All Forum Posts by: Marty True

@Michael Huang I've got a guy up in Jax. PM me and I can give you his contacts.

I kind of agree with the majority here, I don't think the market will see a big hit. The only thing I think might happen is that there may be some better deals to be had, because of owners that got scared and just want out. Otherwise, this hurricane is not going to stop people from living here or wanting to live/vacation here.

I recently used LendingHome on an acquisition and just like @Craig Renz I voided the auto-draft doc and they did automatically take my first payment. I called them and they said it was an oversight and offered to remove the auto-draft. Also, like Craig, I didn't get my final loan terms until the last minute and they did change the offer significantly from the original numbers. I used a mortgage broker so not sure if the experience would be any different by going direct, through LendingHome's interface.

Hi @Ricky B. in regards to AirBnB in Miami Beach, while there are some challenges to legally operate an AirBnB property, it is allowed in certain areas. If you'd like a map of the approved short-term areas of Miami Beach, you can download it here: http://miamibeachfl.gov/WorkArea/DownloadAsset.asp...

South Florida is certainly a different market from anywhere else in Florida. I have a lot of experience in NE Florida and Central Florida and when I moved to Miami Beach back in December, it was quite an adjustment for me. Everything in REI here is different than what you might be used to in other areas.

I would advise to try and find a good realtor to work with and also potentially partner with, or at least "befriend" other investors in the SE Florida areas that you're interested in investing in.

@Omar Gutierrez welcome to BP and the world of REI! I went through the same thing when I first moved to South Florida from North Florida. My advice would be to stay away from "wholesalers". Nothing personal to any wholesalers in S. FL but this is unfortunately most investors' viewpoint.

There are deals but you have to be diligent and find them. Post up what your criteria is - what types of assets are you looking for? Asset class? Neighborhood class? Price range?

@Adam G. I am an investor in Miami Beach and I have the best realtor in greater Miami. I'd be happy to make a recommendation for you if you want to PM me.

Hey @Nicholas Calipari - need a little clarification here... When you say you have been renting it with -$1200, are you saying that with the tenant's rent, you are $1200 per month below what the expenses are? Also, can you give some more details about the property? Bed/bath? Square feet? HOA fee? Amount owed? Approximate market value?

@Brandon Turner what many fail to look at also, is not just the ARV for pro forma but real estate taxes. @Jeff B. mentions to never run your numbers on pro forma, and I agree 100% with one exception... RE taxes!

Here in Miami Beach, sellers love to show their current RE taxes for the CAP they're claiming but 98% of the time, the current assessed value is much lower than the asking price. So as soon as you purchase, your RE taxes can double or worse.

So when running your numbers, especially in 5+ unit MF, be sure to run calculations based on the new assessed value and the increase in taxes. Luckily, our property appraiser's website for Miami-Dade county has an estimator tool that helps you to calculate the new taxes based on a potential sale price.

Looks like this thread has struck a few nerves by those wholesalers and agents that are likely engaged in this "daisy-chain" strategy... Thanks to everyone that has contributed - both constructive and "otherwise". Feel free to keep it going and give your insight or experiences with this issue.

@Shawn Ackerman again, if you take time to read through the thread you would see that I do find deals on my own and I market plenty. This thread is not directed at anyone, it is to bring an issue to light and have an adult discussion about it, which for the most part has been the case. If all you bring to the thread is condescending remarks then that is a pretty poor way to market your "real estate investing consulting". These forums/posts are about having discussions about what is going on in real estate investing. And this issue is clearly happening across the country so if you can't contribute without insulting, then kindly refrain.