First Real Estate Investment

[Megan Cepero]

Hi Everyone, 

I am looking to buy property in Miami, Fl and can't seem to know where to even start. I think about where I would want to live and think, Coral Gables, Brickell, Downtown and all these crazy expensive places which I know is probably not a good place to start when buying my first property. I was looking for some guidance as to what your suggestions are in buying a property in an area that is not crazy expensive, but would still bring in a nice income. My ideal budget would be no more than $300K, but at that amount I am looking to make a good $800.00 in profit monthly if rented out. I will also be financing, does not need to be single family, I am open to other properties, such as apartments, but if an apartment, can't spend more than $140,000 since I am looking to avoid PMI and would like to put down the 25% required to avoid this. Any suggestions and thoughts are appreciated.

[Carlos Rovira]

Hialeah is the best rental market in Miami. If you can find something there that cash flows well, you'll never have problems filling vacancies or collecting rent.