Investors in Miami, Florida

19 Replies

Hi all, my name is Francesco, I am an Italian lawyer, currently investing in Miami and south florida area.

I have been doing this for me and for some investors and friends since 2012, and I am planning to extend the operations in the area starting 2015, with some new area of interest and projects. We are currently satisfied about what we have done and we are confident about future developments.

I just knew about this site and I thought it could be interesting to see other's experiences and ideas. I will try to share mine, for what it's worth.

Good luck to all for your deals!

Ciao

Francesco

Hey @Francesco Labbate thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

Oh - and be sure to set up some Keyword Alerts- especially for "Miami" so you'll be notified when people mention it here in the forums.

Thanks again for introducing yourself!

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Hi all and thanks for the welcome…

@ Colin So far I did several flipping deals and some other deals based on buying/rehab/rent/resell. We did not have an area of interest as long as numbers work for us, we did something in Homestead, Hollywood, actually focusing on Midtown and Little Haiti. We are normally not interested in the Beach as there is not good business there, too much competition and ridiculous roi. We just took there a 5 apartment building but it was an exceptional situation and good pricing, we are going to resell it soon.

What do you do instead?

Nice to know all of you.

Francesco

@Francesco Labbate

Welcome to the community! Now get active. Post questions, read blogs, and I always suggest a podcast marathon. There is so much information in them, and it is a free education. Good luck!

@Francesco Labbate ,

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Raymond

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Originally posted by @Van Der Fran :

@Francesco Labbate, could you elaborate more on why you are staying way from the beach?

I am new to south F, I am buying a Condo for me at the beach and planing to jump into the buy-rehab-rent right after I settle down.

Thanks

Van Der

 Hi @Van Der Fran (can't mention properly with link for some reason) I would say (in simple words) that Beach is not for the aggressive investor, unless you have very important and qualified introducers (you know what I mean) for getting real deals.

Sometimes you can do good deals by flipping, but negotiations are difficult, sometimes long, competition is sometimes insane as they offer even more than wise, and for some reason many many contractors charges more than normal for working on the Beach (and, given that even normally they are difficult subjects, this add another difficulty.

Final pleasure, City of Miami beach is crazy (I proved on my skin) and they are really picky.

Ah, forgot to mention that if you plan to buy and rent to hold, revenues are ridiculously lower than in other places. Condos especially.

That should suggest you to rent a condo if you really love to live there (I suggest you Downtown in that case, but that is really personal) and use your money/loan to invest somewhere else.

Always available to discuss, for the rest.

Cheers

Hey Francesco! 

Welcome to the Miami market and Bigger Pockets! Both are swell, I think it a very wise decision to get involved with the Miami market. Best of luck!

Meirah  

@Francesco Labbate  

I agree, Miami Beach is good for capital appreciation, not cash flow, unless you find buildings that are zoned for & allow short, term transient stays where you can make good cash flow renting as a Vacation Rental. However, that is more management intensive.

 I have done rehab several flips in Miami Beach & its all about the acquisition price. If you buy right and get a good deal, selling at retail market value to an end user or international investor will be very easy and painless. 

I agree with @David O. in buying at the right price.  I'm finding that acquisition prices for some deals are approaching market value, leaving very little equity after closings costs.  The last thing we should all do is expect market appreciation to continue at the current rate, even if this is a more conservative approach.  I'm always a bit more cautious, and won't speculate that prices will just arbitrarily go up when I'm doing my due diligence.  If it does, then there's just more profit to be had.  If not, you'll still leave the deal with the return you originally anticipated from the beginning.

-Greg

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