Investing in Condos in South Florida

15 Replies

Is anyone having any significant success purchasing condos as rental properties in South Florida?  

There is always someone out there performing successfully in a niche that no one else is doing so well in. I'm assuming you are talking about condos that are not in areas that are not being inflated by foreign capital such as Brickell or Sunny Isles; these investors are geared more toward capital preservation so they're willing to pay much more for condos and will out price you on any property leaving the area with no deals.

I personally am not fond of condos as investments but they do have their pros and cons. If you have any more questions feel free to reach out !

There are deals to be made for sure, the biggest problem is actually finding a good deal. I just purchased two condos in Fort Lauderdale that are cash flowing well but it took me over a year to really find a good deal. I would suggest talking to a knowledgeable real estate agent in the area you're looking at and going from there. Best of luck!

- Carlos 

hi @Aneita Williams

what would you define as good deals?

I have recently purchased condos for investors, and I currently looking for more. Just wondering what other people define as a "good deal" for a condo in South Florida

@Aneita Williams

for example:

purchase price include rehab and closing costs -  49000$

One Bed 1.5 Bath

rent - 1050$ monthly

HOA (including assessment) - 407$ monthly

Insurance -525$ yearly

Real estate tax - 903$ yearly

so estimated ROI - 10.7% (before any repairs / reserves etc...)

would love to hear your opinion

Hi @Lior Reich   I'm new to this so I'm just seeking information right now.  However, is this a property that you  actually sold in South Florida?  

I’ve had no success in WPB, can’t find a deal, if your interested in A JV let me know...

Hey Crystal, 

Was looking for anyone interested in a condo deal in WPB and came across your thread. Please let me know if this sounds applicable to what you're seeking. Here's the details .... 

It's a 2/2 condo in West Palm Beach between Belvedere and Okeechobee just west of the turnpike.

It is rented at $1250 per month. The condo fees there are 295 per month and include water, sewer, and trash collection. A nice annual return on investment for any long term asset.

It will likely NOT go on Market.... probably ask around 105k. 

Originally posted by @Share Ross :

It's a 2/2 condo in West Palm Beach between Belvedere and Okeechobee just west of the turnpike.

It is rented at $1250 per month. The condo fees there are 295 per month and include water, sewer, and trash collection. A nice annual return on investment for any long term asset.

It will likely NOT go on Market.... probably ask around 105k. 

This sounds pretty good to me. PM the details so I can do some research and send to a client of mine.

Thanks,

Marc Middleton

Right now in Miami we are seeing a buying opportunity in the Miami Beach condo market. Theres a large supply right now and we have seen steady decline in price on the beach. I think most investors miss the opportunity to get good deals. They see an asking price and are afraid to try to negotiate down to a point where you get a good deal.

To get a deal, you need to make multiple offers on multiple properties and use the number game. If your just asking for a super deal to be given to you, think again. Anybody searching the MLS or any other site like zillow you arent going to find much but at market deals so you are going to have to get used to negotiating or having a qualifed agent to negotiate for you. Your not going to be the first person to find the super deal.

I agree, lots of good buys right now even on the MLS. Plenty of motivated owners who might take $30 or $50k off, you never know.

Investor agents don't mind doing the offers. Save as a template, e-sign everything, keep some funds in a local escrow account, etc. We do this all the time. 

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