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Show Summary
In this conversation, Hector Sanchez, known as the Monopoly Realtor, shares his journey into real estate, focusing on investment opportunities in Florida. He discusses the dynamics of working with international investors, the challenges and strategies in property management and renovations, and the current trends in the Florida real estate market. Hector provides insights on the best areas for investment and emphasizes the importance of guidance for new investors. The conversation also touches on the significance of language and cultural understanding in real estate transactions.
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Investor Fuel Show Transcript:
The Monopoly Realtor Hector Sanchez (00:00)
it depends what you want to get with the real estate. Because if you’re to get a high-roy, maybe central Florida is better. Because price of the properties is an average price of $500,000. And some of the property that you can have a high-roy is between $300,000.than Miami for example. Miami the average house is 600. So if you’re get a high rate there, you have to get a better price. But here for example, we move property from Miami to Tampa, because Miami has high taxes, high insurance, and also people can’t afford.
the rentals.
Dylan Silver (02:29)
Hey folks, welcome back to the show. Today’s guest is known as the monopoly realtor. He’s based in Florida and focusing on teaching folks how to grow wealth through real estate investment in both multifamily and single family properties. Please welcome Hector Sanchez. Hector, welcome to the show.The Monopoly Realtor Hector Sanchez (02:48)
Hey Dylan, how are you? Thank you very much. Thank you for inviting me.Dylan Silver (02:51)
I’m doing great,I’m doing great man. It’s great to meet you, great to have you on the show here. I’m also a big fan of Florida. I’m there five or six times a year as I was mentioning to you before hopping on the show here. I always like to start off at the top of the show Hector by asking folks how they got into real estate.
The Monopoly Realtor Hector Sanchez (03:08)
Well, ⁓ my family were from Venezuela and they started buying property here in Florida. And then when I get the age to move forward to moving to this state, they give me all the properties. So I started learning all about real estate investment that I didn’t know anything.Dylan Silver (03:30)
Did you know from an early age that you wanted to be a real estate investor? So it was a little bit of a gradual thing. I can tell you from my story, Hector, it wasn’t obvious at all. I was in my late 20s and I was working a W-2 job and I was a little bit tired, a lot of bit burnt out, and I did a Google search and real estate was one of the things that came up and I didn’t know anybody in the space and I fell into it.The Monopoly Realtor Hector Sanchez (03:35)
now.Dylan Silver (03:58)
and it wasn’t until two years after that that I got a real estate license. In your real estate journey, at what point in time did you realize, you know, I wanna work with investors?The Monopoly Realtor Hector Sanchez (04:09)
Well, it was a long story, but let me do it short. ⁓ We started having those struggles where we didn’t know about handyman’s, maintaining, all of that kind of stuff. At the beginning, we started doing the construction business to maintain all the properties in good shape and knowing everything about construction. Then we realized that every people from our country and from left.Latin American area, start asking us about real estate. So it’s one of the moments that we say, okay, we have to get the license.
Dylan Silver (04:46)
Yeah.I know based on my experience in Florida, there’s a lot of international investors. You’re in central Florida as well.
imagining still lots of international investors, bilingual of course, you’ve got a family from Latin America. When you’re ⁓ looking at deals and when you’re at different clients, how often would you say you’re working with international investors and is that fairly common in Florida in general?
The Monopoly Realtor Hector Sanchez (06:10)
Yes, well, like 90 % of my deals are from people that live out of the state, from Colombia, Uruguay, Panama, Argentina, Venezuela as well. People from Europe, people from Spain, people from France, Greece. So people want to invest in South Florida and Central Florida. So that’s why we started getting in touch with that one.And the other 10 % is people that live in the USA. Some people is Spanish people and the other one is people from the North, New Jersey, Connecticut, from the North States.
Dylan Silver (06:56)
I’m originally from Northern New Jersey, about 28 miles ⁓ from New York City. I’ve lived all over. One of the things that I’m sure you see it, because you’re in Florida, everybody wants to be moving out to Florida, Hector. It’s something in the water. It’s the pace of life. It’s the weather. But also, and you mentioned this, there’s a great opportunity for real estate investment. When you’re working with clients, whether they’re from the Northeast, whether they’re international, or whether they’reThe Monopoly Realtor Hector Sanchez (07:02)
Right.Dylan Silver (07:25)
whether they’re there locally. How often is it that they know exactly the asset that they wanna buy? They’ll come to you and they’ll say, Hector, I wanna buy a multifamily property, I want this number of doors, I want it to be in this condition, versus they may be fairly new to it and you’re steering them the way that they may best suit them.The Monopoly Realtor Hector Sanchez (07:46)
Yes, well, people that live in the USA, especially people that live in New York City, all the people, they are the people that know about real estate. They know what they want. You just have to guide them a little bit. But people from Latin America, Europe or Spanish people, they just know what they see in YouTube, TikTok, Instagram, all of those things.So you have to teach them how to do and which of the investments are well for them.
Dylan Silver (08:22)
I’ve got a granular question about this. When working with international investors, it a more complicated process as a realtor yourself, maybe due to ⁓ financing and due to connecting the moving pieces? Is there additional paperwork or is it more or less the same?The Monopoly Realtor Hector Sanchez (08:41)
Well, at the beginning in the 2012, all of that moment was a little difficult for people that live in the out of the country because they have to move the money to here. They don’t know how to put it. And most of the time they didn’t get financing options. But right now the financing business give too many options for people from everywhere. They just have.to have the money, they have to have the company, they have to pass through a little process, but it’s kind of the same sometimes, it’s a little better because they’re investors, they’re putting more money on the table, so they qualify more easily than people that live here.
Dylan Silver (09:32)
I want to pivot a little bit Hector and ask you about ⁓ renovations and rehabs and your experience dealing with that ⁓ in your business and then also working with clients. Are you at all managing rehabs and overseeing some of these renovations?The Monopoly Realtor Hector Sanchez (09:51)
Well, one of the good things of our company is in most of the business that we do,we walk into it. We do the management. are in all of the steps, checking everything to get the project done in a good, good conditions and good shape for people that are going to get it. Because we are building and renovating houses for people as a home.
not just to flip house or just to flip a multifamily and putting people there. No, we are building home.
Dylan Silver (11:04)
I want to ask you about building homes and specifically ground up construction. This has become a very, I would say, hot area of real estate because fix and flip can be more challenging. a Texas licensed drilter and it certainly is more challenging in Texas. Are you seeing a trend for more new builds in general in Florida?The Monopoly Realtor Hector Sanchez (11:28)
Well, it’s a challenge because people think new build construction is easy money, but has a lot of steps too. It’s better at some point than doing a flip. But at the same time, you know, you need to know that your money is going to stay there for a longer time than a flip. So, so that’s why we are,Dylan Silver (11:54)
rightThe Monopoly Realtor Hector Sanchez (11:58)
catching all of those business. We do flips, we do new bills, we do multifamily because you need to have like, that’s why we call us Monopoly Realtors because we management a little bit of everything because we know we are three partners that management is section better than other. So that’s why people doing new bills, they need to know where they are building the houses.what is the type of the house they’re gonna build, if they’re gonna build a standard house, a high standard, a high end. And sometimes people don’t know that and go wrong with the business.
Dylan Silver (12:39)
Yeah, it’s so true. Do you as well manage some of these properties for them or do you outsource some of the management of them? How do folks manage these properties once they’ve been built?The Monopoly Realtor Hector Sanchez (12:49)
Wehave three assistants, the management, the properties, but we have Monday meetings. Every Monday it’s at 9 a.m. and we have a Friday meeting where we check all the steps and all the process of the new construction, the flipping, how the company worked that last week.
Dylan Silver (13:14)
curious selfishly because I love Florida I’m thinking of investing there myself I know you’re in central Florida so you’re probably privy to central Florida but if I was looking at investing in any part of Florida ⁓ is there one area where you recommend folks to look at these days?The Monopoly Realtor Hector Sanchez (13:31)
Well,it depends what you want to get with the real estate. Because if you’re to get a high-roy, maybe central Florida is better. Because price of the properties is an average price of $500,000. And some of the property that you can have a high-roy is between $300,000.
than Miami for example. Miami the average house is 600. So if you’re get a high rate there, you have to get a better price. But here for example, we move property from Miami to Tampa, because Miami has high taxes, high insurance, and also people can’t afford.
the rentals.
So at that moment you have to lower the rentals. Instead of Tampa, you can have people that can afford the rentals is lower and the prices are lower also. Insurance is very low. You can have insurance in Miami for 4,000, insurance here in Tampa for 1,000. So these 3,000 go in your pocket. Taxes rate.
Dylan Silver (14:31)
Yeah.The Monopoly Realtor Hector Sanchez (14:57)
Down there is 1.7, here is 1.4.So you get a little bit of that advantage. And down there in Miami, you are getting properties, older properties, and here you are getting newer properties. So to give you a percentage, Miami, can get that 5 % in average investment, and Tampa, can get that 7%.
Dylan Silver (15:54)
Hmm.The Monopoly Realtor Hector Sanchez (16:07)
just telling you about rentals, long-term rentals. Other business, Miami, some of the property has high ROI if you do short-term rentals or if you do path split, Airbnb, things. And here in central Florida, if you get Orlando and you have a nice property, not like a one-bedroom property, if you get a five-bedroom.Dylan Silver (16:11)
Yeah.Yeah, yeah.
The Monopoly Realtor Hector Sanchez (16:37)
with a main cave, ⁓ pool, all of that resource tiles, you’re gonna get a higher rate in that short term rental. But it’s just depend what the people are looking for, because Miami maybe you’re gonna get a new apartment, a new condo for $300,000 in pre-construction. And at the end, after two year and a half,or maybe five years, let’s be more realist. And you can get 700,000 condos. But it’s just getting that. It’s not like a year. Because condo fees, all of those things, you don’t want to have any passive.
Dylan Silver (17:21)
Yeah.Add up.
Yeah, it adds up. There’s no question. ⁓ Yeah, it’s ⁓ additional fees that people don’t often think about, but of course add up. I do want to ask you, can we do two minutes in Spanish? I want to see if I can practice Spanish here. ⁓
The Monopoly Realtor Hector Sanchez (17:32)
You’re going to get just equity.Sure.
Dylan Silver (17:53)
It’s clear that Florida is an international There are lot of Spanish speaking and also from other languages. If there are foreigners in other countries, ⁓ you told me Spain, countries in Europe, and people want to an investment in the state of Florida, what is the first step they need topa aprender más sobre los bienes raíces en Florida.
The Monopoly Realtor Hector Sanchez (18:24)
Well, first thing have to do is look for someone who knows RUESTAY, especially a realtor who has the Florida that can guide you to make an investment. Ask them for their idea if they a long-term they a short-term if they want an investment where they have a return on highor simply if they are looking for equity.
Dylan Silver (18:58)
And if these people don’t have much experience in the root can they make an investment or do need a partner with experience in that?The Monopoly Realtor Hector Sanchez (19:13)
Well, with the financial world as it is right now in the United States, there are many options. You need to a partner to make an investment in the United States. You need to have any additional you just need be guided by the right And follow step by step, such as seeing what type of property, then create your company, apply for financing, get the money if you haveThere many ways to start in the wrestling
Dylan Silver (19:48)
Gracias Hector that that I’m working on it. I’m working on my Spanish soon enough ⁓The Monopoly Realtor Hector Sanchez (19:53)
No, no, it’s fantastic. I love it. I was verysurprised when you started talking Spanish so well.
Dylan Silver (20:01)
Well, you know, I tell everybody this, if you moved to Santo Domingo Este, which is where I’m at in the Dominican Republic, you better learn to speak Spanish quickly because there’s not a whole lot of English happening in the east part of the city where I’m at. ⁓ Hector, we are coming up on time here though. Where can folks go if they’re interested in reaching out to you? Maybe they are an international investor, maybe they’re from the northeast or in central Florida and they’d like to reach out to you.The Monopoly Realtor Hector Sanchez (20:26)
Well, they can follow me through Instagram at the Monopoly Realtor or they can search our company that is Florida Smart Investment, it’s FL Smart Investment in Instagram or the website.Dylan Silver (20:42)
Hector, thank you so much for coming on the show here today.The Monopoly Realtor Hector Sanchez (20:44)
Thank you,Dylan. Thank you very much. Have a wonderful Monday.
