Miami Beach, FL · Member since 2013 · 24 posts · 3 votes
I've been looking for properties in the Miami area from SFH and multi-unit properties . But everything I search looks over prices , most of my property searches have been through MLS. Is there any active investors in the Miami area experiencing the same. Also how do you feel about investing in condos?? Any advice or suggestions are welcomed. I'm still working on my first DM campaign n should be off the ground in about a month . Thanks in advance for your comments
I know this thread is old but the prices here in South FL are out of control, "wholesalers" are marketing properties 10-14% ARV and on top of that most of them market the same exact properties. Best bet is running your own campaign and working from there.
I woudn't be looking for deals on the Miami MLS right now. There's too much competition driving the prices up too high to make sense. Other than the occasional REO, we get most of our deals directly from homeowners.
@mark masiel, we are buying discounted property from homeowners who can't or don't want to list their homes on the MLS. Most of our deals come from direct mail to a highly targeted list
@ Oscar, that's what we aim for when wholesaling a property, but we aren't averse to paying more depending on how the deal is structured and the property condition.
There are still some occasional deals in the MLS, one just has to consistently dig for them (I'm in West Palm Beach and we share the same MLS with Fort Lauderdale and Miami). I can honestly say that they are tough to find, but they are out there. Move QUICKLY when you find one, and don't rule out the MLS completely. The more irons in the fire, the better. Direct mail campaigns will probably garner you more properties, but it will be more costly. Postage adds up!
As for investing in condos, I'm not a fan. First of all the HOA fees eat up a lot of the cash flow, oftentimes down to a non-acceptable cash-on-cash return, making finding condos that do cash flow appropriately more difficult to find...and that's until the HOA doesn't up the fees.
Second of all, so many of the condo associations here have "no renting the first year" or "no renting for the first two years" as restrictions that are not always disclosed in the MLS. If you find a deal that looks like it will cash flow appropriately, make sure you read the rules & regs of the HOA, the bylaws, and take a close look at the budget as well. Upcoming special assessments for a roof that needs to be replaced or other capital improvement can kill your deal and once you're in, you're stuck with the bill if you don't negotiate the seller to pay it.
And last but not least, if the building/association drops to less than 70% owner occupied units, forget about getting a loan in the development until the percentage goes back over 70%, which can kill your exit strategy.
I don't mean to rain on anyone's parade, just be careful out there!
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Thank you, @elio levy for explaining that. What Buddy says about condos makes perfect sense.
Any areas within 1.5 hours of MIA that has good potential? I am looking for a duplex, perhaps 80k-100k. Will live in one as a base to possibly buy and flip in the area. Any ideas?
@Ervin Alex The miami market is getting really hot due to all the money coming in from over seas however there are still plenty of deals all over you just have to be consistent in your work and keep searching for them.
The reason MOST people don't invest in condos is because of the "hoa" fees. The trick is buying a property for the right price so that doesn't matter.
I buy properties through tax deed auctions in 13 different counties here in florida.
I usually purchase these properties for 60-70 cents on the dollar then resell them for market values making big returns.... So if you were purchasing properties like that ask yourself would hoa fees really matter? No.
Don't be discouraged by others Condos are great. Just make sure you do the numbers right.
I've been looking for Florida investors interested in buying Florinda mortgage notes. If the notes are underwater, they end being better for the note buyer, then if they had equity. I can find FL notes for 50-70% discounts compared to ARV.
@Ervin Alex Single familys , condos , town homes , twin homes , ect all have the same denominator - Seller motovation is the key The more motovated the better the potential deal Properties with no equity on the surface can be turned into homeruns if lien holders are willing to discount ! It's a numbers game Keep your motovated seller leads coming in consistantly. Learn to do your own title searches (medium learning curve) and create solutions to the owners pain in such a way that you can profit from the transaction.
Mark Gustafson Great post but how exactly would you get motivated seller leads and how would you get them to continue to come in constantly?
I ask because that is a topic that as a beginner I understand will be the key to my real estate business which is getting leads from motivated sellers. So it would be great if you could tell how you do it and or what's all the options to finding motivated sellers attracting constant leads.
Like @AndresCalderon said -- the trick is just being patient and finding the right deals at the right time...The Miami real estate market is very competitive and very prone to information asymmetries. You need to know the right people, actively engage them and keep going at it to find the right deal. It took me a while before I started my first deal, now I own several properties.
I know this thread is old but the prices here in South FL are out of control, "wholesalers" are marketing properties 10-14% ARV and on top of that most of them market the same exact properties. Best bet is running your own campaign and working from there.
@Yasmine Bisumber Miami-Dade deals are rare but they do still exist. I actually see several everyday since we connect our fellow investors with them. What I see highly effective here is persistent MLS search day after day, continuous social media presence, but more importantly is the right connections with REO realtors, lawyers, auctions, and homeowners.
My name is Duriel Taylor, from Miami FL. After reading your post allow me to ask; how would you be willing to partner and or guide me through deals here in the South Florida area?(in the wholesaling sector) I could send investors your way and also if you could send me potential great deals we can slit said profits. At your earliest please give me your thoughts. I look forward to hearing from you soon.
I know this thread is old but the prices here in South FL are out of control, "wholesalers" are marketing properties 10-14% ARV and on top of that most of them market the same exact properties. Best bet is running your own campaign and working from there.
Not all Wholesalers are created equal, if you would like experienced ones in Miami let me know.