All Forum Posts by: Robert G.

William,

Honestly, we need more information to properly analyze the situation.

Also, I think you may need to do some more research. A $207,000 ARV in this market seems rather low, and a $31,000 estimate for repairs for a 1950s home that "really needs a lot of updating and repairs" is also suspiciously low. $20/SqFt may work in more affordable markets, but it doesn't seem to be a very useful guideline here.

Deal looks too thin to expect a 10k wholesale fee, IMO.  Doesn't even look like a flipper would clear 10k themselves, actually.

I'm skeptical about this "good" area.  

2/2s that bring in $1300 a month in decent areas start at about 95k, in my experience.  The majority are 115k and over.

Depends on your goals, really.

Miami can be spectacular from an appreciation perspective.  It is just very difficult to find positive cash flow.  And it has a large inventory of older (unmaintained) homes, so the maintenance and upkeep will be more difficult then some other markets.

Rental rates don't make much sense in Dade county (considering the high purchase prices, high insurance costs, and high property taxes).  I'd suggest looking in Broward or north thereof until things come back to Earth (or until rents increase to make it worthwhile).

Yes, D area.  Nothing C about it.

And the rent estimate on Zillow is quite off.  I'd expect it to rent for about $1,300, not $1,700.

Good news is I did a quick check and didn't find any outstanding violations with the county.

Weekdays after 7 PM or weekends work for me.

I'm in for the 26th.

I'm definitely interested.  Hopefully it is something further south then DREIA (meets at Biscayne and 100th, in Miami Shores).  There are several groups meeting in Fort Lauderdale and north thereof but I haven't found anything in Miami proper.

Congrats.  And good luck!  

If you end up flipping it, be sure to take pictures and share your journey here.

In my experience, nothing is smooth and seamless when you are self-employed.

To take advantage of that down payment assistance program and the 3.5% down FHA loan, they are likely going to make you account for every penny in and out of your personal bank accounts.

I hope it goes well for you, but I think you should expect quite some hassle/effort in the required process.