Investor · Miami, FL · Member since 2015 · 66 posts · 9 votes
Hey guys and gals. I'm in Miami currently shopping for my second rental property whoo hooo, but I'm having trouble finding good deals. So I thought I would ask you all. Where are you guys finding good deals? Whole sellers? Auction? MLS? anything else? Thanks in advance for the input.
High prices are making it difficult to achieve the 2% rule or even the 1% rule. You may want to look further from the city. Newer condos in Homestead are reasonably priced, as is Miami Shores. Driving for dollars in established neighborhoods is also a consideration (Palmetto Bay, Cutler Bay, South Miami). I am currently looking to split a duplex/tri with a friend as you usually get paid more rent/sq. ft.
High prices are making it difficult to achieve the 2% rule or even the 1% rule. You may want to look further from the city. Newer condos in Homestead are reasonably priced, as is Miami Shores. Driving for dollars in established neighborhoods is also a consideration (Palmetto Bay, Cutler Bay, South Miami). I am currently looking to split a duplex/tri with a friend as you usually get paid more rent/sq. ft.
Yea @Brian Garrettit is a tough market right now. I wonder if we will see a change in that in the next 12 months. Hey @Andrew Hernandez good luck with that men. Are you a loan officer? I currently own a duplex in west Miami live on one side and rent the other. Looking for a property to purchase in the next 90 days trying to stay below 140,000k lol, have to wait and see like Brian said its tough.
I've been studying the Miami market since November last year and has anyone else seen a noticeable price uptick in duplexes/tri's/quads? It's like that market got super hot and inventory vanished in the last 30 days.
I was comparing some of the prior sales prices for units on the market and several sold for a $100k just over a year ago! (Obviously, don't know the condition they were in at the time but they didn't feel like flips.)
Hey, I get a lot of wholesale properties in Miami and South Florida. You can shoot me a text @2394409183 and I can send you some inventory I have atm. Currently have a property in Coral Gables asking 625 needs about 35k in cosmetics. Comps are around 850.