looking for a good multifamily market

13 Replies

Hello guys,

Me and my partner are looking to get into the multifamilies market.

We already have a 16 units property.

Looking to buy a bigger one in a nice area.

We are not sure yet where exactly in Florida would be the best area to purchase. 

Can anyone advise? and explain why?

Thank you in advanced. 

@Ayal Magid If you provide more details around your investment goals, budget, investment criteria, preferred asset (including how much work you want to do to them) and preferred markets (Florida is a pretty big place), we will be in a better position to help you out. 

Everything emanates from your goals, criteria and targets. 

Originally posted by @Michael Chambers :

I believe the Lakeland area of Florida is a promising market for multi family. Lakeland has a great proximity to Orlando and Tampa without all of the congestion.

I agree. But like every investment make sure you know the area you are buying in. Most small multi family properties are in areas that require more time and energy which some people don’t realize. 

Thank you all,

Price range around 3-4 $ M (we can bring around 1 $ M down payment).

Not interested in doing to much in terms of rehab so should be in a fine condition. 

Regards Florida - obviously its to general, this is exactly the reason I am asking if someone can recommend on a good market for what I just described. (I hope its clear now).

I think we need more info on what your goals are, that would drastically effect where you invest and what you consider a "good" market. More or less, markets will give you decent cash flow OR appreciation, maybe a little bit of both, but a home run where you get great appreciation and excellent cash flow is a rare thing. What are you trying to achieve?

Central Florida is the best area to invest at this time prices are still picking up from the RE big Fall of 2007. Investors from many parts of the world are coming to Florida. One thing to decider before start looking at your options is  to decide if your investment would be use for short term or long term  rentals,  so  you'll know what area would best fit your needs.

Originally posted by @Janina Paez :

Central Florida is the best area to invest at this time prices are still picking up from the RE big Fall of 2007. Investors from many parts of the world are coming to Florida. One thing to decider before start looking at your options is  to decide if your investment would be use for short term or long term  rentals,  so  you'll know what area would best fit your needs.

 Hi Janina,

I would like to pick your brain on this. When you say Central Florida, do you mean Orlando metro area in general or do you have any particular city in mind?

Thanks,
Owais Hassan

Hello Owais, 

I consider Central Florida every city between Tampa to Orlando, in counties such as Polk, Osceola, and Hillsborough as well as part of Orange County, but you could still find the best prices in cities such as Lakeland, Winter Haven, Bartow and Plant City. 

I think what makes these places attractive for investors besides the prices, of course, is that you can get to major tourist attractions like Disney or Bush Gardens in just about the same amount of time. 

Hey @Ayal Magid , I currently own 36 units down in the Macon, Ga area and looking to get into bigger deals as well. I would first start by networking with as many brokers down in Florida to get a feel of the market and if you can yield the returns you are looking for. I would get on loopnet and start analyzing every deal out there just to get a feel of the market so you know what is a good deal and at what price points. I have built a financial model tailored to my needs for analyzing deal, but the biggerpockets calculators are amazing and what I first started using. I can tell you that investing in Florida will yield smaller returns, but have an amazing upside by controlling the NOI and getting into the right location of course. My success has been through brokers and my in depth analysis so I would jump on the phone ASAP. I hope this helps and best of luck!