All Forum Posts by: Marc Middleton

As long as the trees aren't 'protected' in anyway, I wouldn't worry about that affecting your decision on a property.

Bedrooms matter but bathrooms definitely matter. (A 1 bathroom house can be very difficult to rent for market rent and long term vs a 3 bedroom will have people who tend to stay longer)

Memphis is a good market, just be careful of the high crime areas. Lots of cheap properties and there is always a reason.

The websites you are using are good, don't forget loopnet as well (lots of income properties on there that aren't on the MLS. You can have a free account too even if you aren't licensed).

Hope that helped!

I have had a listing at HBR for about a year now, off and on. The HOA fees are high but all utilities are included and the building budgets for reserves. But, its old, dilapidated, and needs to be torn down.

My question to you all is , who is buying there right now? Has anyone had success recently?

The real money there was when a developer buys everyone out. As of last Dec they were at 77% and only needed 80% so I'm not sure why it didn't go through? They even upp'd the values, including my seller's unit, from $99k to $105k.

The location is awesome of course and you can AirBnB if you want so I definitely see the appeal.

Curious to here from other investors and local professionals about their experience with Hollywood Beach Resort! :-)

Because a seller is paying you to do a lot more than just list on the MLS!!!!

Always use a Real Estate Professional to help you. Most banks will tell you the same as well when entering into contract with them . (Fannie Mae actually requires it). 

If there is not inspection period, then yes your deposit will be non-refundable. You are not obligated more than your deposit to buy a house. No one can force you to close on a home. 

A seller, however, can be forced by the courts to sell to their buyer. 

Those are great numbers! Jump on that one! :-) 

Just sent you a message...

Personally I would dump it. They are going to make it so that AirBnB will be not cost effective for you.

So they will push you to using their hotel program. 

That 60% they are taking will probably be 65% once they start charging for b.s. fees like reservations, housekeeping, franchise fee, booking system fees, etc. Plus, they will probably require that you are never to occupy the unit during major events such as New Years Eve. 

Basically, the nice condo-hotel units pay for themselves so you aren't losing money. But to actually make money, its very rare to find one that pays dividends like that. Maybe the cheap places like Marco Polo/Beach club in Sunny Isles could turn a profit or if you got a premier unit at the W in South Beach before the prices shot back up. 

IF you plan to use your new condo a lot, then definitely do the hotel program so it covers your taxes and HOA fees. If your plan was to make money on it and use it sparingly, I would list it asap and move on before the situation gets worse. There are plenty of better opportunities to spend $500k in Hollywood/Miami on a condo that will pay for itself and allow you to use it while not being such a headache or feel like you are being nickel & dimed.

Just sent you a message...

HI,

Yes, I can recommend a great property management company. Send me a message with the details and I'll have them reach out to you on Monday! :-) 

Hello,

Yes! I can recommend  an excellent realtor (or two) that will be a great buyer's agent for you. They will also have a title company to bring with them.

Send me a private message with your name, phone number and email and I will have them call you on Monday! :-)