All Forum Posts by: Mike Barone

I am trying Radio marketing. I can't say it worked yet as I am negotiating pricing with multiple stations. Once I get up and running, I will be sure to share my experience. 

@David Flanders I never went through with the demo. The scheduling calendar system they sent out I was not able to get to work and then I just got sidetracked with other opportunities. I invested in a different marketing channel so I will return to this option soon. Keep us posted if you do decide to move forward. Sorry I was not able to provide much value on this one. Be Great in 2021!

Hey Dan I live in Fort Lauderdale and you are correct about the market being lopsided if you are looking for cash flow. This is the case in all of South East Florida. You will need to start networking with local wholesalers, realtors ect in order to find good off market opportunities. Also if you do find a deal you need to be ready to pull the trigger right away. Even off market properties are selling site unseen same day to local investors. This is how competitive the market is right now.

Taxes and insuranance take up a big portion of your monthly expenses. Depending on the location you might need additional wind and flood policies. For example I have a duplex east of I95 and the insurance runs about 4k per year. So do your due diligence when choosing the area you want to live.

@Corey Chonsky I am sure each county has different ways they calculate taxes. In my county which is Broward they have a tax calculator on the appraiser's website you can use. They use the sales price along with a Millage rate to calculate. https://bcpa.net/TaxCalc.asp You can go to this link and play with the calculator if it happens to be in Broward county. If not, maybe you can utilize the formula if the county you are interested in will provide their Millage rate. Good luck on your venture!

@Brian Degener Did you ever try out Audantic? I just signed up for a demo but if you have any feedback good or bad would be appreciated. 

I have only heard of this company 1 time before which intrigued me to do more research. There is not much I can find online at this time.

I am on the other side of you in SE Florida Broward county and there are still many investors/wholesalers active in the market. There are new opportunities daily I still believe. A couple of months ago I assigned a contract to one of my cash investors for 260K and he put some money into it and just sold it at 350K. 

Can you go more in depth on what you meant by "a thing of the past"? Are there new regulations expected to be past soon? Can you shed some more color on that topic or was it just someone talking and voicing their opinion? 

One day I supposed it might be a thing of the past but until then I will continue to push forward. If things do change you just have to pivot and make it work. Just my 2 cents...

Hi @David Taxman I am up in Broward. And always looking to connect with local investors. Feel free to reach out. 

@Herndon Davis I would recommend you contact Title Guaranty in Weston. I can't confirm they offer all the services you listed above but I can confirm they are investor friendly. Last week they closed on an assignment property for me which included a JV partner. All paperwork and communication to both seller and buyer was handled professionally. They offer attorney services and preparation of contracts.
https://titleguarantyflorida.com/ 954-389-9483

 

@Sama Pa It would depend your overall strategy. Is the additional 83$ per month going to put you in the red? Where you able to pick up any equity spread on the purchase? I personally would not buy another property that does not cash flow. It got me 2 times already and not going to make that mistake again. (Just my opinion if I was going to buy and hold)

On another note I did try and petition my tax rate with Broward county a few years back and was unsuccessful. That was my first and only try. It has been a while and now that you reminded me, I might just try again. :)

I live in Broward county and have seen many multi family properties sell for crazy prices. Right now I am researching outside my local market to pick up some more multi families that will both cash flow and appreciate. I have a duplex in Hollywood that I would sell right now if it were not cash flowing so much (It was purchased a long time ago). 

I do think the markets will soften up once evection and pre foreclosures get unlocked. However, I would still be actively acquiring properties no matter what if the numbers make sense to you and your investing strategy.  I am not going to try and time the market as that has bit me in the you know what too many times.