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Multi-Family and Apartment Investing

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Jordan Finkelman
  • Development Coordinator
  • Miami, FL
9
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29
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Where are the safest low income places in Miami to invest in?

Jordan Finkelman
  • Development Coordinator
  • Miami, FL
Posted Mar 5 2015, 10:47

Hi,

This is my first post on BP.  Thanks to everyone posting awesome articles and questions.  Up until now I have been reading hundreds of articles over the past several months almost religiously on a daily basis and podcasts daily each way on my 45 minute commute to work (I am running out of BP podcasts and alternate with audible audiobooks).  Also have been starting to analyze one or two deals a day from wholesalers mostly for practice. 

I am amazed at the quality and quantity of content.  I am however stuck on a geographical element of my property search process.  Now am ready to start making offers with the BP buy and hold calculator with a minimum $100/mo /door analysis and very conservative figures for expenses and most likely slightly overestimating them.

Where are the safest low income areas to invest in multifamily in Miami and Fort Lauderdale?  I am planning to make my first RE investment in multifamily up to a small apartment.  Being that I already have a full time job, I would have to hire some kind of property management help.

From common sense it's a lot more economical in the long run and less of a hassle to manage/aggravation to invest in a safer area.  I am fine with low income areas as long as it doesn't feel like I need to be packing heat just to visit the neighborhood.  If I am going to expect my PM and/or send my own maintenance guys out there, the neighborhood needs to be comfortable to be around in.  Low income areas look very different in Miami than they do in the Midwest. 

Images Below: I know it's not a fair comparison, but most of the multifamily I have seen in Miami looks like the quality of the first picture where other markets look like the Nashville MF property here.  Am I missing something?  Where can I find neighborhoods in South Florida that reassemble the second photo?

Thanks!

First one is Miami

Second is in Nashville

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