South Florida real estate market overheated or not

South Florida real estate market overheated or not

Inspector · Fort Lauderdale · Member since 2019 · 223 posts · 51 votes

HI I am new to BP PRO, I have lived in Broward county for over 20 Yrs, I have owned couple properties some rental until some Family issues few years ago. Right now I only have 1 Single Family in Plantation with a Very good long term tenant, I do the management because it is only one and doing a lot of updates to it, Just signed up with RentRedi. I have been looking at the MLS (wife is a Part Time Realtor for now) I is hard to find a descent deal and when there is one you have like 20 investors jumping on it lifting up the price if not the Realtor hold on the offers trying to scam the system. I am going to start doing the driving for deals, I never did it so it will be kind of new for me do if some one have some good ideas I am listening.

Also I was wandering if it will be a good idea to refinance my property that is almost paid off to have some cash available for investing?

 I was wondering what is the sentiment towards the real estate market right now?  too hot or just looking in the wrong place. I think it have been flap since last year.

SF properties seem to high to make a good buy and hold deal, I think.

Multy family are a little high as well unless you move into the not so good neighborhoods.

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  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @Reinaldo Lopez

    Cash out refinancing on an investment property to purchase more real estate is a great way to utilize your equity to make more money. For a SFR you can cash out on 75% on the equity, based on current appraised value.

    As far as your market, the locals can answer that question better. I feel the same here in our market. It is definitely a sellers market right now.

  • Pompano Beach, FL · Member since 2017 · 93 posts · 59 votes
    7y

    Hey @Reinaldo Lopez, im here in the S-FL market. I get any MF that comes on the market from Hollywood to PB County under $1.2 million. Rarely do I see "deals" but that doesnt mean offers can't be made. Right now driving for dollars is probably the most productive. 

    If you are on an email alert and see a good deal come in gotta make an offer site unseen full price if the listing price makes sense. Thats how I got mine. Turns out there were many cash buyers right behind me but I had locked it down first site unseen and it was only 5 mins from where I live. No time to look at a property when a "deal" comes onto the MLS.

    Before I found that I did have success making contact with owners driving and sending letters. Just couldnt come to price agreements. 

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