Hello everyone, I am a first time buyer looking to purchase an owner occupied duplex in Miami. I have 20k available and plan to go 3.5% fha for down payment. I’m looking to grab something in the city if I can, but does anyone have recommendations of up and coming neighborhoods outside of the city that may be more cost effective/does anyone recommend trying to wait the market out?
@Tasbeeh Corporan-Francois hello welcome to BP. Pretty much everywhere in south Florida is increasing its productivity rate. Everyday more and more construction is being done. It’s getting expensive and market values are rising rapidly with all the rehab jobs that are being done.
Another key factor is the US biggest mall is being built in south Florida and should be completed by 2025. I don’t think I need to mention that, that alone will increase jobs and the market as well. Now is a perfect time to purchase a duplex, triplex, quadriplex or any multifamily for that part.
Although you must do your due diligence before taking someone’s word just know I’ve been living in south Florida for a very long time and understand that I’ve seen the market go from bad to good in a very lengthy time.
Good luck on your endeavors!
Thanks for the info if theres any deal you might not want send it my way. I'll appreciate it!
Areas I’m personally looking at for duplexes in Miami:
- silver bluff
- buena vista
Hard to find good deals right now but they should be in your price range
@Anthony Tumbiolo Thanks for the info man I’m definitely taking a look at these areas, Come cross anything deals That you think is a good deal send them my way I would appreciate it‼️🤘🏽
@Tasbeeh Corporan-Francois happy to
Will send you a message now
Hey @Tasbeeh Corporan-Francois
My recommendation would be to inform yourself on the MFH market in Miami.
The duplexes, triplexes and so on tend to be really unique here and numbers are not always so clear cut.
After understanding your market(s) my next recommendation would be to get all your financing ready. One of the silliest ways to lose a deal is because you procrastinated on getting your paperwork in order.
After that is just to be diligent. You will crunch 20 property analysis's before you find one even worth visiting. Don't let this discourage you.
Good luck and happy investing!