San Francisco, CA · Member since 2016 · 75 posts · 26 votes
Hi everyone! I'm just getting started on buying SFH / Small Multi-Family Homes in Florida. I'd love to speak with folks who have been successful in this market. Ideally having purchased homes in the last 1-3 years.
- Which cities in Florida? I'm open. I'm moving to Miami so Miami would be ideal but might not make sense.
- What type of real estate? I'd like to buy a few SFH or a small MF and take it from there.
I'd really appreciate it. I have some time on my hands, so looking to be (somewhat) active. I.E. I am NOT looking for a syndicate.
Real Estate Agent · Member since 2019 · 15 posts · 4 votes
4y
Hi Kusum, I'm a realtor in Miami working with many Canadian investors purchasing a variety of different properties - Condo, SFH, 2-4 and 5+. I can tell you that with the low inventory, it's getting very challenging and you can't be too picky. What do you mean by multi, 2 to 4 or 5+?
Real Estate Agent · Tarpon Springs, FL · Member since 2021 · 23 posts · 9 votes
4y
Hey Kusum! I'm in the Tampa/Clearwater area.
I haven't invested myself yet, but I have been studying the market for Multi-Family/Income generating properties (Duplexes/Triplexes/Quadplexes).
Because the market is so hot, they're producing about a half-percent monthly. I haven't seen much that hits the 1% rule as far as monthly cashflow.
I've been hearing people say they are staying away from the coast and recommending Lakeland and Ft Myers areas for finding better/cheaper deals.
I've been keeping an eye out in those areas. So, I'm just watching and studying the market here.
If you are looking for something specific, let me know and I can let you know if I find something that might interest you.
Feel free to hit me up with any questions.
PS. On the flip side, I was at a closing the other day, and the seller told me that they have a small home (smaller than the townhouse she was selling) that's a short-term rental down around Manatee/Sarasota that generating about $22,000 a month
REALTOR, Investor, and Rehab Expert · Miami Beach, FL · Member since 2015 · 196 posts · 74 votes
4y
Hello @Kusum Chanrai Im involved in the miami/ft. lauderdale markets. Im happy to discuss later in detail. Nonetheless this market is highly competitive depending on the exact local area and prices. It seems that the reason certain areas haven't appreciated faster is due to the lack of inventory. It also seems that this will be the silicon valley with several fortune 500 companies leasing thousands of commercial sq ft in Brickell. It is truly exciting to have been raised here and watch the town spruce up with major developments go from planning to breaking ground and higher than the previous development. Personally, it keeps me grounded and focused in investing and building relationships because those that cant keep up with the cost of living will need to reconsider.