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Updated about 7 years ago on . Most recent reply
Moving to Miami 1/1/18
I'll be moving to Miami for work at the start of the new year. I will be there for 1-2 years and possibly return there for the winters. I am a golf professional so I typically snowbird for work. I am currently out of state and am curious what the best course of action is. I've been meaning to get into real estate investing and if I could turn this opportunity into something that could eventually make me money or even house hack for the time I'm there, that would be great.
Things I'm looking for:
Low Budget ~ 1,200/month
Good Neighborhood ~ is this possible on the budget?
Rental Property during the summer in 2 years ~ How plausible is it to acquire tenants for the summer in this area?
Grateful for any advice on this topic. Thank you!
Most Popular Reply
$1200 a month being possible? Lol. Here's an idea of what rents in Miami are for a one bedroom. As a realtor I do not really like to identify neighborhoods as "good" and "bad" on public platforms but you're more than welcome to give me a call for an unfiltered description of each area.
Also x2 to what @Antoine Martel said in terms of FHA most likely being your best bet if you want to house hack. Here are the loan limits for FHA.
Finding multifamily property in "good" areas will typically cost you in Miami, so as long you as you are willing to pay then it is most definitely possible. Remember the more units you acquire the more likely you are to cover your mortgage but at the same time you will also need to be able to qualify for these high ticket properties.
When you mean acquiring tenants in the summer I am assuming you mean short term rentals? If so, it is very plausible. My cousin has a fourplex that is constantly being rented on airbnb and it is not in the best of areas. Location has much to do with it of course but for the most part people are always visiting Miami, especially in the summer.
If you have any more questions or want an idea of what is currently on the market feel free to reach out man. Happy investing!