All Forum Posts by: Michael Jablon

@Jon Huber hey John, my email is [email protected]. I am interested

@Jon Huber Hi John, I don’t see a time listed. Can you please let us know? Thanks!

Hey @Sam Issa, looking for a multi-family house hack or SFR in a desired area. Lately I've been interested in some properties further up North, PSL, even as north as Winter Haven. Looking to stay away from LW. I had a triplex there for a few years and prices there have gone through the roof. Supply is low.

Hi @Mitch White and everyone else across Palm Beach/Martin, my name is Michael Jablon and I am an investor located in Delray Beach. I joined BP four years ago before I got into my first deal. I sold that property in late 2019 to focus on finishing my MBA. Now that my MBA is done, I'm getting back into the swing of things and reaching out to connect, talk and/or discuss anything real estate related in our area.

Thanks!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Lake Worth.

Purchase price: $255,000
Cash invested: $45,000
Sale price: $339,900

Purchased a triplex 12 blocks north of downtown Lake Worth using an FHA loan in July of 2017. Made major renovations to the third unit (cottage). Sold in late 2019 due the high demand of rental properties in the area. This was my first and only deal so far.

I owe a two building triplex in Lake Worth, FL. I made this purchase last summer 2017. I was able to find three tenants and no problems with turning on their electricity within Lake Worth Utilities. They showed the lease to the utility department and then their electric was turned on. Now, July 2018, three new tenants move in and the city refuses to turn on the electricity in the tenants names because I do not have a business license. Since then I have put the electricity in my name and have ordered an inspection. Today I find out that with the business license I also need to have an inspection and then a certificate of use as well. I also need to pay $300 for the license, $100 as I have more than one unit to inspect. My question. Is the city allowed to make me get this license, pay all these fees even though I’m just a landlord? I thought business license’s were for retail stores, companies that were incorporated and actually have employees. I’m a one man show here.

Hello, I am currently under contract for a 3-unit multi family that contains one 2-unit building with a total of 1,000 square feet and a stand-alone building with 1-unit. The 2-unit building is in great shape, newer roof, new water heaters, great electric, only a few minor handyman type fixes to be done on that unit, nothing more. Now my issue: The stand-alone 1-unit building contains a 485 square feet flat-roof structure (tar & gravel; which also LEAKS) that has not been taken care of AT ALL in the last 10-20 years. Also, the insides of this building look like they haven't been tended to at all and has many safety concerns that my inspector had brought to my attention (BTW, great time to disclose that I'm doing an FHA loan). I was told by the listing agent that the seller just wanted to stick tenants in all the units and did not care to maintain the place and will continue to rent them out until someone buys.

So here's my current scenario. The 'effective date' began 5/27/17 and is over in 14 days. I proposed today to the seller (via agents and the like) to lower the purchase price by $7,000 or give me the credit. My agent told me he probably wont give me a dime as he's really been stressing 'AS IS'.

Here are my calculations:

- Purchase Price $255k

-Rent from all 3 units $2500/month

-Injection (Closing Costs + 3.5% down) $16,378 + $15,000 (Out-of-pocket renovations)

-Monthly Payment (PITI) $1,901

-COC Return 54%; ROI 6.66% (Is this a bad sign?)

Now, these calculations are when the building is running at optimal performance which is when I plan on moving out of it after the first year (the units not occupied by myself are rented for $800 a piece). Now after finding about these inspection issues, if I have to put the money in myself, it will reduce my COC Return to 44%. ALSO, my mortgage broker is now telling me I have to now switch from a standard turn-key FHA deal to a 203K FHA renovation loan. I am unsure at this point if I should stick with it or not.

I wish it was by Mizner, too pricey and limited MF homes

Good evening everyone, my name is Michael from south Florida. Within the last 24 hour I made an offer for a 948 sf. duplex 1/1 on both sides with a two car garage and a backyard with ample room for entertainment, my dog to run around etc. The specific area that this property is in is one block from the downtown area where it's up and coming (i.e vacant lots undergoing ground up construction for 'luxury' condominiums). I offered $20k below asking and $5k over my agent's suggestion. Tomorrow the offer expires. I am nervous someone will swoop in and offer a better deal (i.e cash, conventional) as my financing is via FHA. I can qualify conventional 10% down but I am sure what to do. Should I offer $10k more and keep the fha? Or Should I offer conventional and pay PMI? I also thought about offering both in two separate offers, fha at a lower price, conventional at higher. Previous owner passed away, son took possession and wants to get rid of the property. Any advice helps!