All Forum Posts by: Gabriel Amedee
Gabriel Amedee has started 41 posts and replied 367 times.
Post: Do you use 2% test (rule) or 1% test (rule) in South Florida?

- Investor
- Miami, FL
- Posts 379
- Votes 330
Post: BiggerPockets meet ups in Miami, FL?

- Investor
- Miami, FL
- Posts 379
- Votes 330
Post: Time to Sell Condo in Miami?

- Investor
- Miami, FL
- Posts 379
- Votes 330
Post: Happy Hour Hangout - Miami

- Investor
- Miami, FL
- Posts 379
- Votes 330
Looking forward to meeting you all. Your attendance means a lot to us, thanks!
Post: Has anyone heard of these guys?????

- Investor
- Miami, FL
- Posts 379
- Votes 330
I think I'd be the first Realtor to say, Zillow isn't all that bad lol.
Don't quit lending @Sean Richway
Post: Has anyone heard of these guys?????

- Investor
- Miami, FL
- Posts 379
- Votes 330
Originally posted by @Jay Hinrichs:
watch the episode on American Greed ( Remington Financial ) this will show you how insidious these pump and dump due diligence companies are .. not say they are.. for all we know your thought on value and reality are skewed..
Originally posted by @Yasuha J. Dorce:
Subject property:
1730 NE 40th CT Oakland Park, FL 33334
Comps I selected:
#1. 1732 NE 35TH ST Oakland Park, FL 33334 3/2 2620 sq ft / Pool Closed: 680K 5/10/18 #2. 2748 NE 34th ST Ft. Lauderdale, FL 33306 3/2 2251 sq ft / Pool Closed: 740K 9/28/18 #3. 4211 NE 28th AVE Ft. Lauderdale, FL 33308 3/2 2695 sq ft / Pool Closed: 764K 8/24/18 #4. 2120 NE 44th ST Ft. Lauderdale, FL 33308 3/2 2652 sq ft / Pool Closed: 825K 7/19/18
Hey man,
This is my personal opinion, but you couldn't be anymore off on using those comps. Comparable properties should be within 0.5mi and sold in the last 6 months at the max. Your first comp satisfies the distance but it is over 1,000sqft larger than the property you are comparing it to. How is that comparable?
In the picture above you can see 6 closed sales all in the same subdivision as your subject property. Within 0.2mi. You cannot reach out for properties 0.5mi away when you have far more closer properties that are similar. This is south florida, every few blocks can turn into a totally different area with very different price points. You can notice this difference by comparing the price points of your comps 0.5mi away and the price points of these 6 homes in the same subdivision. I am not going to do my own analysis on this because it is clear the homes in this area are selling between 400k & 510k.
So to answer your question, no you were not taken. An educated lender would never put an ARV for this property above 680k like your lowest comp. I've had countless realtors send me properties as deals that are far from profitable which is exactly why I asked you to put down the address. If you were a licensed appraiser then you could go around questioning another appraiser's value. Being a realtor doesn't make you educated on the value of a property (as is very clear here).
I rest my case.
Post: Has anyone heard of these guys?????

- Investor
- Miami, FL
- Posts 379
- Votes 330
Hey @Yasuha J. Dorce
Would you be willing to drop the address and allow locals to run an analysis?
The deal is dead anyways. I just think it would be the fair thing to do before staining someone's reputation. I cannot count the amount of times agents at my own firm come to me with a deal that would not pass a hard money loan. When using hard money you really need to be a lot more stringent with values, it is a high risk investment. Just because the numbers keep you positive in a cash purchase does not mean it is a project someone is willing to lend on. For the record Oakland Park & Wilton Manors are right next to each other but to compare a sale in each respective area would be comparing apples to oranges.
Full Disclosure: I HAVE NO AFFILIATION NOR HAVE EVER HEARD OF SEAN OR THIS LENDER. I USE MY OWN PRIVATE LENDER.
Post: Happy Hour Hangout - Miami

- Investor
- Miami, FL
- Posts 379
- Votes 330
We all look forward to seeing you as well ! Feel free to approach me when you get there so I can welcome you to the group!
Post: Happy Hour Hangout - Miami

- Investor
- Miami, FL
- Posts 379
- Votes 330
Post: Happy Hour Hangout - Miami

- Investor
- Miami, FL
- Posts 379
- Votes 330
Originally posted by @Felipe Carvalho:
Thanks for hosting a great event Gabe. Your incredible hosting powers allowed everyone to feel comfortable and commingle for a easy networking even. I'll definitely be there at the next one ! .... and btw, the Cuban restaurant across the street was also really nice.
Thanks @Felipe Carvalho really appreciate the kind words! And yea I knew you guys would enjoy it. Great bite for a great price!