Buying residential rental properties in South Florida

[Dan G.]

Hello,

I live in South Florida and I am looking to buy a large number of properties (mostly single family homes, possibly some multi-family) that I can buy with cash and rent out to make good cash flow. I'm really not sure where to start. In looking at MLS listings, the yields/cap rates are not that strong unless you are lucky enough to stumble upon an amazing deal or look in bad neighborhoods. Are there agents out there that specialize in finding the "great deals" that will generate high yields? I want to avoid "bad" neighborhoods that will make it hard to get quality tenants. I'm hoping to find properties where I can get 15% net returns (cap rate), after expenses. For properties on the MLS, the net returns are generally 10% or less. I am not looking for major fixer uppers. I'm fine with basics like carpet and paint, and maybe patching a few holes, but not big rehab projects. I definitely don't want to take the risk of buying properties without an inspection, such as at auction. Since I will be paying all cash, hopefully that will enable me to get some great deals. But I really don't know where to start.

Thanks!

Dan

[Jamal White]

have you thought of finding properties though a property manager? They usually find deals before they hit the MLS? You might also want to find an agent that has access to off market deals.