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Investing (Single, Multi, Condo)
Hello everyone,
I'm looking for some advice on investments and would love to hear about what’s worked best for you. I currently have a solid base of liquid assets and am looking to diversify my investments.
I own two fully paid-off single-family homes in Tampa and am currently considering buying a luxury condo in Hallandale Beach for $600K. The condo has an HOA fee of around $1,100 per month and offers the option for short-term rentals. It's located at the Hyde Resort.
I’ve also been exploring multifamily properties, but prices in Miami and Broward County seem outrageous. The cap rates are only around 5-6%, which I’m already achieving with high-yield savings accounts—without the hassle of property management.
I’m wondering if it’s worth pursuing the condo in Hallandale Beach or if I should consider investing out of state. My main goals are to diversify from my current business and to invest in assets that can help lower my yearly taxes.
What would you suggest? Has anyone had success with out-of-state investments, or does it make sense to stick closer to home? Thanks in advance for your insights!