All Forum Posts by: Kanise Kelley

I've seen a lot of variations in miami beach studios. they're all different so you just have to do your research on each one. Some of the cheaper studios are like 300 sq ft. depending on your preference, that may be too small or just right. I was looking at one a while back and the building had a special assessment on it that had to be paid by the buyer at closing. Condo association fees generally start at $400/month  And then adding flood insurance, wind insurance and such it can pretty expensive. and make sure you check with the association about renting. some buildings don't allow renting for the first year or at all. Also check into the parking situation. some condos charge an extra $100+ to rent a parking space monthly. Everything can really start to add up, but as long as you're aware of all the costs and rules I think it can be a pretty good investment once you find the right property. 

Best of luck

Little Haiti/Little River is on the city of Miami's Neighborhood Development Zone (NDZ) list as part of the Capital Improvement Program/5 year plan. So they're looking to revitalize it. I used to work for a different city so I don't know how Miami does their program. But in my city, once the city identifies a section as a place to rehab they offer incentives for businesses, developers, and investors to go in and make the neighborhood better. then the city goes in and upgrades the infrastructure; new roads, sewers, parks, community centers, etc. They also offer better programs for the residents. So what was once the slums becomes a nice neighborhood.

If Miami is anything like Norfolk, then getting in now might not be a bad idea. You can go to the city's website and see the development plans and projects for the area to better gauge.

One of my colleagues/real estate agent had the same happen to her. Apparently it's very common down here in Miami for people to break up single family homes into 2-4 efficiencies without the permitting because the code inspector hardly goes into the house and it's so costly and time consuming for permitting. She tore down all the walls to convert it back to single family.

Hey Jose,

Glad I came across this. I didn't know there was one coming up. It will be my first one as well. Maybe I'll see you there!

Stephen Brown Hi Stephen, welcome to BP! It's cool to see people overseas are investing back home. I'm in a similar situation, but I'm in South Korea. I'm also trying to navigate the challenges of investing from overseas, but i know once I master it, I'll have a true location independent business. Best wishes with all your endeavors, BP is really helpful!

Hi Mark Anthony, welcome to BP. it sounds like you have a good portfolio already started. for a duplex or triplex it still falls under residential financing. 5+ is commercial financing. as for the repairs/maintenance funds, here are two good posts from BP members as a start:

http://www.biggerpockets.com/renewsblog/2013/01/19/real-estate-math/

http://www.biggerpockets.com/renewsblog/2013/06/14/50-percent-rule/

and for investing from China. I'm in a similar situation. I'm in South Korea. I haven't bought anything from overseas yet, but before I left I did set up a good team in my home area to make it easier.(i.e. inspector, accountant, lawyer) if you can somehow make connections and build a team in your select area it would make things easier.

Welcome to BP! Sounds like you're already on the right track to achieve your goals. BP is really useful.

Best wishes

a bigger bank told me no HELOCs on rental properties. my small local bank said yes, but only at 65% of their assessed value

There is no magic number. It depends on hard you work and if you're marketing to the right areas. You'll read about some people who can get 2-3 their first month in, but they hit the ground running everyday. and you'll read about some people who send out one batch of yellow letters and it takes 6 months for one deal. i would suggest you set your own number for how many deals you want this year and then dedicate yourself to making it happen.

best of luck!

when i was a bird dog, I was told $500. i don't know what his bird dog contract says but you should get a copy and read it over. a simple contract should say "i will give you this for this". his might say something like he wants a percentage of your proceeds if he's talking about a partnership. draw up your own contract that says "i will give you $500 for ..." and if he signs then he understands that's your price. otherwise he can work for the other investor he says will pay him more. usually when someone says something like that they're trying to test you. he kind of sounds like a new bird dog that wants to appear more experienced. just me, but as a good faith gesture i would let him come to the first closing and have him sit outside until it's done. if he's been burned before he's just making sure he doesn't get burned again. it may take a deal to build a relationship.

best of luck