Best area for small multifamily investing

7 Replies

Hey guys, how ya'll doing?

As the time of this writing, I'm getting ready to start off my investing business in South Florida. Really excited about this! I am looking forward to buying multifamily homes, living in them to obtain FHA loan, moving out after a year or two, and then repeating the process again. I'm 24 with little initial capital to start off with so FHA is a big help.

My major concern right now is how to actually find good areas in South Fl that would be best for small multifamily (2-4 units). I live in Miami, even though I would love to own properties here I'm afraid houses won't cash flow very well. My goal is to make around 5k monthly off rental units only in about 5-6 years. So buying one fourplex/year, making $200-$300 in positive cash flow shouldn't be too difficult right? More or less where should I be focusing on more? Should I consider moving up North, maybe moving to Ft Lauderdale or does Miami-Dade support good areas that cash flow well on small multifamily?   

I am a new investor as well so unfortunately I don't have an answer for you, however best of luck to you on your future endeavors. I wish you much success and hope to see a success story posted on both of our pages in the near future.

@Luigi Ramirez

I have a couple of years experience in Miami-dade and the best advice I can give you is to run the numbers on at least one deal per day. If you don't have access to MLS try using zillow for practice. This way you will learn to distinguish the good from the bad and therefore prime your way to healthy returns. Additionally, if you're financing your best bet is to hook-up with an investor friendly realtor.

PM and I can refer you to one and to discounted cash deals as well. 

Kind regards,

Sebastian Giraldo

I think finding a good deal is whats most important. Have you considered house hacking, Finding an SFR and getting your roommates to pay down your debt and potentially some cash flow. Whatever you do i agree with @Sebastian Giraldo you have to make sure the numbers work and don't let yourself be constrained to a particular area.

Hi, I am also curious about the question op is posting. 

I have been looking for a good multi in Miami. I am curious what areas are good markets right now. Should I be looking in El Portal? Little Havana? Little Haiti? Etc. 

Anybody can point to the right area? Any help would be appreciated. Thanks. 

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