Looking for any advise on whats the best option to invest 80k in real estate in Miami (not looking to purchase a property to rent)

Kenye. 

So you're interested in finding a fix and flip then. I'd recommend finding your team first, so find a realtor and a contractor who can do some work for you. Then begin to analyze deals. When you find the right one you'll be able to use your $80k for that project and fund the rest of the project through a HML.

@Antoine Martel thanks for your suggestion, i guess the difficult part on the team is to get a contractor that is willing to go with you and inspect a property every time that something comes up. Yes the 80k are only for the property itself, there is something else apart to invest in the rest of the project.

Originally posted by @Kenye Serna :

@Antoine Martel thanks for your suggestion, i guess the difficult part on the team is to get a contractor that is willing to go with you and inspect a property every time that something comes up. Yes the 80k are only for the property itself, there is something else apart to invest in the rest of the project.

 Yes those people are hard to find. They need to know you're legit. I would recommend building a relationship with them so that they are willing to go and walk projects with you. Or... put a property under contract and then call some contractors out to the property. 

@Antoine Martel Thanks!!! ill have that in mind.

Kenye,

Take into consideration a 4.5% closing costs at entry and a 7.5% at exiting...that’s a very close approximation. Also, if you go for an REO apt, first try to find out what’s the HOA status of that property, even thought there’s certain state laws that will protect you, HOA will give you hell to try to get there money and you ll have a very complicated flip on your hands... cheers!

@Andres Goldstucker thanks for your advise!

I would like to follow up with am new to investing as well. How do you know what is a good deal in reference to the rental income to the purchase price? What is a good percentage to earn on the return