All Forum Posts by: Lucas Machado

Ft. Lauderdale, FL 33311 - $140,000

Contact me privately for complete address and additional information.

Cash Buyers or Private/Hard Money Only Please!

Year Built - 1957
Square Footage - 1,400 sq ft
Bedrooms - 0
Bathrooms - 4
Floors - 1
Lot Size - 5,500
Property Type - fourplex: 4x studios

Legal CBS fourplex on a corner lot in Fort Lauderdale, Florida (Broward County). 4 studios - only $35k per door! Needs repairs, but should be able to save the fairly new tile floor and some of the kitchens. Clear title - no liens or violations. Vacant. Easy to show.

Call, text, email, private message, or comment below if interested.

- 754-800-4743

- [email protected]

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Welcome @Chris Boyd! I think the "best" is going to be whatever the best rate is that you can find that also meets your other requirements. It's tough to find a lender that will finance 100% of the deal (or even close to that). If you find a lender willing to do 100% at 5pts and 15%, and that's the best rate you can find that will lend 100%, and there's still enough meat on the bone for you to make some money, then why wouldn't it be acceptable? If your only option is to go with that lender, or lose the deal, and you're confident you can make money doing the deal, then isn't it better to do the deal?

"Best" is going to be different for everyone - depends what each person has access to. I charge 3 points and 12%...For some of my repeat borrowers, I'm the "best" rate they can get...For others, I'm not, and they only come to me when their other lenders can't/won't do the deal. 

@Brittaney Woods - Some good questions...

"Should I market the same way I would as a wholesaler?" - Sure, why not? But this takes time and you need to do it consistently, so patience and persistence is a virtue.

"Should I buy from wholesalers if the spread is large enough?" - If you are planning to renovate it, and the numbers work, sure. If there's enough meat on the bone, and it's the best lead you've got, why not? If you don't intend to repair it, I wouldn't suggest buying it from them to wholesale it to someone else - it's unlikely there would be enough spread left for the person you'd be trying to sell it to. But, every deal is different. 

"Should I use a realtor?" - If you don't have access to the MLS, working with an agent is going to be the best way to work the listed deals...And if you establish a good relationship with them, they may be willing to run comps for you for off market leads that you find elsewhere as well.

"If I buy something to flip do I NEED to repair it first? Is it better that I repair it first?" - Like @Account Closed said, if you are trying to sell it to someone who is going to live in it, you might need to repair it...Depends on what condition it's in...If you get a deal that needs work, and has enough meat on the bone for you and an investor to make some money if you just wholesale it to them and they do the repairs themselves, then you don't have to repair it.

Like I said, every deal is different....I'd worry about finding a good deal first, then you figure out what to do with it...And if at that point you are completely lost, I'm sure you can find someone to partner with who knows what they are doing. You'll make some money, and learn along the way. I'm doing that right now with a couple newer wholesalers. 

Welcome @Wayne Ferrell! Thank you for your service! I highly recommend seeking out local real estate investor networking events. The best way to learn the business in my opinion is to meet people in your area who are doing exactly what you want to do. Relationships are the most important thing in this business.

Welcome @David Colvin! South Florida is a great market! Good luck!

Welcome @Brittany Williams!

Welcome to BP and the wonderful world of RE investing @Brintney Ingraham! Another good way to learn is to meet other investors who are doing what you want to do, and bring deals to them that you can partner with them on. They can show you how to do the deal and you guys can split the profit. I'm doing this with a few new investors now. If there's anything I can do to help, feel free to reach out to me directly! Best of luck in your journey!

Welcome to BP @Daniel Campos! Taking action, I like it! If there's any way I can help feel free to message me directly. Good luck in your journey.

Welcome @Pablo De sales! If there's any way I can help, feel free to reach out to me directly. Best of luck in your investing!

@Jared Giammona - If it's on the market for 100+ days it's either: a short sale, priced too high, or has something wrong with it that probably isn't mentioned in the listing (and as such is priced too high once you include that missing info - ie violations, liens, etc).

In other words, if it's on the market > 100 days, that's because it's not a good deal at the price they are holding out for....unless it's a short sale - they just take a while.