All Forum Posts by: Chidi Nwadike

Helping a friend sell her parents home. House is in the Village of Palmetto Bay a nice suburban community of Miami. I think there's potential for a deal here, the owner does not want to carry the mortgage and needs the equity in the property to move to another home.

3bed \ 2 bath 1500 sqft 8540 sw 180th st Village of Palmetto Bay, Florida 

Comps around 400k 

8500 sw 181st st, 1869 sqft 3 bed / 2 bath SOLD 399k

17215 SW 85th Ave, 2061 sqft 3 bed / 2 bath SOLD 420k  

Active comps are

8540 SW 179th St, 1629 sqft 3 bed / 2 bath  425k

8600 SW 180th St, 1886 sqft 3 bed / 2 bath 459k

Asking the community what's a good offer to make to turn this into something worthwhile?

Thanks

A lot of good info here, hopefully Alains putting this into practice, Some good insight into our market thanks guys.

Hi @Maxwell Lee how's it going, did you ever make it to Miami? I've heard the same it's best to find a developer and work with them, but easier said than done. We have a piece of land that is zoned for up to a 5 story apartment building so i'm desperately looking for some of the same info you are. I'm considering checking out some of Frank Gallinelli's materials just to get some education while i reach to professionals in the community.

I'm in Miami but I just spent the weekend in the area Tampa Bay area. I really enjoyed Downtown St. Petersburg a lot of trendy establishments, there's a USF campus and some cultural attractions. Good luck to you up there, I'm sure one our BP members will find you something good.

@Samir Montenegro Not sure but i plan to get more familiar with the area. Although I've heard of promising developments occurring within the West Palm Beach CRA. 

Keep asking here on BP and listen to as many podcasts as possible you're bound to get a bunch of questions answered. Also i'd check out DREIA there's a meeting coming up on April 19th.

Hi @Eric R. any luck with those lenders?

I think finding a good deal is whats most important. Have you considered house hacking, Finding an SFR and getting your roommates to pay down your debt and potentially some cash flow. Whatever you do i agree with @Sebastian Giraldo you have to make sure the numbers work and don't let yourself be constrained to a particular area.

Hi Mark ares close to the Universities UM, FIU, FAU, Nova Southeastern would probably be good areas to house hack/ student rentals. There are areas in South Florida that you should avoid and they're obvious (you get what you pay for) Lauderhill would be one of those "Avoid this Town. I agree with @Patricia Lowe look up the Flagler Arts Village, and also Downtown Hollywood. Im beginning to gear our investments to areas close to the major roadways, public transportation, and attractions. Miami Beach, Brickell and Wynwood may already be too pricey but the up and coming Little Havana, The Roads, LIttle River/LIttle Haiti are in the vicinity but might not have the price tag.

City is redeveloping the area into a Downtown Urban Zone. Property is a single family home that is now zoned for commercial. The lot is 10,000 sq ft. and the zoning allows for a structure of 3-5 stories to be built.  I'm a new agent and my brokerage has been of no help. I'm looking for some insight on how to get this investment property sold, and potentially partner with someone. The home is located in the Village of Palmetto Bay, FL.

Thanks