@Charles Kennedy That is interesting that you're noticing this shift as a trend.

With rates shifting and lending tightening, I’m curious where you think the note market is heading.

Would love to hear from anyone who’s made that shift — what challenges or surprises did you face?

**OPERATING COST REALITY CHECK:**- Insurance: +29% YoY (coastal exposure + reinsurance crisis)- Maintenance: +24% (labor + materials)- Property Taxes: +22% (reassessments catching up)- Condo Fees: +45% since 2021 (SB 4-D structural compliance)**MARKET DYNAMICS:**- Luxury ($1M+): 10.2 months inventory, seeing 10% discounts- Single-family: 6.4 months, still climbing 4% annually- Condo/townhome: 12 months inventory (buyer's market forming)**CAP RATE SPREAD:**- Miami core (Brickell/Downtown): 4.7%- Suburban (Doral/Kendall/Homestead): 5.3%- 60bp spread = biggest arbitrage opportunity in years**INVESTOR BEHAVIOR SHIFT:**Seeing capital rotate from luxury spec plays → workforce housing with stable cash flow.

For investors, that shift creates two very different opportunity zones:• In the “slow” markets:  motivated sellers, better terms, and creative deal potential. 

More experienced investors can get closer to the 10–15%  (sometimes better) range since lenders feel more comfortable rolling more costs into the loan.The numbers also shift based on the deal itself—buying at a deep discount lowers your cash-to-close, while tight ARVs or riskier rehabs push it higher.

In my area the real estate market is shifting, with buyers prioritizing move-in-ready homes and suburbs continuing to outpace urban areas.

Co-hosting allows you to retain more say over how your rental is run, while property management shifts most decisions to the PM.

In my recent talks with investors, I’ve noticed a shift — some are moving away from full gut rehabs and focusing more on light cosmetic flips.What’s your market like right now?

From both a realtor and investor perspective, this is a fascinating shift.