First Property in SoFla?

6 Replies

Hey BP,

I live in Miami. Graduated from college and am currently working a sales position in Weston - which is a bit of a drive. I'm interested in purchasing a multifamily property and househacking, likely in the Broward area given the proximity to my job. That being said, I'm not overly familiar with the Broward area.

What areas/neighborhoods would you recommend taking a serious look at? And what places should be avoided?

Thanks in advance!

You should drive the neighborhoods and see which one you like best. Then you can call a property management company or a realtor and they can point you in the right direction.

Since you're living in it then it also has to be a nice enough area where you would be comfortable living.

To piggyback on what @Antoine Martel said also drive the neighborhood at night as well. Sometimes depending on the city or town there may be more activity when people are out of work. This may also help you determine what areas you want to live in. Also if you choose to househack think about checking out the going rents in that market. What I typically do is go on rental websites and search for rentals in the areas I am interested to help gauge what they are going for.

There’s a lot of places you want to stay away from in South Florida. I also lived in Weston and now a bit more south. I would look into nicer areas of Delray or even look to going north towards lake worth. You have a huge multi family presence in the Hollywood area as well just have to choose wisely there...good luck!

@Diego Ramos the only multi family units you will find in west Broward are going to be in Coral Springs, Coconut Creek area. All of these will be in the mid $300's to mid $400's. I would say 90% of the multi families are east of the 441 area. If you have to drive to Weston try finding something close to the highways so your commute isn't that bad. The most important thing is your financing! Most of the multi families I've lost this past year have been to cash buyers and over asking price. Most of it is foreign investors. If you find something that fits your criteria make a very strong offer price wise and make a short inspection period to make the offer more enticing to the seller. If you have questions feel free to contact me.

Good luck

Good luck, expect to pay over market prices for multi family in a decent neighborhood unless you learn how to market to find motivated sellers yourself, can do some serious MLS magic with a magical realtor. Educate yourself for a deal, or buy over retail and make the money back via long term rents.

Everything @David Sicherman stated is 100% accurate. It took me months to find a fair market value property in a good neighborhood in E Broward. When a good deal finally came to market I made a full price offer sight unseen within minutes of it being listed. Have a realtor set you up on an auto email with your criteria. Spend the time learning your target areas so you are in a position to act fast. Get it under contract and ask questions later.

In the interim make offers at the number that makes sense to you. Worst case you get rejected and move on. You can find a deal here and there but it is most likely not going to be in a neighborhood you want to move into. That limits you so as David mentioned, you may have to overpay. As long as you plan to hold the property long term and don't over pay by too much, the deal will make sense. 

If you are trying to get into a good Broward neighborhood I wouldn't expect cash flow. I'll be breaking even on mine and that is after rent increases. It is also in a speculative neighborhood with many new private and city projects breaking ground. That is a deal in my area. Buy in up and coming areas. Lot of construction going on. Don't skate at the puck, skate to where it is heading.  

If you have questions on specific neighborhoods E of 95 Im happy to offer any insight I can. Hope that helps.