Looking to start investing in North Miami / Aventura area

[Account Closed]

I'm new to REI currently looking to acquire multifamily properties in the North Miami Beach, Aventura, and Hollywood areas that meet the following criteria:

Price per Unit: Maximum $250,000 (4 PLEX MAX 1M)

Cap Rate: 7.5% or higher as-is not pro forma

Value-Add Potential: Properties that offer the opportunity to renovate, improve, and increase rents or overall property value.My focus is on underperforming properties with strong fundamentals that are located in these markets. I’m particularly interested in assets where strategic renovations and management improvements can significantly enhance cash flow and overall investment returns.

After doing a lot of research I believe deals will be starting to come in towards end of year and early next year. Would like to hear your thoughts as well.

Looking to network with people who have done this before, can give me insight or mentorship or just meet in the area for a coffee to discuss. I can bring money and financing, and I'm looking to be boots on the ground. 

[Ray Hage]

Unfortunately a turnkey 7.5% cap doesn't really exist anymore. Nowadays be happy with 3-5%. You would have to buy a fixer upper and get it to that that 7.5% level. I would forget about Aventura and NMB. Best bet of those three would be Hollywood. Are you willing to buy a fixer upper duplex or bigger?