AVOID PITFALLS in DIRT
The first thing you can do to avoid pitfalls when buying or selling real estate in South Florida is to understand that you need a broker who knows your lifestyle, your business and your criteria. Unfortunately, many will claim to be an expert in waterfront, or luxury or some other area of life that would uniquely apply to you. Ask why? What makes them an expert? Are they an expert because they want to be? Or do they like big expensive places on the water because its fun and pretty? Do they know the pointy end from the square end of a vessel, and whether you have draft or turning radius that may make the difference? Claiming "waterfront" expertise has to be real and applicable to sorting out issues that you will need to deal with as a captain and as any owner. As an avid boater and long-time owner and manager of some of the largest and most robust marine facilities in the world, I understand what it means to be a captain, and I can really help you.
When it comes to commercial investments, you really need to find out what your real estate broker's background is and be sure that he understands how a business is run - and how it should be Valued. Ask him to explain discounted cash flows and how those relate to the valuation of your project. Ask how cap rates work and whether a high cap is a necessity in your deal (often-times, cap rate DO NOT apply). I have an Accounting Degree and a Finance Degree, an MBA and decades of financial analysis and high-level reporting to offer you deep insights when it comes to peeling back the layers of complicated financial statements.
And lastly, be advised... and be on the lookout for brokers who Simply List your property, and then leave for lunch. Simply listing is a lazy way to lie in wait for a buyer to come to you. Look for a broker who is going to shake the bushes and put his own boots on the ground to hunt down the right buyer or seller that will make your deal work. I literally walk the docks and knock on doors in neighborhoods every day of my life that is not prevented by weather or sickness. I meet other captains, I meet home owners who are interested to sell, I meet business owners and owners of raw DIRT who have a deal that they don't want publicized, but one they would take if you floated them an offer. I am aggressive and anxious to find an opportunity that works for you. Make sure you have that going on with your broker.
The first thing you can do to avoid pitfalls when buying or selling real estate in South Florida is to understand that you need a broker who knows your lifestyle, your business and your criteria. Unfortunately, many will claim to be an expert in waterfront, or luxury or some other area of life that would uniquely apply to you. Ask why? What makes them an expert? Are they an expert because they want to be? Or do they like big expensive places on the water because its fun and pretty? Do they know the pointy end from the square end of a vessel, and whether you have draft or turning radius that may make the difference? Claiming "waterfront" expertise has to be real and applicable to sorting out issues that you will need to deal with as a captain and as any owner. As an avid boater and long-time owner and manager of some of the largest and most robust marine facilities in the world, I understand what it means to be a captain, and I can really help you.
When it comes to commercial investments, you really need to find out what your real estate broker's background is and be sure that he understands how a business is run - and how it should be Valued. Ask him to explain discounted cash flows and how those relate to the valuation of your project. Ask how cap rates work and whether a high cap is a necessity in your deal (often-times, cap rate DO NOT apply). I have an Accounting Degree and a Finance Degree, an MBA and decades of financial analysis and high-level reporting to offer you deep insights when it comes to peeling back the layers of complicated financial statements.
And lastly, be advised... and be on the lookout for brokers who Simply List your property, and then leave for lunch. Simply listing is a lazy way to lie in wait for a buyer to come to you. Look for a broker who is going to shake the bushes and put his own boots on the ground to hunt down the right buyer or seller that will make your deal work. I literally walk the docks and knock on doors in neighborhoods every day of my life that is not prevented by weather or sickness. I meet other captains, I meet home owners who are interested to sell, I meet business owners and owners of raw DIRT who have a deal that they don't want publicized, but one they would take if you floated them an offer. I am aggressive and anxious to find an opportunity that works for you. Make sure you have that going on with your broker.
