Purchasing an investment in Miami Florida

[Cassidy Burns]

Hi BP,

My brother will be moving to Miami, FL to pursue his career following college.  I am trying to take this opportunity to study the market and purchase my first FL investment property.  Any suggestions on location, safety.  Market trends?  I'd like to purchase a multifamily but it seems like they are flying off.  I am looking at condos, thoughts?  He will be working in Brickell, FL.  8th St. to be exact.  

Thanks for the help!

[Duriel Taylor]

@Cassidy Burns

I would say that here in South Florida the market is best for cash flow properties. However, I would say fourplexes or more, based on the rent rate some area demands. You can purchase a fourplex in pompano right now for 400k with no rehab needed and if its a 2/1 each unit suggest 1200 per month. I would say the market here is not ideal to purchase single family house and flip (unless at auctions) but fourplexes and above surely will help you with cash flow starting out. There are some investment groups down here that do joint ventures (rental property) as low as 5k with annual returns of 10-15%. I would highly advise to stay away from condos. Most conds down here will not allow you to rent within thr 1st year of purchase and more HOAs that will let you sub-lease, their monthly fees are too high. I hope this was informative. I would like to hear others thoughts on your topic. 

Regards,