How would you invest in miami?

Question

Looking to buy my first investment property in the Miami /surroundings area but in my local area [midtown] all we have is condos with insane HOA fees...

How would you go about it ? Im thinking of getting a mortgage, I can put a down payment of up to $100K, any recommendations on what area to look at / advice for me? thanks in advance :)

Jean H. · Answer

@Zion Bar Are you looking for condos, Single Family, Multifamily? Buy and hold, flip? There’s lot of places in Miami that don’t have HOAs or COAs that you can buy with a $100,000 down payment.

For example, I bought a duplex in Little Havana for $475,000 (20% down = $95,000) and there’s lots of places in Little Havana that are cheaper. No HOAs.

Hialeah, Design District, Little Haiti, Allapattah.

Heck, I am closing on Monday on a SFH (no HOA) in Hollywood for $153,000. Yes, it’s Broward, but still less than an hour from Midtown. You have lots of options.

Julio Fojon · Answer

you can buy a small multifamily for 500k in multiple areas.

Malgorzata Sadowska · Answer

2-4 unit multifamily - live in one & the other(s) help you cover the PITI monthly payment.

Rita Medeiros · Answer

@Debbie D. Come to our women’s group ft lauderdale when we can go out again.

Debbie D. · Answer

@Rita Medeiros Thank you!!

Debbie D. · Answer

Hey Zion! For your first investment property, there are single family homes all over greater miami where you can get a conventional mortgage and use it as a rental. With a $100k available for down payment, you could purchase 3 homes. Another idea is to invest on Miami Beach where they are smaller, older condos with smaller HOAs.

How would you invest in miami?

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