard. We are also considering anything within 2 hours from Miami. Prices are high, but we are becoming more and more familiar with different markets and the process of analyzing properties and making offers. We hope to purchase something soon!

Thanks again for your feedback.

-Ana

Thank you both! Wish the days had more hours or that I just didn't need sleep! 

Hello BP Community,

This question is for investors who have small children, especially women who have a job and invest in real estate while raising a family. How do you make time to work on your real estate dreams? What strategies have worked for you (i.e., outsourcing certain services, working on a part-time basis, etc.)?

Thanks!

- Ana

Hello BP Community, 

My husband and I are looking to purchase a multifamily of 10+ units. For the past few months, we have been analyzing deals in Miami, where we live, however, the numbers do not make sense...prices are way too high! So, we have decided to look in other cities, maybe even other states. We have the following questions:

1. How far away should we look? I remember Brandon Turner suggesting to invest in areas where you have friends or family who can provide some guidance (good vs. bad areas, etc.). We are just afraid of not having the property near us to visit and keep an eye on it. 

2. In your experience, how easy or hard is it to manage a property outside your area? How do you make sure things are running as they should when you outsource the management services?

3. We have 2 small children and we both work full time. Our time to go out to find good areas is limited. What would be the best strategy to find areas in which to invest? 

4. Are there certain parameters you look for to determine whether an area is worth investing?

5. Finally, any website or source you use to search for properties in other areas?

Thanks everyone for your time,

- Ana

My husband and I are looking to purchase an 8+ unit multifamily in Miami, but one that generates cash flow, not one that simply appreciates. It is so difficult to find good deals in Miami these days! By reading this post it seems like we have to be patient and just keep looking. Will prices stabilize or decrease? Rents are already higher and it is still difficult to find properties that will generate any profit.