All Forum Posts by: Faye Omar

Originally posted by @Jack Bobeck:

Orlando and Miami are destination cities. They have strong tourism and will always be destinations people fly to, from around the world. Tampa and Jax are similar, they try and duplicate what Orlando and Miami offer, but are not quite the mass destination cities, UNLESS it is specialized. Lots of cruises go out of Tampa and Jax, you have more cities around Tampa (Clearwater, St. Pete, Sarasota) and its a destination for retirees down to Naples and Marco. Jax has great medical facilities (20% of local GDP) and is the #1 destination in FL for golfers. World Golf Village and PGA Tour located in the area. Flights between Atlanta and Jax are always full. Jax is also a great boating destination.

In the August 10, 2018 Jax Business Journal, they ran on Page 3 a great infographic. 92.5% of homes in the Jacksonville market kept their value compare this to 56.4% in Miami. Jax is a steady market and with unemployment below 3% in the city, a strong market too. 

 Hi Jack! Thanks for sharing that insight regarding JAX.  I'm in the market for a flix/flip in Florida as well. Do you think JAX is a good market for that? 

Hello BP Community!

Hope everyone is well and safe during these trying times that we are facing together as a global community.

I'm looking for an agent who specializes in REO listings in the South Florida region: Broward and Palm Beach Counties. I'm looking to invest in these types of properties and all I need to move forward is a reliable & diligent agent to work with.

If this is you or you have recommendations I'm looking forward to hearing from you.

Hi BP Community,

I need help analyzing a purchase. This is a bit different than straight investing because I'm combining where I want to live + make money out of the deal. I've found this 2/2 Condo in a desirable area, Aventura, Florida (if anyone is familiar).  The unit itself is a corner unit on the golf course, beautiful view (golf course + city view + some ocean view).  It needs upgrading: kitchen (incl appliances), two bathrooms, and entire flooring, will also add w/d in unit. 

The condo is renovating the entire lobby, each floor (amazing taste and will def look luxury), and the pool deck (adding cabanas etc). Condo has pool, sauna, gym, and security entrance.  It is located in 20301 W Country Club Drive, Aventura (building).   Located 5 min walk from Aventura Mall (one of the biggest malls in US), 10min drive beach etc.

I think I could get it for $215 - $220.

Problem is the HOA is really high $625. So my total monthly costs will be $2100. I would hold it for 1 year at least since I'm trying to live there too. In one year I think I could sell it for $320K.

The math: Total purchase cost incl renovations + entire holding cost (mort+hoa etc) = $285K. Can resell for $320 (really conservative..and not sure how to predict resell in one year??? please help with this number).

Pros:

- living there

- will immensely enjoy the lifestyle in this building + area + amenities

Cons:

- high HOA

- profit of only $30-$40K

- affect my monthly cash flow

I'm really stuck between making a better investing decision VS really just wanting a nice place to live in that could also yield some money. Have any of you been in this situation?

Ok sounds great @Jon Huber.  Thank you for sharing.

Hi @Jon Huber , thank you for planning this much needed casual-no-pitches meet up.  I'll see you there!

Hi Abraham, congrats! That's an amazing win for you and an inspiration to the rest of us. Just a quick question, how much money did you have for the down payment on your 1.3M deal?

@Alexander Cadavid, @Camille Frederick, @Marcus Fisher, @Austin Peck

Hi guys,I will be attending a coffee meet up with Florida investors on August 26th at 1pm-4pm in Delray Beach.  Here's the link of the meet up if you would like to attend too!

https://www.biggerpockets.com/forums/521/topics/472691-coffee-with-investors-in-delray-beach-fl-on-august-26th

Hi @Yaroslav Golubev. Thanks for that information; it's a great idea. I'll be there!

Hi Alexander. I'm also in Broward County,specifically Hollywood. I think you're getting a good response on this thread. If you'd like to organize a meet up let me know Id definitely like to join. It would be much more beneficial than a local rei group because there won't be pressure for mentorship etc.

Hi BP community, I've noticed that there are Property Investment companies that help investors find and close deals with little hassle. Now, these companies also hire entry level positions as agents. Does anyone have any experience in this regard either working for one or using their services? Do you think working for such company would be a good way to get your foot in the door and learn RE?