Hector came to me through some of my online reviews to list his condo for rent at Strada 315. This was many years ago. I ended up placing the tenant doing both sides of the deal. Not to boast but the tenant was of such quality that she stayed for three years. Luckily Hector called me again during this process and I helped him with advice and getting his unit on the market for sale this time. The condo wasn’t listed long, all but three days and a Brad the Buyer called me direct one day and I met home over there the next day. Priced right with lots of upgrades and a southeast exposure was a recipe for success. So happy that both parties are satisfied and This Docktor got to make house calls again 🙂
5561 NE 33rd Ave, Fort Lauderdale FL 33308 | $2,050,000.00
One thing for sure is, if you treat every deal like its a two million dollar deal, and treat all your clients the same, the little deal turns into a big deal! Stefano and Patrick came to me about a townhouse rental. I worked with them showing town-homes for rent across Fort Lauderdale. It didn’t take long as I know the market and the product. I selected the best three and they took a nice townhouse in Lake Ridge Fort Lauderdale sight unseen via facetime.
A year later they came back to me and asked them to help them find their dream home. I introduced them to Brian Coutu from Fairway Mortgage to help them with that process. I also introduced them to Joshua Pinsky who is a real estate attorney and owns a title company. With this all-star team behind me we were able to negotiate and handle the ups and down of a luxury transaction. Any Buyer, Seller or Realtor that says its not a roller coaster ride, just hasn’t done enough deals. Nevertheless, we all got across the finish line and they are ecstatic! I’m so happy for them and lucky to have that business and have life long friends.
“This Docktor Makes House Calls”
This beautiful home was listed for $879,000.00 in Wilton Manors and sold for $841,000.00 after days of negotiating.
Rob and Russ came to me through a luxury townhouse rental of mine originally. They were not from the immediate area and were asking questions about buildings and where to live. Being a native to the area, I was able to immediate offer advice on potential properties and locations they should consider. They were open to my expertise in the local markets and we were off running.
I had introduced them into an assortment of luxury rentals in the downtown Fort Lauderdale area. I can see that they were not sold on it, and they inquired about a distressed property in Weston, which happens to be a very sought after place to live due to excellent schools but also very low crime area. We did a showing at a distressed estate and I could tell they had experience doing projects. Quite frankly I got to learn a bit from them as they were walking the house, which I always like learning. Personally, I’m not a flipper nor have a done much in that realm except for my triplex that I own, renovated, furnished and rented out. Point is I can see they were open to a project.
The ARV: After renovation value just wasn’t there. The house was being overpriced, and there is a good chance that someone may buy it close to that price, but not my Buyer’s, who are smart and experienced shoppers. We made a pivot and started looking at townhomes in Victoria Park, Fort Lauderdale. We saw interesting product throughout the search, but with many townhomes there isn’t a ton of space, or at least it’s broken up by 3-4 floors.
I had sent them a listing in Wilton Manors of a Glenn Wright home. The house was an estate sale and although not in bad condition it could easily use 30-50k worth of upgrades. The Buyer’s believed there is value in the house and room for growth. Wilton Manors is a very sought after area and home value there are much higher than the median price of Broward County which is $400,000.00 currently.
I had a great time working with them and everything went very smooth on this one. If you are looking for a local expert, someone who is reliable, responsive and fun to work with, give Adam Docktor a call! He’s the only Docktor that makes house calls!
This gorgeous townhouse sold for $825,000.00 in Victoria Park! LJ found me online and asked if I could help find her a home. I said of course my name is Adam Docktor, and I’m the Docktor that makes house calls! It started off well. At first what I did is set up a zoom call and went over the market inventory with her. Secondly, I introduced her to Brian Coutu at Fairway Mortgage for a preapproval. She was eager to get out there and start looking right away, even during the pandemic. Masks and gloves on we hit the road.
We searched high and low from north to south Fort Lauderdale. Ultimately I picked out a few new construction townhomes I thought she may like. She fell in love instantly with this gorgeous townhouse:
There was quite a bit of negotiations that were involved. The developer and listing agents happen to be associates of mine and we all worked together to get LJ across the finish line. Being born and raised in the area has its advantages as I am heavily networked in with the community of realtors.
I’d be lying if I said the deal with smoothly. There were some obstacles in the way but ultimately there were some techniques I used to see this through. Those details I can share with you in person, as its a heck of a story and shows the value of me as an agent.
I’m happy to had worked with LJ and I know she wants to own investment property in the future, considering that I have a portfolio of Airbnbs I own, she is looking forward to learning and finding an income producing opportunity for her in the future. Ultimately I think she was happy because she left me a great review:
If you are looking for a seasoned REALTOR who has skin in the game, who looks at property form an investor stand point, someone who can find value in a property, then please call Adam Docktor
“This Docktor Makes House Calls”
These first time home buyers are ecstatic! During this pandemic the challenges were present. Low inventory high demand, it was not an easy process. However, I made myself available at any given time, weekends, evenings, whatever it takes because that is what is required to make it work!
This beautiful four bedroom two bath with a pool sold for $515,000.00 in Coral Springs Florida
Attention to Details
I was always looking at things through the eyes of an owner, as I am, to make sure the house has good bones. I look at age of roof, window protection, electric, A/C and question plumbing age. Older homes typically under 1975 have cast iron. It’s very important to get that scoped to expose any cracks, and to know the condition of the pipes. Windows and roof’s are so important. Listen, you can have a beautiful property, but if the windows have no protection and the roof is old your insurance is going to be much higher and at some point you will be on the hook for replacement or change outs.
Electricity is another major function of the property. I always look to see what type of brands are present as they can present insurance issues. And homes that are 1940’s-1960’s sometimes aluminum or cloth is present which can be a major cost to fix and insurance road block. Roof’s are one of the bigger expenses and can also affect insurance costs. Roof’s are a bit complicated when getting insurance discounts. Did you know the way that its attached can affect your insurance costs? The decking can be attached with toe nails, clips, single and/or double wrap. I won’t go into it with too much detail, but everything I am mentioning is to make you think, and be more prepared and ask the right questions
If you are looking for guidance please call Adam Docktor because
“This Docktor Makes House Calls!”
If you are looking to invest in real estate, you may be thinking about buying a single family or a multifamily property. Single family properties typically are fixed up and flipped. Some will rent them out long term or even do Airbnb’s. Multifamily is consisted of multiple doors. For example a duplex, triplex or quadruplex. The multifamily are typically used as rentals not so much for flips. Multifamily can also be use for short term rentals. As a matter-of-fact, if you purchase a 2 or 3 door property you have an instant portfolio.
Single Family vs Multifamily
The Positives of Single Family ownership
Owning a single family home can be a more affordable option, it can be easier to finance, and you can be more selective about your tenants. Let’s go into it with more detail below.
Less expensive to purchase
There is a larger selection of single family homes to buy into. The properties are typically less expensive as well as it is only one unit.
You can be more selective with your tenant pool
Only having 1 property to fill versus many allows you to really qualify your prospects. If you have a 5 unit building, you would typically have more leniency in order to avoid vacancies.
Much less turnover with a single family home
Only having to rent one unit versus three is a much easier task. A typical tenancy is 12 months. If you decided to do short term rentals on a house for example with one month minimum stays, you would be responsible to fill it 12 times a year. If you had a 3 unit property, you would have 36 times a year to fill it potentially. This translates into much less time spending finding tenants if you own a single family home.
Easier to sell
Selling a single family home from your portfolio is can be easier than multifamily depending on the location of course. Eastern located multifamily can be sought agger as well, but less of a pool of Buyers. There is always a demand for single family homes. From first time home buyers, to investors, there is a bigger pool of Buyers. Selling a multifamily property will have different challenges, from a smaller Buyer pool, difficulty showing the occupied property and insurance issues to age and condition of property.
Easier financing options
Buying a single family house is typically easier. Mortgages currently for single family homes require a minimum of 3% down with Buyers typically doing 5%, 10%, and 20% options. That is not including VA loans. Duplexes will require 15% down and triplexes and quads will require a minimum of 25% down. That’s a very stark contrast from single family financing. The only way to get a lower down percentage aside from using a VA loan on a multifamily, is to purchase it as a property that you would live in. A FHA 3.5% down payment loan is what we are speaking of. You can see that the single family home purchase can require a lot less of a down payment.
Much less maintenance
There is much less maintenance with a single family home than a multifamily property. There is only one tenant and one set of appliances versus dealing with 3 tenants on a triplex, and 3 of everything.
The negatives of single family investing
Less cash flow with single family homes.
There is much less cash flow with a single family home, there is only one tenant to collect cash flow on, and there are real monthly costs that need to be covered such as mortgage, taxes, insurance and maintenance. With multifamily there is a much larger stream of income coming in that can offset vacancies.
Vacancies are costly
Only one income stream can be costly if there are vacancies. With multifamily for example, on a triplex, if two of the three units are providing cash flow there is a good chance your carrying costs are still being covered even with one vacancy versus a single house being empty you will in the red instantly.
More challenging to scale
Trying to grow a portfolio of single family properties is much harder than purchasing a multifamily property. If you purchased a triplex you would instantly have three units versus one if you bought a house. You have to go through the process 3 times to gain the same about of units if you purchased a triplex.
The Positives of Multifamily Investing
Jumping into multifamily investing gives you an instant portfolio. The instant multiple streams of cash flow are great, but it will come with added work. Buying in bulk always gets you a better deal. Purchasing a 3 unit will give you a lower cost per unit than buying individually, and that also counts for closings costs, commissions and much more – ultimately you save when buying in bulk.
More cashflow and more leverage
The more cashflow you have the better the cushion. If you have repairs you will be able to handle it better because of the reserves you have from the income stream on a multi. The more cashflow you have the better you can sustain vacancies and errors. Also with a good rent toll and proven income on the property it can put you into better position for leverage on your next purchase.
Better property appreciation
When you have multiple units you can increase appreciation faster. By increasing the quality of all the units it will force appreciation throughout the building. Also as the quality of the property increases the rents will go up. When looking at the income approach, if the rents increase then the cap rate increases which results in a higher value of the sales price.
Multifamily property gives you the ability to write off more as you now have multiple units instead of one. You can spread your repairs and upgrades over multiple units.
The Negatives of Multifamily Investing
Keeping units filled is critical, being very selectively is challenging with multifamily. Leniency is key to consistent cash flows, especially if you do short term rentals.
DIfficulty with Financing
Multifamily properties typically require more down payment starting at a minimum of 15-25% as an investor. If it’s five or more units the down payment can be as much as 30% typically.
Relying on others more often
Depending on how many units you purchase you may need to have a crew of workers to rely on for maintenance. If you are a handy person and only have 2-3 units it’s not that challenging. However, once you get into the bigger properties you may need to source a property manager.
At the end of the day investing in real estate is a great way to build wealth over time. You may decide to try both styles of property and see what you like better. Or perhaps you buy certain types of properties in certain areas that make the most financial sense. Reach out to me at 954-610-0440 and I can explain to you the pros and cons, and location selections for specific property type that makes the most financial sense. I consider myself to be a Real Estate Advisor. I have hundred of transactions underneath my belt and I am an owner of a triplex in Fort Lauderdale. I do shorter term furnished rentals and my experience is very helpful for investor alike.