All Forum Posts by: Andre Valdes

Thanks, everyone. You've given me a lot to consider and research.

I own an old duplex in an area of Miami that has million-dollar townhomes so the value is in the land. I don't have the money to build the townhomes, so I'm trying to get creative. Is it possible to structure a deal with a developer where they build two townhomes on my property at no cost to me, but they keep one  (and that side of the land) and I keep the other? I see it as a win-win. Is this possible? Is this crazy?

Use a property manager to handle all of this and don't deal with the tenants directly. Talk to your son and explain the situation. Treat him like a business partner so that he knows your thought process.

I own an old tiny duplex in a really hot area of Miami. The entire neighborhood has been renovated except my property.  I'd like to tear down and build a new and modern duplex so I'm thinking about using a construction loan. Does anyone have any advice on doing this and do you have lenders that you'd recommend working with?

@Samuel Awosolu

Again; that's something I never considered. You've expanded my mind! :) I will read up a little more about this, but I really love the idea of holding on to this property and raising rents. The adjacent townhomes are selling for $900K so there's definitely room to grow. 

Thank you for adding value. 

Hi @Josh Stack ,

I hadn't thought about that option, but you're right. I'd be leaving a lot of money (or equity) on the table. I will look into it.

Thank you,

Andre 

Hi BG,

I'm new to the group.

I purchased a duplex in Miami (Coconut Grove) for $180K about 8 years ago when he market tanked. Today, the neighborhood has been completely torn down and renovated. My duplex is the oldest and ugliest in the community. It's currently cashflow positive about $200 per month and has a market rate of about $240K-$300. The value is mostly only in the land since the surrounding properties are all new and are selling between $600K and $900. 

I'm not sure what to do:

1. Sell now and reinvest elsewhere.

2. Hold.

Is it possible to partner with a developer and have them build something new and then we split up the sale profit?

I'm not sure what to do. 

Any advice?

Thank you!

Andres