All Forum Posts by: Orita Issartel

Hi Charisse. I just wanted to give you a heads up about finding a place with FHA financing. The majority of owners I work with do not accept FHA. It might be hard to find a property with that.

I see that it's at Union Beer store in Little Havana. 

Sounds good! Can you tells us where is the meetup, date and time info?

Thanks. 

If there's only one meter in the property there's also the possibility that it's not a legal triplex, which is also common to Florida. I would check in the county website and verify that before investing. As far as I know, sub meters are not legal. Any new meter is supposed to be installed by the power company ( FPL, Duke or other).

I'd personally stay away from a property that has issues with electric meters.

Yeah! $1200 won't get you much in Miami. I have 3 rental listings right now ( a client's, not mine) 1/1 for $1100 each. 2 in a building in a good location in little Havana. Just put in the market.  Getting lots of traffic  But for that price you don't get anything very nice! No central air (wall units) old buildings.  A fourplex in an ok area will cost you no less than $600k if you can find it. And that before repairs. 

As far as traffic, Doral is definitely a nightmare. If you're a pro golfer that might be the area where you'll be playing many tournaments. But you better speak Spanish if you want to live in Doral. We call it Dorazuela because the population there is mostly Venezuelans. Coral Gables, Coconut Grove, Shenandoah, South Miami, are great neighborhoods closer to downtown, Brickel and Miami Beach and traffic is not bad in these areas. Brickel during rush hour is the worst.!!

I've lived in Miami since the beginning of the 80's. I can say I know this city quite well. Have been a full time realtor since 2003. If you want some tips feel free to pm me. 

Thanks for sharing Terry!!

Thanks everyone for all the advices. I would love to have a new project to fix. Still not sure which route we will go but I'm actively looking in the market for our next deal. 

I would definite talk to a real estate lawyer before even starting. If things are not done clear and legal between you and your brother on this deal it could be the cause for a family feud. 

I'm  glad it worked out for you guys. I always prepare a package with comps in the area to give to the appraiser, and make sure to be there. Lenders often will send an appraiser to an area he's not familiar with. 

@Wade Sikkink Thanks for starting this thread!!! I've negotiated quite a few contracts, both for me and for my clients, mostly on condition of property. I don't have any tactics to share but wanted to thank everyone who shared. I learned a few things here!!!