All Forum Posts by: Mike Barone

@Chris Tarpey those are some great ways to find local wholesalers in a market. @Alexander Pinto Here are a couple more ideas. 

• When driving around town look for bandit signs and call the numbers to introduce yourself as a cash buyer. 
• Reach out to family and friends and let them know when they get "I will buy your house for cash" mailers to take a picture and send them to you. Perfect way to gather numbers for wholesalers doing mailers in the area.

I would like to get more about your experience with websites like Auction.com reach out to me @Alexander Pinto when you have a few minutes to chat. 

@Joaquin Garuz 
There are a bunch of websites to grab data from such as Neighborhoodscout | Renotmeter and many more. Don't try and overanalyze or you will never pull the trigger. What class of property do you want to invest in? A, B C neighborhoods | What is your buy criteria like cash flow per door, cash on cash return % and funding strategy. Keep it simple find the deal that meats your criteria then jump into action.

@Joaquin Garuz It is a tough market in South Florida for sure if you are looking for cash flow positive deals. I have found local opportunity if you are looking do fix and flip projects to build up your capital. For these type of off market deals you will need to be extremely fast at deciding if you are going to lock it up and submit a full price offer. 

I would suggest you continue to network with investors and wholesalers in other parts of the state as well. I recently partnered with a wholesaler I met on bigger pockets where we picked up an 8 unit value add project for 560K. I am sure you are aware in south east Florida duplexes are going for 400K which does not cash flow when you add in taxes and insurance. There are deals out there you just must go outside your comfort zone to capitalize on them. 

Everyone talks about networking being the golden rule for finding deals and I would not agree more. Keep pressing forward in your journey!!!

@Carolina Mouzinho hello and welcome to an amazing community. I was born and raised in Broward and currently live in Davie.  Feel free to reach out and chat anytime. Let the journey begin!! 

@sethengelbrecht I am investing in Highlands and Lee County also. Reach out to me anytime to share ideas and local contact information. 

@davidjohnson yep Luis helped me out too. If you do decide to go with PenFed let me know why you decided to choose them. I would like to know your experience as I have heard good things about them also. 

@David Johnson I am in Broward also and was searching for months for local branches to utilize for a HELOC. Most of the local banks were closed or just never returned my phone call. It was during the height of the pandemic so that might have played a role in my experience. I ended up going with PNC Bank who had the best rates and terms at that time. The process was straight forward and the branch I used (Nova and University Drive in Davie) was very responsive to any questions.

@Bruce S. Raphel Would love to chat about SW Florida market. I am living on the SE side which is ultra-competitive currently. We just picked up a 8 unit in Fort Myers at the beginning of the year with value add opportunities. Love talking shop anytime! 

Investment Info:

Single-family residence wholesale investment in Sebring.

Purchase price: $35,000
Cash invested: $1,500
Sale price: $55,000

I found this property with direct to seller marketing. It took over 1 year of follow up to close the transaction. The seller lived out of state and decided he was not going to come back to Florida and wanted to quick and easy sale. The property needed a lot of work and I decided assigning it to another local investor was my best option at the time. I was really close to taking on the project myself. What would you have done?

What made you interested in investing in this type of deal?

The property was purchased at price that would allow for multiple exit strategies.
BRRRR
Fix and Flip
Seller Finance
Wholesale

@Sean October I am in Broward County and would like to connect with you to see how I can help. Shoot me a DM and we can connect during the week to talk about your criteria. Just be ready to act fast sight unseen if you want to pick up a good deal in SFL right now.