All Forum Posts by: Alberto Lorenzo
Alberto Lorenzo has started 2 posts and replied 11 times.
Post: Someone that can help with Drawings/ Permit Violations? Broward, FL
- Posts 11
- Votes 4
thanks will certainly give them a call
Post: Someone that can help with Drawings/ Permit Violations? Broward, FL
- Posts 11
- Votes 4
I don't need to call the city what I need is to hire someone to run all permits
Post: Someone that can help with Drawings/ Permit Violations? Broward, FL
- Posts 11
- Votes 4
I have a house in Margate, FL which is in Broward County and I got tagged by the city for doing kitchen cabinets and remodeling 2 bathrooms without permits now they are requesting drawings and sign off / permits for all trades included.
Anyone that someone that does drawings / permitting? Haven't had any luck finding someone responsive and reliable that can resolve this for me. They are requesting drawings made from a architect or engineer and to run the permits for the remodel.
Would really appreciate the help I currently have a stop work order and I need to finish the remodel so I can move into the house already.
currently remodeling - floors - popcorn ceiling was removed - doing new kitchen cabinets - existing kitchen countertop is very ugly getting new nice slab on there with back splash
Put 20% down on this
Hopefully next time Someone asks for a update I can say I have the next purchase already haha
I purchased a nice water view home, pool, garage 10,660 lot 1650 inside sq ft
Best view of the water in the block
4 bed 2 baths for 480k
got appraised for 16k over purchase price
they flipped next door - the neighbors - for 505k with 2 bed 2 baths 350 sq ft less
Looking to find another good deal in the upcoming months or year
Duplex is tough I need plenty of space to store company vehicles and equipment so this is what made sense for me at the time being
Quote from @Vladimir Kovrizhnykh:
It is just very hard to find any good deals in Miami at this moment. I am not sure if that will change anytime soon.
I agree. Not just Miami but I am looking in Broward for better pricing and even in Broward it is difficult
Quote from @Brian G.:
@Alberto Lorenzo I’m super impressed that you have $150k banked at age 26. Well done! My advice is to house hack (buy something you can live in and generate rental income). Study this concept if you haven’t yet. It’s the best way to begin imo especially in your season of life. There are lots of ways to apply the principle of house hacking! Buy the very nicest asset you can afford. This one decision (buying a desirable asset) reduces risk, attracts the best types of tenants and has the most appreciation potential (rents & valuation). Live there a year and do it again. Rinse and repeat a few times and you will have a nice foundation for your RE portfolio. Good luck!
Quote from @Ray Hage:
Congrats on putting a ton of money away. Frankly, since you don't absolutely need to move yet, I would wait a little bit as I think the market is going to go down a little (nothing crazy, maybe 5-10% down is my guess). That being said, either strategy is fine but if your goal is to own multiple properties, I would aim to put the lowest possible down. You could also aim to get a 4plex as your first property using most of your savings. The most important thing is getting the right deal (right neighborhood, right house, right price, etc)
Yes that's what I was thinking to continue to wait just a bit longer as the housing market is on a down trend. Patiently waiting for the right deal
thanks to everyone that has responded!
Quote from @Marshall Leipprandt:
@Alberto Lorenzo Welcome to BP! I'm assuming that it is just you (no significant other or children?). If it is just you, I would try to buy either a duplex or single family home with an ADU. That additional income will help you offset your mortgage. You can always repeat the process after living in it for a year and try to buy again. In terms of financing, FHA is great, especially if you're a first time homebuyer but the 5% vs 20% debate is more of a personal preference. If you're looking at this from purely an investor mindset and want to put as little down, then the 5% is a no-brainer. However, remember that with a 20% down payment, although your cash on cash ROI will be lower, you won't be paying PMI as a part of your monthly payment and you'd increase your chances of cash-flowing when the property becomes a rental because your overall monthly payment will be less.
Thanks for the tip!