All Forum Posts by: Luke McCann

Scott,

Although I am not an expert in the South Florida Market, I know enough to say that finding on-market cash flowing multi families will be tough. There certainly are off market multifamily deals that are profitable, but those can take months of repeated efforts to secure. 

Supply and demand economics would suggest that condos in South Florida have a higher probability of being profitable. Certainly, there are going to be the buildings that have poor or exhausted management, and those are the ones to stay away from, as your condo is only as valuable as its neighbors.

Condos are no different than any other kind of real estate investment in the fact that you want to find the diamond in the rough. A distressed unit in a well kept building can reap profits, but a well kept unit in a distressed building is a trap.

I would suggest mingling with some of Hollywood/Ft. L's top Realtors that specialize in condos. They can direct you towards the best condos to invest in, as well as give you access to see them yourself.

Best of luck

Adam,

Act like a sponge for the next few years of your life, until you have the financial means and knowledge to invest confidently. I did the same. I joined this site when I was 16 and can't even begin to explain the opportunities it has brought me. Unfortunately, I didn't realize the extent of these opportunities until recently :-). 

Listen to the BP podcast and others like Gary Vaynerchuck. They're very inspiring and insightful.

You cant read enough. A few books that changed my life: Rich Dad Poor Dad, One Minute Millionaire, How To Win Friends and Influence People in the Digital Age.

I admire your ambition; never let it go. Ambition combined with patience is a lethal combo for your competition.

Best of Luck, and feel free to reach out to me for anything at all!

I am not familiar with your area, but I would ask around BP and your town for a local investor friendly realtor. Inventory is tight as it is, the multifamily arena is even tighter. Nevertheless, an agent can send you properties as soon as they hit the market. 

Getting the HELOC set in stone will be key as it will allow you to be quick and confident in your offers, which you will be making plenty of.

Lastly, mingle with some local wholesalers. Good ones are far and few between, but a good one can be worth their weight in gold. 

Best of luck!

The problem with putting the address on the card is that each card must be customized. I'm not sure how many letters you are sending out, but if it is more than a couple dozen it can get tiring making sure that each card has a different address. 

I would suggest inferring the property without specifying the address. For example, when I sent out a DM campaign to multifamily properties in my target market, I basically said "I'm interested in your multifamily property in the Jax Beach area". 

The worst thing that can happen is someone picks up the phone to call you regarding a different property they own. Most people would call that a success with response rates to DM being so low.

Jovon,

The inspector should be able to give you an effective age, or at least an estimate on how much life it has left.

I am not too familiar with termites, as I am yet to run into them on any of my or my clients properties. I would consider getting the pest control out to the property before closing.

Ken,

If you can bring on a partner and still make the numbers work, I don't see why not. Do you have a partner in mind? Obviously a concern that arises with a partner is not following through with their commitments. If you don't already have a partner in mind I would advise reaching out to some of the more experienced buy and hold investors in your area. Also consider asking for a proof of funds. 

Best of luck

Jovon,

You will want to get an effective age of the roof. It's actual age is not always its effective age. 

Windows are important to look at, from a safety standpoint as well as a cost. Poor, leaky windows drastically changes a home's energy efficiency. 

Sprinkler systems cant be overlooked either. I'm not sure of your strategy with this property but curb appeal means a lot to prospective renters.

A good inspector will know what to look for, but it cant hurt for you to have your own checklist!

Parth,

I got my license in January of this year, and I did the week long in classroom course with Gold Coast Schools in Boca Raton.

I chose this because I wanted to knock everything out as soon as possible, versus taking the 6-8 week long course. I felt that I would absorb the information better, and I was proved right as I passed both the Gold Coast and State Exams on my first try. 

The 63hr in classroom course is brutal, but it is the quickest and most efficient way to get licensed. I would recommend completely clearing your schedule of anything if you choose to go this route. It is 9hrs in the classroom from Mon-Sun, and when your not in the classroom you are studying. I spent about 2-3 hours each night making notecards and getting down the information we went over the previous day. 

All in all, it was one of the most mentally challenging things I've ever done, but it was well worth it.

Hope this helps!

D'antione,

Since you have passed the state exam, I would be surprised if you didn't get flooded with mail and phone calls from brokerages in your area. Thats what happened to me, as the state and your education institution gives out some of your contact info. 

I already had a brokerage lined up, but if I hadn't I would have accepted all of their calls and set up appointments with them. Basically, you want to interview them and see what they can provide you with and what vision they have for you. 

Ask them what kind of technology they will provide you with (websites, lead generation tools, etc.)

Meet some of the agents around the office and see what their day to day looks like.

Really pay attention to the energy in each office and see which one resonates best with you.

Best of luck!

Snehann,

My broker is a wiz when it comes to commercial investment. If you are looking to invest in Jax, I would love to introduce you two. In our deals we have done together, it is somewhat of a "brain and braun" dynamic, with me being the braun, that we use to cater to our clients needs. There are a few property management companies that I can recommend depending on your specific criteria. Feel free to PM me if you feel I can be a resource for you.

Thanks