Investing In Florida

[Amber Leigh]

Hi everyone, I’m looking to do a multi family investment. New York prices have become crazy so I’ve been thinking of doing Florida. Some areas were considering are Miami, Fort Lauderdale, delray and Clearwater. We’re in the early research stages and are taking a trip down there this month. How is rent in these areas? Anyone have any tips or input? Thanks 

[David Collier Jr]

@Amber Leigh - My target market is an area in Broward. I agree with Tchaka, the numbers aren't great for long term rentals unless you can find an off market deal or listing on the MLS with time sensitive sale needs. For example I got my property from an owner that needed to liquidate due to a divorce.

Any "good" deal on the MLS requires IMMEDIATE action. There is no time to run the numbers, set up a showing, discuss with partner etc then decide. My property was 5 mins from me when I got the email and I wrote a full price offer within 30 mins of list. You can do that if you really know your numbers.

I have been considering Boynton/Palm Beach and have clients (insurance broker) with portfolios in those cities that are doing well. They are however getting pre-market listings from brokers who represent investors.