Want to understand Miami Market ASAP

Want to understand Miami Market ASAP

Miami, FL · Member since 2017 · 7 posts · 0 votes

Hello Guys, My name is Jo.  I was born and raised in Miami but I have been in and out of the country the last 4-5 years.  I decided to come back for good this time and work on real estate.  The last 5 months I believe I have been in a stage of "Paralysis Analysis", and it is really not getting me anywhere.  Realtors and other small time investors have told me Miami is too expensive so I went north to Fort Lauderdale and the only areas I seemed to like was Victoria park, Las Olas and Wilton Manners but the prices are really high over there too. I have also traveled to Jacksonville and Cape Coral to see the market there and will be driving up to Atlanta next week.  I started from wanting to do a Syndication for an apartment building, to scaling down, to  buy multiple duplexes, then, wholesaling, to then, wanting to do turnkey with property management, and finally, I am getting my realtors license.  My end goal is Multifamily 100+ B, C non warzone APT.  So my question is, if I don't have much money but I have people that trust me with their money what should be the best approach in Miami real estate to get started?

I also want to make as many connections as possible and would love to learn from others  :) 

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Real Estate Agent · Miami, FL · Member since 2016 · 4 posts · 2 votes
9y

Hi Jo,

Indeed prices in Miami have risen a lot over the past 4-5 years and finding deals that make sense has become increasingly difficult. We are competing with foreign investors that mostly want capital preservation, and are happy with 3-4% cap rates.  That being said, there are still opportunities in certain sub-markets where rental demand is high and there is lack of new supply.

If you have people that trust you with their money I think the best approach is finding deals off market, buying them cash, rehabing, and selling on the retail market (ie MLS). There are also Buy and Hold opportunities in workforce housing.

Feel free to contact me to connect and chat about the market!

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  • Real Estate Agent · Miami, FL · Member since 2016 · 4 posts · 2 votes
    9y

    Hi Jo,

    Indeed prices in Miami have risen a lot over the past 4-5 years and finding deals that make sense has become increasingly difficult. We are competing with foreign investors that mostly want capital preservation, and are happy with 3-4% cap rates.  That being said, there are still opportunities in certain sub-markets where rental demand is high and there is lack of new supply.

    If you have people that trust you with their money I think the best approach is finding deals off market, buying them cash, rehabing, and selling on the retail market (ie MLS). There are also Buy and Hold opportunities in workforce housing.

    Feel free to contact me to connect and chat about the market!

  • Miami, FL · Member since 2017 · 7 posts · 0 votes
    9y

    Hey Thanks for the information Alex. I will give you a call as you seem to know exactly whats going on in the market

  • Miami, FL · Member since 2017 · 47 posts · 22 votes
    9y

    Jo, 

    Just curious which country where you living in before you returned to the States?

    There are a lot of foreign investors who are looking for the E-2 Visa may be interested in investing. Though these are usually bigger deals.

    https://www.uscis.gov/working-united-states/temporary-workers/e-2-treaty-investors

  • Miami, FL · Member since 2017 · 7 posts · 0 votes
    9y

    I was living in taiwan and hong Kong

  • Real Estate Professional · Miami, FL · Member since 2016 · 58 posts · 12 votes
    9y

    @Jo Chan You first have to figure out what exactly you are looking to invest in. Regardless of the area you need to find out what you are comftorable going into. Second, determine what your investors are willing to spend and what return they are looking for. Third, link up with a Realtor that can help you find a deal in area that you would consider you "Farming Market." 

    I am a Realtor in the Miami market. I could help, but it seems you have a bit of due diligence you need to put forth before being able to execute. Most Realtors will only start working for you once you have obtained Proof of Funds, so they know you have the ability to execute and aren't just blowing smoke. 

  • Miami, FL · Member since 2017 · 7 posts · 0 votes
    9y

    Hey Josh, believe it or not but these 2 months since I have posted this I have been getting great help from the bp family. I have also started a property management company and I am working with a few BP members who reached out to me. Will have my real estate license soon so the rental will be easier to deal with for the investors. Its simple this is what I need, Looking for fort lauderdale, Hollywood, dania. I am working with wholesalers in that area who is offering me 60 cent out of the dollar listing. 80% of market value if its ARV. Every location has its price, I look at the houses based on cash flow. I then manage these houses. Multifamily is prefered but SFH is ok. send me a pm if you have something for me. I need off market stuff

  • Rental Property Investor · Miami, FL · Member since 2016 · 72 posts · 26 votes
    9y

    @Jo Chan sounds like you've accomplished a lot since you posted. I'm just a bit confused, have you switched to PM and are now looking for deals for your investors? Or are the deals for yourself then you self manage?

  • Miami, FL · Member since 2017 · 7 posts · 0 votes
    9y

    The deals are for the investors, I am just starting out property management, but basically the investors on board are going to let me handle the property management.  On top of that I am looking for wholesale deals I can renovate put a tenant in and sell to my investors. So basically a turnkey company with property management.

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