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Started By
Message
re: Investment advice
Posted on 6/1/16 at 5:02 pm to Iowa Golfer
Posted on 6/1/16 at 5:02 pm to Iowa Golfer
It was actually mid beach, it was acquired for $1.2M and sold for $1.89M in 18 months bought in 2013 sold in early 2015. I was borrowing money at $3600/mo at a 2.75% 7/1 ARM and taxes/maintenance were $3500/month total give or take. I wasn't counting the monthly bills bc it was our place not a rental but I put down $300k total give or take and netted around $500k in 18 months. Obviously that was the biggest move up in miami, the guy I bought the place from paid $925k in 2010 and sold it to me for $275K more and then I sold it for almost $700k more. It was a direct ocean in a very luxurious building. This year the place I bought I had to put half down, so the lending got tighter, it wasn't as strict in 2013.
Miami 2010-2015 was the boom. That boom is over right now till south america settles. The place I recently bought probably wouldn't sell for what I paid a few months ago but its ok, Id love to make money but its a great place to relax and have fun and I dont mind if it stalls for a few years while brazil and venezuela recover.
Miami 2010-2015 was the boom. That boom is over right now till south america settles. The place I recently bought probably wouldn't sell for what I paid a few months ago but its ok, Id love to make money but its a great place to relax and have fun and I dont mind if it stalls for a few years while brazil and venezuela recover.
This post was edited on 6/1/16 at 5:07 pm
1
Posted on 6/1/16 at 5:20 pm to dabigfella
I see. I don't understand how you came to a cash on cash measure is all.
My boom was Broward. Pre construction contracts flipped before ground was broken. New construction in Port St. Lucie. And Broward condos.
Those days are gone. For now. Until the Fed, and Janet Yellen do something that has unintended and unimagined consequences, or some world event intervenes.
Hopefully I'll be able to recognize, and act, while the economists on the politics thread debate and theorize about it.
Charlie Crist put an end to flipping construction contracts, that's not coming back. Florida banks and brokers offering me 2000% of sale's or appraised values is done. For now at least.
It was fun. I was making about $50K a year when I started. I'm still there, several others are busted and long gone. One of the few places the FBI showed up and put mortgage brokers and bankers in prison. I was interviewed by an FBI agent about one realtor and one mortgage broker. I paid back everything, they were going after those that originated and lied.
I was down in Cuba, probably illegally, and they met me at the dock in Deerfield Beach. I had about 6 Cuban cigars. They were laughing about me going to Cuba, and asked me how many times I went down there. I put them off and had an attorney present when they questioned me. Right off the bat they told me I didn't do anything wrong, but asked detailed questions about the appraiser, realtor and mortgage broker. None of them were charged. The realtor moved on to the next boom. She thought North Carolina. No idea what happened to the mortgage broker or appraiser.
Scared the crap out of me. I thought it was the trip to Cuba and the cigars. The Captain was the boat was scared also. Big time scared.
My boom was Broward. Pre construction contracts flipped before ground was broken. New construction in Port St. Lucie. And Broward condos.
Those days are gone. For now. Until the Fed, and Janet Yellen do something that has unintended and unimagined consequences, or some world event intervenes.
Hopefully I'll be able to recognize, and act, while the economists on the politics thread debate and theorize about it.
Charlie Crist put an end to flipping construction contracts, that's not coming back. Florida banks and brokers offering me 2000% of sale's or appraised values is done. For now at least.
It was fun. I was making about $50K a year when I started. I'm still there, several others are busted and long gone. One of the few places the FBI showed up and put mortgage brokers and bankers in prison. I was interviewed by an FBI agent about one realtor and one mortgage broker. I paid back everything, they were going after those that originated and lied.
I was down in Cuba, probably illegally, and they met me at the dock in Deerfield Beach. I had about 6 Cuban cigars. They were laughing about me going to Cuba, and asked me how many times I went down there. I put them off and had an attorney present when they questioned me. Right off the bat they told me I didn't do anything wrong, but asked detailed questions about the appraiser, realtor and mortgage broker. None of them were charged. The realtor moved on to the next boom. She thought North Carolina. No idea what happened to the mortgage broker or appraiser.
Scared the crap out of me. I thought it was the trip to Cuba and the cigars. The Captain was the boat was scared also. Big time scared.
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