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Madness! I bought another condo.

M

MattTheSkywalker

Elite Mentor
Platinum
Hi.

I put a deposit on another condo in the West Palm Beach area. This one is called "the Prado", it's a nice place, not quite as top-shelf as the other one (610 clematis) ..asking price pre construction was $344,000

The idea is that I can rent one of them in season and be able to use the other one, and this one has a better rental agreement than the last one (no rental agency, no minium duration on rentals etc)

Now I am looking for a cheap one in Miami....

Anyway I am pretty excited about it.
 
I'd like to reserve it for the week of June 20th.

Thanks.
 
what other real estate do you invest in. Do you invest in multi-family dwellings like triplexes or duplexes?

Teach me some things about determining rent need. How do you determine how much demand there is for a rental property before you invest in one?
 
If you really want, I will let you buy me a condo. That way, you can satisfy your need to buy more condos but you don't have the hassle of having to deal with them.
 
Matt I know of a real nice Condo downtown Toronto you buy it and I will keep and eye on it well your not in town. Deal? :qt:
 
nordstrom said:
what other real estate do you invest in. Do you invest in multi-family dwellings like triplexes or duplexes?

Teach me some things about determining rent need. How do you determine how much demand there is for a rental property before you invest in one?
Click to expand...

These condos are luxury items...investments to an extent but really more for my lifestyle.

I usually only buy residential; single family or two family. This way I have control over who the tenants are. I only buy in high income areas, such as Long Island or South Florida. What's the point of renting something for $700 a month? Where's your upside on that?

I also only buy serious deals....I never overpay - this means I do fewer deals but it means I get good ones too.

Amount of demand - I usually know the area pretty well, and I look in the local classifieds to see what something is renting for.

Market factors also affect rentals. Low interest rates, such as now, make it a buyer's market; people can afford to borrow more so they will buy. It squeezes landlords, but it also allows landlords to buy more stuff.

When interest rates rise, people can borrow less, so rental space is in greater demand. Housing prices drop too, but people are more likely to rent. Its a good market for the cash buyer when prices drop....

I don;t do apartent complexes right now. On those, there is less personable interaction with tenants. It is all about leverage and splitting risk. Harry Helmsley built a monster fortune that way....split the risk among multiple investors and keep a percentage.

Real estate investing is about risk mitigation. Multiple investors is how you split risk....if you have more questions, post them up or PM me....
 
Matt's going to be the Donald Trump of Florida.
 
WODIN said:
Matt's going to be the Donald Trump of Florida.
Click to expand...

Sadly, trump has plenty of stuff there already.

You can be my apprentice though.
 
MattTheSkywalker said:
Now I am looking for a cheap one in Miami....
Click to expand...

Good luck.

And Miami is a nasty city. Still.

Make sure you are 100% certain about the rental aspect of the condo you are purchasing. Some communities make you wait one year before you rent and some even go a step further and forbid seasonal rentals. You can only do long term.
 
AAP said:
Good luck.

And Miami is a nasty city. Still.

Make sure you are 100% certain about the rental aspect of the condo you are purchasing. Some communities make you wait one year before you rent and some even go a step further and forbid seasonal rentals. You can only do long term.
Click to expand...

Good points...one of them is minimum 30 day rentals through their agency only, the other is minimum weekly and you can advertise it yourself.

Miami is nasty but for that one night every month I want to to there, it;s nice to have someplace to crash...plus it becomes a launching ad for the fly & drive to the keys.

remember, I live in Jax...and I leave almost every weekend.
 
$344,000??? Dang dude you can buy like 5 choppers for that much money and have a heck of a better time. You better get your priorities straightened out quick before you are too old to have any fun.
 
MattTheSkywalker said:
Sadly, trump has plenty of stuff there already.

You can be my apprentice though.
Click to expand...


Just buy Mar Lago.........and then we can have our own EF version of the apprentice.......


Where's the new one at.....??? Cross streets......we just got back....on Sunday morning.....Finalized the deal at Toscana.....should be ready by August........ :)
 
Man, I can't imagaine having that kind of money. I'll be lucky if I can pay off my $190,000 home in the next ten years, let alone buying anything else.
 
pitbullstl said:
Just buy Mar Lago.........and then we can have our own EF version of the apprentice.......


Where's the new one at.....??? Cross streets......we just got back....on Sunday morning.....Finalized the deal at Toscana.....should be ready by August........ :)
Click to expand...

I would love to bro, but those old folks in Palm Beach might resist...they have all their insane events there as you know, and old people love to compare facelifts among their friends.

It's on the corner of Hibiscus and Dixie Hwy; Dixie is only two lanes in that area, and Hibiscus is being paved with brick and dressed up some, kind of like "extending" city place.

Congrats on Toscana.
 
AAP said:
Good luck.

And Miami is a nasty city. Still.

Make sure you are 100% certain about the rental aspect of the condo you are purchasing. Some communities make you wait one year before you rent and some even go a step further and forbid seasonal rentals. You can only do long term.
Click to expand...


I hate Miami
 
MattTheSkywalker said:
Sadly, trump has plenty of stuff there already.

You can be my apprentice though.
Click to expand...
LOL!!! Let me get busy on that. :)
 
beastboy said:
Sounds like Matt just hired himself a cocksucker.
Click to expand...

the preferred term is 'ballwasher'.
 
I think Matt should just buy a small island in the Keys. Then we can build an EF community on it. We can have out own gym where NOBODY does curls in the squat rack. And we don't have to listen to "The Price Is Right" played on the loudspeaker 5x a day.
 
AAP said:
I think Matt should just buy a small island in the Keys. Then we can build an EF community on it. We can have out own gym where NOBODY does curls in the squat rack. And we don't have to listen to "The Price Is Right" played on the loudspeaker 5x a day.
Click to expand...

I'll take Duck Key, looks uninhabited.

As to your other idea, Frackal would come back to EF just to curl in the squat rack.
 
AAP said:
We can have out own gym where NOBODY does curls in the squat rack.
Click to expand...

No way, never happen - someone would curl in the rack just to be a dick....
 
AAP said:
I think Matt should just buy a small island in the Keys. Then we can build an EF community on it. We can have out own gym where NOBODY does curls in the squat rack. And we don't have to listen to "The Price Is Right" played on the loudspeaker 5x a day.
Click to expand...

Only gyms in South Florida play The Price Is Right over the loudspeakers...

For the same reason the flavor of choice at the protein smoothie bar is prune juice....... ;)
 
AAP said:
I think Matt should just buy a small island in the Keys. Then we can build an EF community on it. We can have out own gym where NOBODY does curls in the squat rack. And we don't have to listen to "The Price Is Right" played on the loudspeaker 5x a day.
Click to expand...

hey Hey HEY H E Y. I like doing curls in the sqat rack. You don't have to bend over so far to pick up weight.
 
Great! THis way if I move to Florida, I'll have a place to live. Gosh, you're a sweetheart and planning ahead and everything! :qt:
 
Wanna make money ? Buy some condos here in Montreal. The profit margin is high if you look in the right area (rentals are insane around here). I've been doing this since november.
 
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