I'm new to bigger pockets and currently my wife and I have a home on Long Island, NY and a vacation condo in Boca Raton. I'm interested in doing my first deal in South Florida and have just started researching 2-4 unit MF's. Can anyone suggest best locations in SFA to focus on for these types of units? Was initially thinking about Ft Lauderdale area but I'm open to expanding my search radius.
@Jon Peragine There are a lot of factors to consider. Generally if you buy MF in lower income areas you will get better cashflow but less appreciation and will have to deal with section 8 type tenants. If you buy in higher income areas like near the beach you will have less cash flow but the property will appreciate more over the years. Fort Lauderdale has both of the areas I just mentioned. Price range is a big factor also. I own a duplex in east Fort Lauderdale that I got off market that has done well on both ends of the spectrum. Hope that helps.
great answer @Adam Schooley I'm also in the South Florida market and I think your answer is spot on!
East Lauderdale is a nice area and home values are solid and rental income is at a high... I currently own 2 duplexes in that area. What price range are you looking at?
Thanks for your responses Adam and Jeff. Price range is approx $400-500 k. By east Ft Lauderdale are you referring to areas east of rte 95?
Welcome to Bigger Pockets. You are at the right place to continue to learn about real estate investing.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.