All Forum Posts by: Samuel Awosolu

Hello @Veronica Zayas ,

First I want to congratulate you on taking action and taking the steps necessary to start your real estate investing journey. That is usually the hardest part for most people.

I live in South Florida and there are deals here but you will have to work really hard to get them. It is very competitive and sellers are pricing their properties a little high in hopes of cashing in on the high demand. However, you can come across some distressed assets or off market properties but you will also be competing with other investors for them as well. 

Here are some answers to your questions:

( - Should we invest in Florida? If so, where? (I have heard good things about Lake Worth, Tampa and Stuart) )

I currently flip properties in Orlando with a few investors and properties are still reasonably priced there. I like the Tampa area also. Investors are starting to flood the area but you can still get properties to buy and hold or flip at good prices right now. I feel the city of Jacksonville is a sleeper. No one is looking there and it has so much potential from my vantage point. There are many misconceptions about its image which I think is why many people overlook it. When I drive around and see the economic growth from Fortune 500 companies moving in, neighborhoods being revitalized, new home construction being built, etc,  I can see the potential there.

I use to live in Atlanta and I like anywhere around the metro area inside I-285 and 10-15 miles outside of the perimeter. Atlanta is an another great affordable city for young couples that like the tall trees and greenery of the country and the skyline of a city. There has been tremendous growth there over the last decade and it is a great place for picking up rentals. 

 ( -How do I find a great investment area for rentals? )

I personally drive around neighborhoods and watch for any new home construction areas, houses being renovated or increased neighborhood revitalization activity, access to major highways, transportation and airports.

I also look to see if there is a Wholefoods, LA Fitness, Publix or Starbucks in the neighborhood. They usually will put their stores in areas they know will perform well based on their demographic research. People like to be close to these things and limit driving. So access and convenience to shopping areas, highways, the gym are usually high on a residents list. I also will get out of my car and chat people up in the neighborhoods I'm researching. Find out if they like the area, is it safe, would they continue to live there or somewhere else, etc. 

- What are the criteria for evaluating a rental property location? (jobs, population, crime?)

I know there is a general answer for this but I think it also depends on the specific area you are looking to invest in. With that said, I would suggest speaking with a real estate professional or someone that can give you more detailed info on the unemployment rate, crime, and population of the area you want to invest in. When I research neighborhoods for investors or myself I get this information from a database and it will give me updated and current data that I will use to evaluate an area.

Hopefully this helps. Much success to you and your partner on your endeavors! 

The good GC's are extremely busy and likely won't do your rehab unless it falls into a certain price range. I found some good ones on Houzz.com. You can look a few up on there. Most put up pics of their past projects. You will also read reviews from clients who have used their services. 

Condo developers in South Florida got used to a real hot market the last 3-5 years. I think the luxury condo market in South Florida was depending too much on other countries economies and currency. Which is why we have a slowdown. Also, there are too many variables with immigration reform which is making foreign nationals uneasy. 

Just from working with buyers and observing areas of South Florida. There are not enough single family homes to support the number of buyers ready to purchase homes priced between $275K and $400K. Which is why I noticed an uptick in SFR and townhome development. I think there is a shift happening and we will likely see more developers trying to pivot into this middle market.

Hey @Adam G.

Just a suggestion should in case you can't find a good recommendation from here or you want to open up your pool of agents to select.

I would try the Zillow agent profiles. Search for agents that focus on Beach Condos in Miami. Choose a few that have recent ( within 1-3 months ) excellent ratings & reviews. The agent that contacts you back in an hour or so could be the one you can interview or ask about your needs.

Good Luck!

Hey Jared,

If you do the rehab and sell just below market you should do fairly well. However considering the slow market conditions for homes priced over $500K, you might be sitting on it for a  bit. Another option would be to Airbnb the home. You will likely make more per month than a 12 month lease. However, you have to consider the pros and cons of going in this direction. Either way it's a good buy if the comps are coming in over $900K

Hey @Andy Fulton ,

Your cost per lead will be determined by your ad targeting. If you target too broad your cost per lead can get a little high. Your ads have to speak to the audience you are going after to get a high click through rate. This will also lower your cost per click. 

So I'll give you an example. You are a photographer and are looking to target women who are planning to get married. These women will need a photographer to shoot their wedding photos. So the best way to target these women would be to target those that changed their status from single to engaged. If you are engaged you are likely to be planning a wedding. If you are planning a wedding you will need a photographer. 

So you create the ad that speaks to this audience. Your ad will likely convert because in your ad you will have wedding images and in the ad copy you will talk about needing a photographer for your wedding. This specific targeting will give you a high CTR and your cost per lead will go down. Initially Facebook ad costs typically run high in the begining until your ad has some time to get through your reach. Then it will adjust based on CTR, engagement, and the specifity of your ad targeting.

Hope this helps.

Hey @Brandon Mitchell ,

You might want to try going into a few Groups on Facebook that have discussions on Facebook Ads. You will either find someone in the group or they can recommend someone for you. There are plenty of these Facebook Ad groups so I'm sure you will find someone.

Hey @Austin Richey ,

@Adam Schooley is right. You will need to increase your price range to at least $300-$400K. Even at that price point it can still be very competitive finding a good deal. If you go conventional and have at least 20-25% to put down it will help your chances of locking something down when you do find the property you are looking for. Also I would look at Deerfield Beach west of Federal Hwy. You may find some in your price range up there.

Hello @Charles Leon

I'm in Broward. There is actually a meetup with the Miami Dade Investors group this Thurs. You can Google their info. I think is DREIA ( Dade Real Estate Investors Association ). You will meet a lot people investing in Dade county there.

Great to have you on board. 

Much success to you!

Hey Viral,

Honestly, you can find deals anywhere. You are just going to have to work hard to get them. I think the best thing is to drive through neighborhoods and see what resonates with you. Best to get a feel for the neighborhood and the type of communities that make up the areas you want to invest in.