Hello BP friends. I've been searching for multi-family properties (2-5 family) for the past month in Homestead FL, Flordia City, Fl, and the North Beach areas. I'm using the BP rental calculators for the numbers, so that part is covered.
I've love to hear general or specific feedback from property owners within these areas. Any advice for a newbie would be greatly appreciated? Pros or Cons, if any? Any preferred sections to explore or spots to avoid within these areas?
Thank you for all your help.
Hey @Gregg Farrauto I know you posted quite some time ago and wanted to see if you ever got any advice outside of BP regarding Homestead or Florida City? There are certain areas in both Homestead and Florida City where most of the multi-family is concentrated. These areas in Homestead for the most part are C class neighborhoods with almost everyone in the area being renters. I cover these areas and also invest here locally as well. If you have searched for multi-family here, you will find that they do not come on the market very often... and when they do, they go pretty quickly. For example, a nice duplex (2 - 3/2 units built in 2005) just hit the market a couple weeks ago for $325k and it went under contract in about a week.
I would recommend focusing on Homestead over Florida City without a doubt. Florida City has a lot of violent crime... especially in the areas where the multi-family units are located. There are some decent areas of Florida City but it still has the stigma of a bad area associated with it. This keeps rents and resale values lower than other areas. Have you made any investments in South Florida since posting this?