I am looking to buy property in Miami, Fl and can't seem to know where to even start. I think about where I would want to live and think, Coral Gables, Brickell, Downtown and all these crazy expensive places which I know is probably not a good place to start when buying my first property. I was looking for some guidance as to what your suggestions are in buying a property in an area that is not crazy expensive, but would still bring in a nice income. My ideal budget would be no more than $300K, but at that amount I am looking to make a good $800.00 in profit monthly if rented out. I will also be financing, does not need to be single family, I am open to other properties, such as apartments, but if an apartment, can't spend more than $140,000 since I am looking to avoid PMI and would like to put down the 25% required to avoid this. Any suggestions and thoughts are appreciated.
For single family under $300K you will probably need to look west of the palmetto. Condos under $150K will be older buildings and most likely a 1 bedroom. If you want me to help you with your search message me your contact info.
Hialeah is the best rental market in Miami. If you can find something there that cash flows well, you'll never have problems filling vacancies or collecting rent.
Look for a 4 plex- this Guy Carlos is a hieleah Natzi because he loves the cuban coffee and cigars
Thank you all for your input, it's really helpful. I would have never thought about Hialeah, but you do have a great point, there are always people looking to rent there. Any particular area in Hialeah or anywhere is fine? Thanks again.
@Megan Cepero welcome to BP! As others have said, Hialeah is a great area to consider...North Miami and Miami Gardens are also excellent rental areas, but I don't know which would be most convenient for you distance wise. With $300k, in these areas, you could probably get 2x SFH, 2x duplexes, or 1x tri or quad plex. If you'd like, shoot me a message, maybe I can help you find something. Either way, best of luck to you!
Hello @Account Closed ,
I find that Miami Gardens, North Miami and North Miami Beach are hot markets right now for investments. Hollywood is good too but that is toward Broward.
Since you are investing for the first time, so in this case buying a flat in residential apartments would be a better option instead of buying a property. Flats are very easy to buy and you can take control on its fund, in conclusion the return is also very good.
I own a lovely Hialeah SFH. Great rental market.