All Forum Posts by: Gabriel A Pena

Pls send [email protected]

Hi All,

I have an Airbnb Deal that could be sold in Hollywood Beach, FL.
Does anyone in the community currently manage Airbnbs in the area and would like to buy?

If so, I'd be happy to discuss the deal further.

Hi Aspen, I specialize in Fort Lauderdale Multifamily and have a handful of deals in the South Florida market, that could be a good fit as your 'upleg'. I would be glad to discuss an exchange if you think it makes sense.

The Multifamily market is slowing down, but pricing is not falling. Price per units are flat, and even slightly up in some sub-markets, but transaction volume is down 70% from 2022 levels. 

Our team has noticed three headwinds: 1) Rent market is softening in the higher-growth submarkets 2) Insurance is still insanely high (avg +$2K per unit), making NOI tighter. 3) Rates for Multifamily deals are 6.75%, but Cap Rates are still much lower.

Over 50% of deals on market have been there over 120 days - you can't have more velocity without an eventual dip in prices.. Maybe top of next year will see a buying opportunity once sellers realize the new reality we are in. 

email me if you'd like to know more

Hottest submarkets I've seen are N Miami (17% YOY rent Growth last year) and Little River (14% YOY rent growth). Hollywood is also great, but there has been a lot of NY buyers pricing people out of that market. 

 Fausto, I am a multi-broker and have a specialization in both these markets. I am seeing deals get done in the proforma 4.25-4.00 range. This is for a standard mid-70s product between 8-20 units. If you are in core Fort Lauderdale, we see 3.5 Caps as a new normal (My team and I just placed a deal under contract at a 3.5).... A better gauge for value in Hollywood is Price per Unit, which is about 160-170K/Door for all 1's. That is where I am receiving offers on my deals. 

Goes without saying that SoFLo is very dense, and every neighborhood tells a different story on pricing - but the info above is a good generalization. 

DM me if you'd like to see deals!

@Fausto Carosella

Hey Brendan, I'm in the same boat - looking for a GC for my first property in Gainesville! I wish I could be of more help, but I'll lyk if I find anyone.

Following this, It'd be awesome to do a meet-up with everyone @Jennifer Turner

Hi Max, I'm a student at UF right now! It's cool to see other young people so interested in Real Estate too. It sounds like you've got some more time in college than me, which makes me a bit jealous that you're starting so early, haha. 

I've been on bigger pockets for about 3 months now, and I've been eating up all the content. Anyways, I'm looking to close on my first rental property on Monday, so it's definitely possible - even in a market like this. 

 Best of luck to you man. 

I'm a UF student now, and I can say proximity to Campus is especially important. A lack of campus parking options discourages students from taking long commutes to classes, so I've seen most students be .5 miles away from campus. There's a reason Gainesville is considered the "Scooter Capital of the World" it's because students leave their cars behind and buy something that allows them to park on campus. People might overlook this, but it is a huge factor that affects Rental Property values