I am new to Real Estate Investing and am looking to purchase my first investment property in Miami. I have been using the 1%/2% tests on prospective properties and am having a hard time finding properties that exceed 1% on the test. Has anyone had this issue in the area and been able to successfully generate cashflow on their investment property? If so, what areas in Miami-Dade have been most successful?
Also, does anyone have any recommendations/preferences on single family, multi-family, or condo investments in the area for a first time investor?
Appreciate any advice! Thank you
You are most likley not hitting the 1% rule in Southeast Florida, especially Miami. I prefer multifamily properties. I feel that more income streams/units are the best scenario if the property is purchased correctly. With condos you need to deal with HOAs and with single family, it can be very expensive if it is vacant.
@Charles Carillo thank you for the insight! Have you had better experiences with certain areas more than others in Miami Dade? I am also willing to look further north into Broward and Palm Beach counties if there are better opportunities there.
Hi Steven! Sending you a message now
I am checking into the Miami market as well, more towards the west side. It sure is more expensive than what I am used to. I have found several properties towards the west side of Miami-Dade which could meet cash flow but first these are few and far between. Second these properties are bought so quickly, by the time I get to them there is already a pending offer! Just have to keep looking for the right one.
Hi Steven, I started in investing in Miami about a year ago. I've been compiling lists of areas and properties that meet/exceed the 1% rule and share it with other investor friends of mine. If you'd like to chat sometime give me a message