All Forum Posts by: Branden Rivero

Hi BP Community!

I am looking to wholesale my first property in the South Florida market since, I'm starting local.

As a new wholesaler, I am looking to connect with investors/buyers/agents in the area to hopefully bring business to and get advice that I may not be aware of. 

Looking forward to connecting.

Best,
William Delsolar

@Drew Slew Well if you're planning to build on it, flooding issue shouldn't be too bad when you put the structures up as you'll need to comply with regulations of it being a certain number of feet above the current ground (I can't remember the exact amount of feet). 

Regarding insurance, I can refer you to a lady that I use. Flood insurance specifically won't be that different by provider as it is federally regulated.

Frankly, I would keep the land and units if you build. That area is only going up in the long term. 

Greetings everyone. I am motivated to monetize equity on up to 5 high end brand new construction SF in the Miami-Dade area (Miami Beach, Surfside).  Not sure if to rent them all and wait for a better market in the future or find cash buyers for some, even if at a discount.

The properties cash flow positive and give very nice returns in this environment if rented.  The price ranges from 4 to 6 million on each, with one being more expensive and on the water. I would consider selling equity, or selling, or renting & then selling.

In this high rate environment, selling them at a reasonable price would take time and I am motivated to liquidate or monetize some or all of the portfolio or its equity fast. Don't what kind of folks like to buy or invest in portfolios like these... of high end unique properties in very desirable neighborhoods. 

Appreciate any advice or connection to interested parties. Thank you.

I just looked through some numbers for southern FL and they look bad. 

Miami-Dade County has over 8 months worth of suppy, Monroe County (Florida Keys) has almost 12 month worth of supply. Anything over 5 is considered a sellers market. 

Boward County (Fort Lauderdale) has 8 months' worth of inventory, almost 18,000 homes for sale. In comparison my home market Milwaukee County has 1 month supply and a total of 651 homes listed for sale. Granted, at about half the population, but the difference is almost incomprehensible. This looks like post 2008 levels.

Sold to List Price ratio's are slipping below 95% in FL, I have not seen much under 100% in 5 years. 

Who is local in Miami, Palm Beach, Fort Lauderdale, and Sarasota and can speak to the market down there?