All Forum Posts by: Juan Carlos Castillo

I'm not sure yet but probably going to opt for saving for a good sized lot and go the land development route by design/building a 25 unit two story apt building. 

Bought my first property in 2019 as my Primary Residence for $115k. Refinanced during COVID at 2.5%. Mortgage Payment is roughly $590 and HOA $400

I'm no longer living in the condo and renting out both rooms, one with a steady tenant and the other through Airbnb.  The entire condo is producing roughly $2500/mo.

Initially when I bought the condo I ran the numbers and expected to cashflow maybe $100/mo if I were to rent it, but I had the fever and just had to jump at something. Now I'm sitting at almost a $1500/mo cashflow. This isn't normal is it?? 

Will you be discussing how to go about estimating rental rates for shared living spaces in this crazy market? should I just take the rentometer number and cut it in half (say im renting out 1 bedroom from my 2 bedroom apt) ?

So I am living in an old condo 60+ years, SFL, amazing walk score, hospital grid, near a university/downtown absolute heaven of a propety. I'm sure everyone here has heard of the horrible tragedy of ther Champaign towers in Miami. My question goes out to all the people who have played condos/apartments in big cities, old buildings. Have you been heavily involved in the HOA/inspecting the properties? HAVE ANY OF THEM BEEN DEEMED UNSAFE OR COLLAPSED? Do you carefully inspect insurance coverage to match?

I have found that my building is riddled with problems, but am an engineer and thinking they are manageble, I want to come up with a gameplan to possibly buy a majority of the units seeing as they are cashflowing x2/3 times my projections, just absolutely crushing it. 

But how do you account for the increased risk in dated buildings?

yes!! i have the redevelopment maps for this area, i was going to buy a duplex in this area but there was an illegal addition and I backed out of it :( 

@Vanesa Gonzalez 
@Glenn Gurvitch

What prices are you guys seeing for entire condo buildings? I just got my first apartment and it looks like everyone is pretty dissatisfied with our current management company.  

Location: Crystal Lake, Deerfield Beach

@John Thedford

South Florida. The HOA eats up all the cashflow so I've been looking into single family homes in Pompano Beach.

@John Thedford

The only reason I'm talking to this person (just ran into one of her property Facebook posts this past weekend) is because the types of properties she is showing are perfect fit for me in terms of a starter home and the numbers actually work.

I have a realtor I have worked with for the past year and of the hundreds of properties he's sent me the numbers simply don't cashflow.

Questions for wholesalers,

I'm looking at buying my first property from a wholesaler and asked her if she would like to meet up and discuss seeing as it's my first property and I have lots of questions.

She immediately said no thanks and I thought that was kind of wierd? Should I head for the hills or is it normal to not want to meet up with a client because you're too busy? This is raising some red flags.

I also looked into her company and it was just formed last year so more flags are going up. Also when going into a wholesale deal can you purchase the property through a typical conventional loan/lender or does it have to be hard money/cash?

Thanks,

@Natalie Kolodij thank you!