Investor · efrat, israel · Member since 2014 · 93 posts · 20 votes
It seems like there are really good possibilities in many, many places. I have researched Huntsville and Madison, Alabama, Phoenix Arizona, Raleigh/Durham, North Carolina, along with all the current hot markets, such as Ohio and Kansas and Indiana and Austin and , and, and...
Some places I realize I'm priced out of, like Austin, so I can cross it off my list, but many more show lots of possibility. Some have possibility only as a condo purchase, which at first I was very reluctant to entertain, but in markets such as Phoenix, it doesn't seem like a bad idea.
A single family house can be bought in Alabama in an A/B area for 150,000, but if I go to Phoenix or Raleigh I can get a two bedroom condo for 85,000-100,000, though the HOA fees would be approximately 200 dollars a month.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
Coral Gables is the polar opposite of Huntsville...very expensive and not a cash flow market at all. A new build would be a “spec build” I assume...takes a Lot of local knowledge.
Property Manager · Shelbyville, IN · Member since 2014 · 303 posts · 161 votes
5y
@Shoshana Shulman as a starting point, for comparison purposes, at 4% for 20 years, that's about another 33000 in a mortgage. That's simple comps since different hoas have different coverages and you can obviously narrow down your numbers much further.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
Coral Gables is the polar opposite of Huntsville...very expensive and not a cash flow market at all. A new build would be a “spec build” I assume...takes a Lot of local knowledge.
Licensed Realtor & Investor · Miami, FL · Member since 2015 · 164 posts · 124 votes
5y
I agree with @Wayne Brooks 100%. Coral Gables is a very expensive market and doesn't sound like an area that has anything to do with what you are looking for. A new build in Coral Gables is going to run you at least $250/sq. ft. and the cheapest lot for sale in Coral Gables right now is only 4450 sq. ft. and priced at $325,000.
Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
5y
What are your goals? What's the purpose of the investment? I live in (& sell) the Gables so know it backwards & forwards and can tell you that historically, it's a great place to live & invest in - keeps its value (even during the great recession); easy to rent (we have a very low inventory & lots of jobs, not to mention University of Miami), so it really depends on your goal(s) for your investment. Happy to discuss further.