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Investment & acquisitions

We buy income-producing real estate we intend to hold, improve, and operate ourselves — which is a very different discipline from buying to flip a spreadsheet.

Investment

We underwrite as operators, not as bidders.

The people modeling the deal are the people who will run the building. That changes what goes in the model.

Deferred maintenance is priced as work we will schedule, not as a line item we hope the inspection missed. Turn costs come from our own history. Rent growth is what the submarket supports, not what makes the return look good on a page.

It makes us slower to say yes. It also means the assets we do buy behave the way we said they would.

In every model

  • True operating expenses — taxes, insurance, utilities, and the Florida insurance reality, not last owner's numbers.
  • Capital plan by year — roof, systems, and unit turns sequenced and funded.
  • Downside cases — what happens at higher vacancy, higher insurance, slower rent growth.
  • Exit assumptions stated plainly, including the case where we simply keep holding it.
  • Ancillary revenue modeled separately, never used to rescue a weak rent roll.

Acquisitions

A straight process for sellers and brokers.

If you bring us something that fits, you will hear back quickly — and if it does not fit, you will hear that quickly too. We would rather be a fast no than a slow maybe.

01

Initial review

Send the address, unit mix, rent roll, and trailing expenses. We screen it against our criteria and respond, typically within two business days.

02

Letter of intent

If it works, we issue an LOI with price, terms, diligence period, and closing timeline written in language you can hold us to.

03

Diligence

Inspections, lease audit, title, insurance quotes, and vendor walkthroughs — run on a schedule we share with you up front.

04

Close & transition

We close, then our management team takes over the same week. Residents get a single clear notice, not three conflicting ones.

Criteria

What we are looking for.

Our focus is South Florida — Broward, Palm Beach, and Miami-Dade — with selective interest in comparable markets elsewhere in the state.

Acquisition criteria for PIP Bodega Realty
CriterionWhat fits
Asset typesMultifamily, small mixed-use with ground-floor retail, and portfolios of single-family rentals
SizeIndividual assets and small portfolios; we look at deals other buyers consider too small to bother with
ConditionStabilized, or value-add with a fixable problem — deferred maintenance, weak management, below-market rents
GeographyBroward, Palm Beach, and Miami-Dade counties first; other Florida markets considered
Hold periodLong. We buy assets we want to still own in ten years
SituationsTired landlords, estates, partnership splits, and off-market owners who want a quiet, clean sale

Have something that fits?

Send the details and we will give you a real answer, not a form response.

Improvement

Capital goes where it comes back.

Improvement is not renovation for its own sake. Every dollar has to shorten a vacancy, cut an expense, raise a rent, or keep a resident.

  • Systems first. Roof, plumbing, electrical, HVAC — the failures that cost the most when ignored.
  • Safety and lighting. The cheapest retention spending there is.
  • Efficient unit turns. Standardized finishes, pre-ordered materials, days not weeks.
  • Amenities that get used. Laundry, parking, package handling, and the on-site bodega.
  • Curb appeal last — it matters, but not before the roof.

Selling, or looking for a partner?

Owners, brokers, and capital partners — start here.