All Forum Posts by: Gabriel Amedee

Hey Roberto! 

Typically a private money loan is exchanged for a note on the property. This note entitles the investor to a monthly payment. Most of the loans I've done have been interest only payments ranging anywhere from 10-12% with the full loan balance due in a year. Just to give you an example.

Feel free to ask more questions regarding this topic at tomorrow's event. See you there!

@Wislem Leger You can avoid this by not advertising the property and keeping a solid list of investors in which you can call and notify when you have a deal in their area. Been doing it this way ever since John Thedford knocked on my sellers door a few years ago. (Thanks for the lesson Johnny!) I am actually really familiar with the Hialeah area and would be interested in purchasing if the repairs are accurate. Feel free to reach out Happy investing!

Hey @Todd Connelly

Ironically was just in the Keys today running the marathon. I actually was surprised with the amount of tourist still visiting in October.

I am not well versed in the area but you should definitely try to find investors actively working in the area first if you want to wholesale. Like mentioned above, the cost to deliver materials 150+ miles south would really deter me from investing there as a flipper. Cost per square foot is also relatively expensive so finding a flipper to buy these properties cash is much harder than somewhere in a nearby city like Homestead.

Speaking of Homestead, I know of a few colleagues investing there for Airbnb potential. Staying a night in the keys will run you $200 a night or more. There are many frugal Airbnb visitors saving half of that money by staying in Homestead and driving 100 miles down in their convertible rental car. It is a beautiful view for those coming up north.

I actually spoke to some tourists today and they called Key West the Las Vegas of the east coast, first time I heard that haha. 

Hope I shared some insight for you. Feel free to reach out with any more questions.

Happy Investing!

You are free to choose your compensation amount but biggest difference is most agents will expect half a month or 5% of the gross lease a commission.
 

You will also make all communications through the agent so if instinct is on your checklist when picking tenants, make sure to attend the appointment.

Can't think of any other differences. Best of luck!

Hey @Brenden Mitchum !

Congrats on forming your plan. Seems straight forward and simple. Calculate returns in each market and then compare with quality of living to give yourself an idea of what you are willing to give and take. That is typically how location is chosen for most of my clients pursuing a house hack.

Happy investing!

Hey @Glenn Rice

It is good that you are accustom to working 50-60 hours already. That is
what it will take in this field if you want to grow a strong network in your first year.

I offer leads to certain individuals at my brokerage to shorten the financial gap you're speaking of. Send me a PM if you would like to discuss into more detail. 

One thing not mentioned, if you have the opportunity to buy now I would do so before switching. Most banks want to see two years in the same field before you are able to qualify for a mortgage. Definitely keep that in mind!

Good luck & happy investing! 

Originally posted by @Leonardo Candoza:

I am not a local investor in Florida, I just want to get some perspective of how locals feel about this article I found on Adventures In Capitalism. It's a investment site by a hedge fund manager, and in this post he interviews one of his friends that's a hard money lender in Miami - who sees Miami real estate (especially high end condos) starting to crash quickly.

http://adventuresincapitalism.com/2019/09/25/miami-real-estate-collapse/

Before anyone reads this whole article, it is talking specifically about luxury assets. These are not the bulk of transactions being conducted here so I am not sure how big of an impact it will have on the rest of the market.

Happy Hour Hangout - REI Meetup

What Do We Do - Every month we meet on the last Tuesday and talk about EVERYTHING related to Real Estate. This includes, but is not limited to: How to get Started, Strategies we use, Areas of interest, Events we attend, Market Updates, Books we Recommend, and much more!

Who Can Attend - Fix & Flippers, Wholesalers, Buy & Holders, and anyone investing or looking to invest in the wonderful world of Real Estate.

Our Mission - To create strong and long lasting relationships with like-minded individuals who are looking to grow as an investor in Real Estate ( while enjoying a drink and having a great time! )

Our Only Request - The event is 100% free but if you could please be so kind to purchase at least one item at the venue it would be greatly appreciated (50% off all drinks till 7pm & $2 Pizza @ 9pm). Even a bottle of water will keep them very willing to host our event as our group continues to grow. This is not mandatory at all to attend. Thank you!

Originally posted by @Jimmy Francois:

I need to be a part of this group!

 Hope to see you there!

Originally posted by @Khalil Salaam:

I’m new to BiggerPockets, looking to network with other Investors in my area. I’m having a hard time finding people. Any suggestions?

Hey Khalil !

We are having our meetup this Tuesday. Feel free to come by! Click here to RSVP.