Hey BP'ers! I've just relocated to Miami Beach and I'm doing a little market evals in the various neighborhoods around the Miami area. I'd love to get some feedback on the Miami Gardens and Hialeah markets to see if anyone has experience investing in those areas.
From what I see, a lot of Miami Gardens looks like"C-" and "D" class. Is this area worth considering?
If so, I'd like to get wholesale feedback and also buy/hold (rental) feedback in these areas.
I own property in Hialeah. It's an excellent rental market. There is very high demand for rentals in this market which makes it very easy to find a tenant. You will never have vacancy in Hialeah.
Miami Gardens can be a rough area. Very different from Hialeah. I'd be careful investing there and follow a very strict criteria when underwriting potential deals.
@Carlos Rovira thanks for the great insight! Yeah Hialeah looks pretty decent but I can see what you mean with the Gardens.
@martytrue Carlos is right. I'm from Hialeah and the city is full of rentals. Miami Gardens can be tricky and full of headaches.
Thanks @Pedro Quintana I will definitely be looking in the Hialeah area then. And I think you're both right about Miami Gardens, it is probably not a good market unless you are super familiar with the area.
If you're looking for a rental in north broward I have one listed for sale in Deerfield Beach. 801 SE 1st Ct Deerfield Beach, Fl
Thanks Pedro, I am also interested in Broward however I am only looking for multifamily properties at this time.
Miami Gardens is a wholesaling Gold Mine. You just have to pick up your skirt and go in there. I'm also from Hialeah and competition can be stiff. I recommend, driving for dollars & door-knocking, a mailing campaign, check for pre-foreclosures w/ and w/ out equity in Miami Gardens.
@Marty True I agree with Antonio Miami Gardens is a gold mine. I get a lot of buyers interested in that area. Just research. Hialeah is good as well.
I've done door knocking in Miami Gardens and of course there are some areas that are very desirable than others. However like @Antonio Lopez mentioned. There are some great opportunities if you know where to look and can follow trends. At one time Hialeah was not so desirable and look at it now. Those who got in before it became desirable and developed a buy and hold strategy are doing pretty good.
Thanks for all the feedback everyone! @Antonio Lopez @Lesley Rodriguez are you guys talking about mainly doing wholesale flips in MG or buy and hold rentals there too? I'm not too worried about the "class" of the properties in MG because properties can always be improved. I'm mostly curious about the safety of the area. I'm always a little leery when the majority of the homes in an area have bars on the doors and windows.
Hi Marty , the buyers I deal with are mostly for fix and flips and MG area u have ur good and bad area, like anywhere else. But overall good area
Thanks @Lesley Rodriguez and everyone else for all the feedback and insight, I appreciate it! My main strategy is buy & hold MFR (2-4 units) and small apartments (5-30 units) but I also occasionally do SFR wholesale flips to rehabbers/fix & flip investors as part of my down payment funding strategy for the MFR's. I'll definitely give Miami Gardens a closer look. Are there any areas of MG that are just plain unsafe and "stay the hell out" zones?
I remember almost buying a 9 bedroom 2 bathroom house (1717 NW 67 ST) close to Brownsville and seeing a whole block roped off with yellow tape because someone got shot... let's just say that's the first time I was concerned about my safety while buying a property in that are.
If security is a concern, I'd stay away from Brownsville, Allapattah, West Little River, & Little Haiti.
And before someone comes out and replies to my post about the potential of these areas let me say that these areas are still fantastic for rentals. It's probably better in terms of ROI. I bought and sold a quadplex in Brownsville and was making over 20% CAP while holding it.
It's funny because there was some guy selling drugs in front of the house and he flashed the gun on his hip as I pulled up. I let him know I was there for some rent and that he could be doing what I was doing and I gave him a business card; I never heard from him. 3 months later we sold it and made $28k plus the rent monies.
Updated over 2 years ago
I also recommend using http://www.city-data.com/ to look at crime rate and income earning maps.
Hey Antonio, wow... what a story! I love that you said what you did to the guy and gave him a biz card lol. And thanks for specifying the "scareas" to stay away from. I know that a lot of 'D' class areas are really great for rentals but sometimes "CAP" is less important than "busta CAP" :)
I hope to be able to get into some great MF deals in both Miami Gardens and Hialeah!
Hi Marty, if you plan to buy and hold in MG then I suggest single family instead of multifamily. You tend to attract a higher quality of resident (people looking for a permanent home versus transient tenants shopping purely on price). I think it is a tough area for multifamily investing unless you are prepared to be very hands on with management. We have experience buying, holding, managing, and flipping single family property in Miami Gardens, but have shifted focus to other areas because the higher quality of multifamily properties elsewhere. Best of luck!
Hi @Chris Kennedy thanks for the input! After all the feedback and checking into the area more closely myself, I am sort of looking in other areas of Miami for better options. We're trying to stay focused on MF and you're right, Miami Gardens isn't the best neighborhood for that class of property.
Just sold two homes in Miami Gardens, last one closed this past Monday Jan 23rd. It was a flip from a local investor. The area is actually nice. Very quite, working class people, a little older in age. Investor walked away with a pretty nice profit. Miami Gardens offers great opportunity but you'll need to get with someone who knows the areas well. We can chat in more detail if you'd like my input. Hope this helps.
yyyeeaahhh good job 👍🏾 @Yasmine Bisumber
Hi @Yasmine Bisumber - congrats on the sales, that is fantastic! I would definitely like to get your input. I'll connect with you and we can chat. Thanks!!
@Marty True Absolutely.
I have stumbled upon this thread as I have looked into the Miami gardens and Hialeah markets due to their close proximity to major highways. Could you please expand on this topic now that it has been a year since you relocated? Would you recommend Miami Gardens as a potential market that a buy and hold investor should look at or maybe only for flips? I would appreciate your input as I imagine you have a ton of more knowledge in these markets now.
Hi @Javier Urena I love to see old threads come back around! And yes, after a good solid year, I must say that I am pretty knowledgeable of most of the markets in the greater Miami area. So for Miami Gardens, I did find that most of the comments a year ago were fairly accurate. There are some good areas and some bad. I'm not really a flipper however, if you are looking to do flips, there are some opportunities there. As for buy and hold, I'm strictly multifamily/commercial and for me, Miami Gardens is not a market that I focus on for my criteria.
Hope this helps and good luck in your business!
@Antonio Lopez Love it! Should write a book LOL
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