**OPERATING COST REALITY CHECK:**- Insurance: +29% YoY (coastal exposure + reinsurance crisis)- Maintenance: +24% (labor + materials)- Property Taxes: +22% (reassessments catching up)- Condo Fees: +45% since 2021 (SB 4-D structural compliance)**MARKET DYNAMICS:**- Luxury ($1M+): 10.2 months inventory, seeing 10% discounts- Single-family: 6.4 months, still climbing 4% annually- Condo/townhome: 12 months inventory (buyer's market forming)**CAP RATE SPREAD:**- Miami core (Brickell/Downtown): 4.7%- Suburban (Doral/Kendall/Homestead): 5.3%- 60bp spread = biggest arbitrage opportunity in years**INVESTOR BEHAVIOR SHIFT:**Seeing capital rotate from luxury spec plays → workforce housing with stable cash flow.

-Roughly 98% of the $3M balance comes from administrative “paperwork” violations, with fines of $500 per day, per item, plus compounding interest rates that no private-sector party is legally allowed to charge.

Because it's not only saving them $ on their monthly right off the bat, it's now giving them more power to make $ on the borrowed $ itself.

I think a lot of newer investors underestimate how different these two tools feel once you’re actually inside a capital stack.Here’s the way I usually explain it to operators:Mezzanine = Debt with a seatbeltIt’s basically a second-position loan pretending to be equity.You’re paying a stated interest rate, payments are expected, and if you miss them, the lender can enforce remedies.

However, I am noticing prices on these homes drop over the past couple of years making it a little bit easier.I would also look at what the terms are if you put down 0%, 10 or 20%.Are the fees or interest rate different?

If they are good, they should be absolutely definitive on rate, terms, costs, etc.

The power imbalance just isn't there.

You'll see the spreads trade unwind as rates lower(mega cap sell, small cap buy). 

Hi everyone, I’m looking for some advice.
I recently spoke with a loan officer and was approved for about $245k for a condo. He also mentioned that I wouldn’t qualify for anything higher right now.
 
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Hello, I currently own 4 buildings with my partners and do the property maintenance side of the management. I handle all tenant problems that relate to the building.  All of our bills are on autopay so very little wor...