All Forum Posts by: Will F.
Will F. has started 175 posts and replied 907 times.
Post: QOTW: what’s the average cost per sqft to rehab?
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Under $100 but depends on your level of effort, materials, network, and skills keeping costs down. Basically your time, resources and experience will dictate this ppsf.
Post: Little Haiti Miami area? Location. 8 unit deal
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
My hollywood property fell out of escrow looking for another
Post: Is asking price to high? (fourplex in Miami)
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Quote from @Jason Brown:
@Jordan Hamilton Allapattah is my exact farm area for my investing and I believe I've probably looked at every MLS listing in between Flagler and NW 62 St. In my opinion the price of 550K is consistent with what MLS listings for 4 plexes are going for but it is not a good deal for investment.
In Allapattah at 1100 you are implying that the units are basically 1/1's because 2/1 and up are at least 1300. At 550K they are asking for 138K per 1/1 door which is high for my criteria. Even though Miami is hot right now you should still be looking to at least achieve the 1% rule as it is still very possible.
This is probably a walk away situation where the previous owner bought too high and is trying to offload their problem on you. Don't go for it. Your numbers are spot on. A 4plex cashflowing 3400 a month in Allapattah should definitely not be looked at for more than 300K. Unfortunately not everyone is an investor and the pressure from little havana and wynwood from normal buyers is bumping up prices all over the city.
One further thing to take into consideration. Also remember to look at your cashflow not only from a dollar perspective but a dollar/per tenant perspective. Yes you are cashflowing 400 a month but you are managing 3 leases so you're cashflowing 135 per tenant. Also is management (are you paying yourself) part of the 50% expense assumptions? Yes you will live there now but one day you will move and is there enough play there to pass off the handling to a professional?
Good luck out there man! I LOVE MIAMI!!!
Hey man are you still in Allapahta? I invest in SE FL but have only been to this Allapahta couple times. Do you think it has changed a lot in the last few year? What do you think now of the area and prospective?
Post: Little Haiti Miami area? Location. 8 unit deal
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
How do you guys like Allapatah just west of Wynwood over the freeway
Is Allapatah compareable to Little Haiti? Both seem like kind of gritty areas that are emerging, but which do you think has more potential? I drove streets and both have a little gritty areas a lot of trash in the streets, but i also see some developers coming in. But a lot of housing looks reallly run down as well. So mixed
Post: Due dilligence in Miami-- North Miami -- Verifying SF /
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Quote from @Edgar Z Whelan:
Re occupancy in North Miami means that before you can close on a property you need a inspection from the city. The title agent will require it. The city is looking for any violations and work done without a permit.
Thanks I didn't know this first time buying in Miami
Post: Hollywood Florida Multifamily and flood zones
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Nice I had a few duplexes there and sold a couple a few years ago now just have one left and looking at a 12 and 16 u there
Post: Due dilligence in Miami-- North Miami -- Verifying SF /
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Quote from @Kevin Kohler:
@Will F. Is your broker helping you with this?
That’s all standard due diligence our team handles. I have a client with 36 units in N Miami under contract.
Did the seller do the reoccupancy inspection yet? n Miami can have extra hurdles to overcome prior to closing.
Yes he has showed us tax return and cert of use on the property
I'm not sure what reoccupancy inspection is? What is that. I've done deals, but not in Miami so I don't know the local routines
Post: Due dilligence in Miami-- North Miami -- Verifying SF /
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Hello
I have a deal i'm in escrow on in north miami.
5 units for $780k -- area seems like a B and just a quarter mile from Biscayne
$156k/unit
550 sf/u
What are going rents for 1 br 1 bths i this area? They seem original but clean units, not renovated.
I was wondering if you can look up original building records from city online? Does anyone know how to do that? (For instance in LA and long beach ca you can look at original docs online, even certificates of occupancy/ closed permits. In Fort lauderdale you usually have to go in and look at microfilm and get original building docs)
I'm mainly trying to confirm that the SF is legit and not covered patios or duplex conversions to quads/ non conforming
Prop tax records usually don't show the real SF
Also any recomendations for a good inspector in Hollywood FL and in Miami?
Post: Albuquerque Investors & Investor Friendly Agents, where are you?
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
Quote from @Guy Gemmer:
Lots of folks to connect with here. Depending on what you're looking for I recommend chatting with Dave Torres, he runs a local group here in Albuquerque. Here to help as well.
Post: multifamily in Hollywood FL
- Investor
- Los Angeles County, CA
- Posts 961
- Votes 277
I love it there its a hidden gem. A lot of development on hollywood blvd and along the coast. As well as the recently Hardrock Hotel and Margaritaville several years back.
prices are still low relatively compared to Ft Lauderdale and Miami