|
POPULAR LINKS
INVESTOR'S FOCUS
REAL ESTATE TOOLS
FORECLOSURE RESOURCES
LANDLORD CENTER
FIND SPECIALIZED PROPERTIES
LOCAL RESOURCES
|
Miami Real Estate (or just FL in general)
13 posts by 7 users
Openadonutsh...Real Estate InvestorAtlanta, Georgia 
|
is anyone invested in Miami? I'm a 20 year old college student so while i work on my degree at UM i want to buy a property (in Coral Gables hopefully) and rent out the extra bedrooms. Unfortunately, I keep hearing horror stories about the market in Miami. Now, i know the Florida market is down and is expected to keep droping until the end of the year where it will begin to slowly rise comming into 2009... so wouldnt that make it a good time to buy? I keep getting mixed reviews on wether or not buying property there is a good or bad investment. Any advice/info is very much appreciated! p.s. any FL investors need a bird dog im your man. I have no properties tied up at the moment but i usually come across one or two a month... mainly in the Orlando//Daytona Beach area. Anyway if you looking for property in this area let me know, im sure i can find you something. |
||
|
|||
Eric F.Real Estate InvestorPortland, OR 
|
Personally I’m not in that market... but I hear it is tough there. I saw something on 20/20, Dateline, Nightline, or one of those types of shows... Where they had the owner of the company called " Condo Vultures" ... thought it was a kick. They track current vs. previous sales prices and watch the % of price reductions, over what period of time, to look for the desperate sellers. Funny enough... the reporter doing the story and interviewing this guy happened to look out into the sky and asked " aren’t those Vulture's flying right there" and they were! As far as your question… I would be concerned with buying something now and then have it go down in value further… I’m sure you have already thought of that! If you are in for the long haul, and you can get a “Deal” now… I personally would probably wait and watch the market for the next 6 months… My 2 Cents! |
||
Eric F.Real Estate InvestorPortland, OR
|
It was on Nightline... Here is a link to an overview of the story... http://abcnews.go.com/Video/playerIndex?id=3860672 |
||
Openadonutsh...Real Estate InvestorAtlanta, Georgia
|
pretty interesting stuff. Thanks for the link. CondoVultures.com actually has some helpful articles on the site about the South Florida real estate market. |
||
Eric F.Real Estate InvestorPortland, OR
|
Glad to try and help... Good luck! |
||
Mike S.
|
I'm closely watching the market and trying to decide what to do next. Part of me wants to err on the side of safety while the other part is reminding me that the rewards you get are for taking some risk. I'm going to wait a little bit more...still have a couple ducks to get in a row before I make a move. Here in Lee County, things seem to be dropping hard. I can't believe how it's *everywhere*. People I know (the non-RE interested ones) are in trouble, a lot of units in my area are for rent, people are moving out with their tails between their legs it seems while others are saying that they're stuck where they are because the can't sell. When you look up the purchase prices from a year or two ago and compare it with the current market prices...man, it's scary. I'm still in a good position, and I'm working hard on preserving that! |
||
Openadonutsh...Real Estate InvestorAtlanta, Georgia
|
yeah definitely. I'm going to try to take advantage of it. Yesterday I found two properties im very interested in buying.. strangely enough they are right next to each other. Cosmetically they look horrible... i dont know if they are for sell or not, but they appear to be vacant. After a little research at the county court house i found out that the owners are both out of state, so im going to write them and see if they are interested in selling. Hopefully i can get a steal. As of now im only birddogging but if i can convince the owners to sell, I will definitely buy one (or maybe both) for myself... assuming there is no major damage to the house. |
||
Philip R.Residential Real Estate AgentHollywood, FL 
|
What is birddogging? I'm not familiar with that term? |
||
Toby M.Residential Real Estate BrokerAspen, CO 
|
Is it correct that real estate taxes in Florida are 2%-3% of property value?
Here in Aspen you can own a place that costs maybe $7m and pay $5k to $8k in taxes. The tax liability itself would make me hesitant to buy in FL. But it would be a second home for me. |
||
John W B.
|
bird-dog also bird·dog (bűrddôg, -dg)
|
||
Philip R.Residential Real Estate AgentHollywood, FL
|
Pretty Funny! It was only 1 month ago today that I asked " What is Bird-dogging?" Now I have become the Bird Dog in my office. I've been learning fast and have found 3 properties that have closed since then. Now I just need my own investors and I'll need " bigger Pockets" to hold the added income. I've said this like 10 times but one more won't hurt. Thanks Bigger Pockets and all of its users for sharing the information that has quickly helped me develop as an Agent in the REO market. |
||
Philip R.Residential Real Estate AgentHollywood, FL
|
Yes, its true, and SAD. Legislation has proposed lots of resolutions but none of them seem to go through. They recently raised the homestead exemption but it doesn't much help investors. Insurance is also a killer here too, since the terrible hurricane season from a couple of years ago. |
||
Raymond B.Real Estate InvestorJacksonville Area, FL 
|
Taxes vary in FL, right now in Jacksonville (NE FL) I'm paying about $2,000 a year on a 250k home that is assessed around $200k. My county is one to two mils lower than neighboring counties. Home owners insurance is the biggie that everyone is complaining about. Rates have risen greatly and many insurance companies refuse to write new policies in the state. |
||
Posted: 01/14/2008 at 10:56AM
