Are there any particluar avenues of real estate investing (Flipping, rentals, etc…) that seem to be working better than others in the Miami,Fl market ?
I’m not from Miami but I would say that all of what you mentioned should work. Tell me, how many of the strategies have you tried and failed at? I would also say that Florida has been hit pretty hard with foreclosures so you might what to try that.
I am not in Florida either. You have done the correct think by asking. One thing to remember is that everybody says you learn from other’s mistakes. I contend that you can’t learn to succeed from others mistakes you learn to succeed from others successes. If I tell you 50 ways that I failed you have pretty good idea how to fail but you still don’t know how to do it. No matter what anybody tells you all real estate (just like politics) is local. You have to do what works in the market you are in.
My philosophy is to find somebody that has what you want and copy what they are doing. Don’t reinvent the wheel, don’t fix up what they do, do what they do. Make sure that they are doing it now so they have current knowledge. Miami had really high appreciation in the past but it is not appreciating now. So don’t try to do the techniques that worked during those high appreciation years (preconstruction condos, etc). Do what is working now.
Qualify the person that you are using as a guide by making sure he has the results you want. He has the health, wealth, time with his family you want. Make sure he got those things using real estate and not from his law practice and he just happened to own a few houses. Then imitate his strategy and do it just like he does it.
Hi david what do u do? If you want to invest or work in the real estate then you must have a job. Get a job first. Suppose you have it then get a mentor and follow that person from all directions. Following a successful person makes you a successful person.
Every strategy works in Miami! YOu just have to pick one you like. Like everyone else said get a mentor. I know there are a heck of a lot of short sales and REO’s in Florida right now!!!
Forget short sales in Fl, less than 20% will close. Rehabs are always good. Prices are dirt cheap now. Rentals are tough since SoFL is hit hard with unemployement and many can not pay rent.
People have bad credit in Miami, many are illegals, etc. But that does not mean they have no money.
I look into small rehabs priced right. Fix and sell owner finance if you have the funds to buy cash. Seller financing with xamount down which can cover a good percentage of your investment.
EX, in MIami gardens area you can pick up a rehabber for 50K-60K. put 10K in it, do most of it yourself and save. Then rent for $1200-month or, seller finance with 20% down. Sell for $100K with a 2-3yr option. They have to pay taxes/ins as well plus all home repairs. They own it your the bank. Less headaches
So buying preconstruction condos works in Miami?
[[[[…So buying preconstruction condos works in Miami?..]]]]]
I’d tend to question the sanity of anyone who is building a new condo building right now with so many foreclosed condos on the market.
However, it might be a screaming good idea to purchase a distressed apartment building and convert. It depends on what kind of deal you can get on the apartment building. See what the math says.
(I’ve always thought that buying pre-construction was just about as high risk as you could get in real estate investing. Too much can go wrong and too much is totally out of the investor’s controll)