All Forum Posts by: Martin D.

Thanks Luis! Would love to meet up with the group

Hi BP,

I'll be traveling a couple weekends in Miami in November and December and would like to connect with investors in the area.

Anyone building cool stuff in Miami (Wynwood, Design District, Midtown...), Miami Beach or South Florida in general? Hit me up!

Thank you and have a great day,
Martin

Quote from @Devin Conley:

Not local, so I can't speak to vibe on the ground. But market trends are definitely showing some real hesitancy on the buyer side.

I mean, this really is the trend nationwide. We're seeing some markets pullback harder than others, like Texas metro areas, Florida in general and Phoenix. 

Do you not believe this is a good buy signal? Better to buy the dip than at the top, I reckon.

I was looking into condos because the prices were the most affordable. Of course, there's a lot of competition and it may not be the most ideal, but I'm also considering access for personal use. 

What about multi-family? I am not seeing deals in Miami Beach, everything that looks nice is 2M+ with negative cash-flow. Looks like some deals potentially in the Design District/Little Haiti areas, but very rough and needs a lot of TLC. What about rental demand, are you familiar with these?

Thank you Basit!

What about HostBuddy.ai ? Wouldn't that be a good solution for most guest communication ? I've been considering it for my own airbnbs 

Hi BP world!

Been investing for a few years now and looking to expand in a new market. 

I have my eyes on Miami and have been seeing prices drop like crazy. Some condos which sold for 400k in 2022 are on the market for 275k. Feels like an incredibly great time to buy, am I wrong to assume that?

One thing keeping me back from fully pulling the trigger is the amount of climate-related events that Miami seems to endure and the cost on repairs, HOA fees and of course, taxes. Wanted to hear from local investors/agents what their thoughts were about that. I'm feeling like Miami experienced a rebirth during COVID and the trend isn't stopping. I am European and I hear of friends moving there all the time, unlikes LA and NYC where people keep leaving.

Also, if anyone has thoughts on how to find cash-flowing deals, I'm open to it! Right now all I can find is barely break-even.

Thanks everyone!

Thank you so much Lauren!! This confirms my instinct. 

It's a great deal but you gotta think ahead. And I like the idea of building out 4 units in phase 1 and maybe building the rest at a later time, when there's a bit of appreciation in the property and qualify with a lower LTV for commercial purposes.

Hello BP fam!

Question for multi-family investors. Have you ever run into a situation where a small multi-family (1-4 units) was zoned and had the space for more units (5+)? 

What happens to the financing then? 

In this situation, there is a property zoned MF with one acre, enough space to add more than 4 (potentially 6 or 7). The property is zoned residential so I could get a primary residence loan on a small multi-family, but I'm wondering what would change, if anything, once I build more than 4 units? Will the lender force me to refi into a commercial loan?

Thank you!!

I've actually had a lot of success renting by the bedroom in the Sedona & Verde Valley (Arizona) area. Not necessarily insurance company stays but simply people looking to relocate for a few months and try it out. I love this strategy but it is more management-intensive for sure!

Great move Andy! Good luck with the team-building :) that is the most important phase, without which, growth and scalability will be hard to achieve!