Miami investors, where are the deals?

[Jose Alonso]

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.

[Andrew Hernandez]

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.