All Forum Posts by: Soumya Brijesh

Property Details. : This is a 2/2 unit with partial ocean views in the miami beach area. This is a beach front building with 24x7 security, concierge and valet. The unit is good condition expect that it is very old and never being updated in the last 20 years. This was a vacation home for the seller. So they only stayed a month or so every year. I currently rent my unit in the same building so i know it unit well.

ARV :620k - 640k

Purchase Price : 480k

Taxes $9k

HOA : $750

Remodel : 55k

Deal: I had initially submitted couple of offers at 403k & 436k which was shot down. The seller states he wouldn’t look at anything below 475k

According to BP calculators i can make a profit of 28k if I buy it at 480k which is basically my entire year’s which is what i am paying in the rent in the same bldg. I am in the process of submitting another offer for which i want your advice if it is doable or a bad bad deal.

I plan to submit the following.

Offer price at $476,750 with seller paying for 100% of the closing costs and seller carry 10% for up to 5 years at 7% interest rate

What do you guys this of this ? I feel he wouldn’t accept the seller carry. Is there anyother creative structure i could present ? 

@Jack V. Ospina would you mind sharing a couple of contacts you have? 

thank you for your insights @Antoine Martel and @Jason Brown

I am looking for recommendations for Contractors to Re-Model a Condo in a Miami Beach High Rise. 

Also can someone give me ball park number (mostly on labor)  on the costs the work below. 

• Unit is 2 Bed/2 Bath, approx 1200 sq ft. 
• Remove carpet and install medium cost white tile 
• Remodel Kitchen (looking for Labor costs). I will buy the appliances. 
• Remodel 1 bathroom.
• Paint the interiors. 

@Jose Alonso Yeah, please do let me know I am actively looking for one. Miami Investors Please let us know if you have any recommendations

@Aaron Smith 

I would do every bit of due diligence. "TurnKey" and "Cash only" dont really go hand in hand. 

Also make sure you check the area. One technique i learnt was to call all the property managers in the area you are looking at. They provide you with great insights!!

good luck

Aaron SmithA

Aaron Smith

Hi All,

I'm looking for recommendations on real estate friendly CPA's in the miami area. 

send me your references please 

thanks

Brijesh

@Brandon Diaz Thank You for the Insights and the tips. I feel more confident now to approach the seller.

Hi All,

I was analyzing a property(condo with HOA of $150), where I see the county is valuing the property at $39000. The Current Market Value is around $140K. The owner is in distress and wants to get rid of the property. I see that the numbers go haywire as soon as the county values the property at market rate and the taxes go up to $2000. This number is confirmed at I see some similar properties having this rate. The current owner only pays $100.

I was thinking of striking a creative finance deal

- Lease option for 5 years at around $700 - 800 per month and sub lease it at $1350. 

Will this trigger a raise in Property tax? Do you typically record Lease Options with the County? 

Also since this is a Condo is it typical to pay HOA and or Taxes on Lease Options?

-Brijesh

@Marty True   I myself don't have any experience in Condo's and had stayed away for the same reason you mentioned. Since the owner mentioned that he wanted to get rid of this property I got interested and the fee seemed low enough where there numbers made sense but it is on the lower end than I would expect.

Thank you for all the insights!