Miami New Constructions: Brickell/Downtown/Miami Beach/Edgewater

[Account Closed]

Hey!

Looking for an opinion from non-bias people (such as brokers who are pushing a specific product) about new construction projects in Miami. 

Which are the best ones that are still early adopters pricing, have a good potential for upside, and can generate 5-6% rent income.

Tell me why each of the areas are better than the other, and how do I choose?

1.5M Budget

Thanks :)

[Doug Smith]

Quote from @Account Closed:

Quote from @Doug Smith:

I think more than area is the math. You've got a big budget, but I find in this day and age, with super-high insurance, tax rates, and interest rates, it's much, much harder to get a property to cash flow. That's even more true with higher-priced properties. I've found that the rents vs property cost are usually not as favorable at the higher-end of the spectrum. You can find good and bad deals in any area. Finding a good broker that understands real estate investing...and I mean really understands it...not just people that say they do. Spend time chatting with brokers to get a feel for them prior to looking for property. That relationship will pay dividends if you do...not for finding property...but for talking you out of deals that you probably shouldn't do. That's really where their value comes in, but back to your question. Any of those areas can be good areas. It's the math on the property that matters. 

 Yes, from both my experience the higher end do have high appreciation, but do not give as a high rental yield. I would love to find the middle grounds. Not looking for 10% return on rent, and also not looking to go for the lower end that has no big appreciation over time.

 I'm not in the Miami market or I would assist. Alas...I'm on the other side of FL