All Forum Posts by: Alex Palma

Moving to the Florida Keys, Marathon in specific.

Looking at meeting other investors in the middle keys.

We (wife & I) are a team of 2.5 (including our chocolate lab), with intentions of buying and holding long term rentals. Not focusing on vacation rentals, but would always consider them.

Wife is a licensed realtor & I am a traveling ER physician.

I have flipped 6 properties & wholesaled 2 prior to medschool.

Looking at buying 1-2 property every year, hopefully multi-plex. Not looking at waterfront, since they are inertly more expensive.

Goal: provide a solution to a housing sparse market for the working class and establish a long term retirement plan. Not looking for “get-rich” quick solution.

I do like long walks on the beach & sushi.

I’m an avid fish-feeder, because I love to fish, but don’t succeed well at catching!

Hopefully all my talent is in real estate.

Any other like or non-like minded investors out there?

@Cody Rogier

I don’t own any more vacation rentals in the Florida Keys, Because I moved into my vacation home. :)

I was living in Miami and wanted to live in the Florida Keys, So I sold my Miami home and moved. I had purchased a home in 2015, which we’ve rented via VRBO.

Therefore, I have rented for the past 3+ years. I am able to give some insight. Let me know what questions you may have. I’m also looking at starting to invest in long-term rental since the vacation rental market is saturated

@Ryan York

Hey Ryan I have not started investing in the Florida Keys yet. But I do live in marathon. What are you considering?

I’m trying to focus on the long-term rentals due to the saturation of vacation rentals in Marathon, Where I live. Would love to connect with other like-minded investors in the Florida Keys

@Aaron Hilligoss Hey Aaron I live in marathon as well and will be starting to invest in real estate. I’m trying to focus more on long-term, But will consider a vacation rental. I actually moved in to my vacation rental which we’ve had for the past four years. It would be good to meet other like minded investors in Marathon.

@Tahra Wright does whitepages give you phone numbers?

Also, what is the best skip trace app/site you guys have to find telephone numbers?

Great post, as I’m trying to figure what The rate is going to be in the Florida Keys. I started my research and have been quoted 20 to 25%. Few are quoting me 15%. Any of you guys out there with “exotic” locations heard of these inflated prices?

@Kenneth Garrett Thanks for the response. Should i just “knock” on the door of all my local banks? Or are there any banks you recommend. Thanks

@Kenneth Garrett Great info!! Question, if I purchase a rehab with intentions of long Term rentals and hold. Let’s say I use my own money or private money for all rehab and closing costs. When I contact a bank for refinancing options would they usually take the ARV/current rehab appraisal value? When I rehab and refinance the property, will the bank require me to keep some of my own money in the deal or will they re-finance the entire amount and cash out assuming the total cost is less than the set LTV finance parameters? Basically will the bank give me a cash out or force me to keep some money in the deal. I actually don’t mind keeping some money in the deal to keep cost down and cash flow up. What is the usual refinance LTV one should strive for? Thanks guys!!!