Starting out, finding a strategy and market

[Vinicius Cadengue]

Hi everyone,

As a newcomer in the world of real estate investment, I'm eager to take my first steps into this dynamic field. While I reside in Miami, FL, finding favorable deals locally has been challenging, prompting me to explore opportunities beyond the state borders.

I'm keen on venturing into flips initially, eyeing potential markets like Indianapolis, Columbus, Illinois, and Cleveland for better prospects. As I continue my work in Miami, I am seeking insights from experienced investors adept at out-of-state flips and eager to learn practical different type of strategies to begin.

My idea right now is to kickstart my learning curve by delving into flips, understanding construction methodologies, labor costs, and material expenses, essential elements for future lucrative projects, including multi-family properties. I firmly believe that commencing with a flip property will equip me with invaluable transactional knowledge and negotiation skills, laying a robust foundation for future endeavors.

I'm intrigued to know how Florida investors navigated their initial investment property strategies and would greatly appreciate any guidance or advice offered as I embark on this exciting journey. My goal is have my first few deals started first semester of 2024.

Thank you for your time and invaluable insights.

Warm regards, 

Vinicius Cadengue.

[Taylor L.]

The biggest difficulty owning property in Florida right now is the insurance. Several major insurers have pulled out of Florida and premiums have absolutely skyrocketed. Looking in other areas is wise, I'd recommend focusing as much as you can in just one area to get to know it as much as possible.