Miami Newbie Looking to invest in Multi Family for first property

[Daniel Jodrey]

Hello!

I am looking for a Multi Family property, preferably a triplex or fourplex, as a first investment property.

I just moved to the Miami area. My overall plan/goal is to find a fourplex/triplex that needs a little work that I can get a FHA loan with 3.5% down and bundle in a 203k loan for renovations. I would live in one unit and begin the BRRRR strategy. I do not have a specific area in Miami that I am concentrating on now, more focused on trying to find a good deal. I also am interested in HUD homes and I like that many of them have a period of time that only owner occupied can place a bid which i think gives a great start against competition for my first property where i do want to owner occupy.

Can anyone let me know what they think of my plan, is there any holes or areas that wouldn't work. I also am looking for a great real estate agent that focuses on investors. Anyone in the Miami area that is new or been here for some time that has experience/tips/advice or networking possibilites; please reach out to me and let me know!

Looking forward to hearing from you all.

Daniel