Best area for small multifamily investing
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?