Miami,FL Rental Areas
Im looking to make my 1st Rental Property purchase here in Miami, FL. I have been approved for a 390k conventional mortgage as well as a 375k FHA. I understand I cannot use my FHA to Finance my Investment property. I plan on keeping my budget at $200,000 or under as I have the 20% down payment at this price point with money left over to make any renovations needed. I was looking into purchasing a home to live in but was sad to find that Miami is more expensive than I thought. Anything nice, worthwhile, and in a decent area will cost me $2,100 a + a month including PMI. I decided it would be better to continue to rent as my current rent is only $800 because me and my partner split the bills 50/50, while I start a real estate investment portfolio. At $800 a month, it leaves me with more than enough free cash flow a to live comfortable and keep emergency funds. My questions to you Guys/Girls are the following:
- What are good Rental producing areas in Miami at this price point?
- Are there any websites I can use to find out what I would be able to rent my investment out for?
- Any advice to someone looking to begin their real estate portfolio?
- Is this even a good idea?
- What renovations can be made to increase the value of your investment?
- What is considered a "good" ROI?
Sorry for the ignorance, I just want to make sure i'm making the right decision. Thank you for your time.