What cities are good to invest in South Florida?

13 Replies

Hi BP community, 

I'm new here and happy that I found this great group of real estate investors.

I moved from Southern California to Boca Raton and started to look for good deals in South Florida. Would love to get your perspective on the market and connect with some realtors who are mainly focused on investment properties. 

Any advice from someone who have worked with knowledge and experienced realtors in South Florida? 


PS: I currently have 4 investment properties:1 in Seattle, 2 in Indianapolis and 1 in SoCal and want to start with multi family properties. 

Thanks! 

I would suggest the best way to gather information is meeting with the local investor club and speak to real estate agents. An added bonus is forming a meet up group to discuss your purchasing goals.

@Leonardo Maia , the greater Seattle market is great. You already have a property in Seattle, so you know how competitive the marktet is in here. It leans a little more towards appreciation more than cash flow. That said, we still have a lot of good deals that are generating amazing cash flow.

Let me know if you need help in here in the Greater Seattle area.

Cheers,

@Leonardo Maia

Welcome Leonardo!

That’s a tricky question, as it has a lot to do with your risk appetite, asset class, and investment strategy.

I my opinion, however, some good, strong markets are:

- Allapattah

- El Portal

- Homestead

- Fort Lauderdale

- Hollywood

Good luck!

I couldn’t agree more @Sherief Elbassuoni thank you. My first investment property was the one in Lynnwood. WA. It was a foreclosure I bought back in 2013 and the condo triple in market value. Definitely, an awesome win for appreciation considering it was my first RE investment.

I’ll let you in case I decide to re-invest in the area. I think it has a lot of potential with lots of tech companies there. 

@Alberto Mazatan Trevino , thanks fir sharing your thoughts. 

My idea is to a Brrrr and pay cash for a small condo between $50-100k. Goal is mainly cash flow and refi in the end. I want to try something in South Florida since I live here now and Boca Raton is growing quite a bit.

I’ll take a look at the cities you mentioned below. Do you have any realtor recommendations? I need to create a good team here as well. 

Thanks! 

@Leonardo Maia

I see. That’s a good idea.

With that in mind I would focus on a condo with low HOA (as they tend to get very high down here in south Florida which results in squeezing most, if not all, your profits).

I'm not very familiar with the Boca market but I would suggest to contact a local agent in the specific market you want to buy.

Also, having a team you can trust is key. I have a few contractors that could help you with the repairs, and if you are looking for Miami dade or Broward county I could assist you.

For BRRR right now is a good time in south Florida due to the fact that prices are going down for condos and you can get a good deal for your money.

The challenge is that rents are also going down.

Based on your price point and been realistic on my experience, I would focus on buying something that after paying all expenses (mortgage, taxes, insurance, repairs, etc) leaves you with $50-100 per month profit. I don't know what your expectations are but it's important that are aliened with what the market can offer.

Good luck!

@Leonardo Maia

Just google Brokerage companies in XXX and call them. Go see their offices, meet them, ask questions and get a feeling on their expertise in the market you are trying to enter. I would start with big name brokerage firms as some of them have different departments and agents that specialize in different type of assets (residential, commercial, industrial, etc).

The best way to go about it is by learning yourself about the market you are trying to enter, that way, when you talk to someone that says they know about it, you will be able to figure out if they do have experience or not.

Some investors try to find the “perfect agent” with access to off-market deals, amazing opportunities, and so on. But the reality is that there’s no such a thing. Of course there are great experienced agents that will work with you and help you finding good deals, but don’t rely your future or dreams on them, be proactive.

This is why I encourage you to dig deeper into the industry, and here some pieces of advice:

1. Get involve in your local market, assist to government events (now they are mostly virtual which is easier to be present) to learn about the projects the government has, new regulations, new highways, new developments approved, etc.

2. Read the news. I use the app "the real deal" which talks about real estate news in Florida. I also read every morning apple news , but I go to topics and have Real Estate as my main topic so all the news are related to that topic.

3. Learn, learn and learn. Here at BP you can find really valuable information and real life anecdotes from people like you and me that are in real estate. I also listen to their podcast every time I’m in the car.

Also, read books on real estate or take online courses. I recommend Udemy for the courses.

4. Network. Just like you are doing it now, talk to people, ask for advice, be a sponge and even though you may already know a lot, pretend you don't, and let people tell you their perspective on topics of your interest. You will see how that will change your view and a lot of times, help you avoid mistakes and have a more objective opinion on such topics.

Best of lucks!!

@Leonardo Maia welcome to S. Florida Leonardo! This is a tough market, but there are still deals to be had. Single family rentals are in high demand right now. There are deals to be had in the condo market as inventory is high and there’s not a lot of demand. Feel free to reach out to me if you need anything. Would love to help you with your hunt!