Looking to get my first long term rental property | How is Miami's market?

[Edreco Amos]

Hello BP community,

I am fairly new to real estate. I have a townhouse in Tampa that I'm looking to move out of to rent. I plan to move down to Miami to be closer to more investors and a better quality of living. I am looking to get into real estate under an LLC. I would love to get a condo down in Miami to have a as a forever rental, but it's just so hard for me to pull the trigger. Some days I feel confident and then other days I'm worried about a ton of things like (what if I get ripped off). Does anyone know if buying a condo in Miami is a good idea? I'm not looking to resale. I'm only looking to cashflow.

I would appreciate any advice or help.

Thanks,

[Jorge Vazquez]

My Edreco, I want to stay optimistic, but after 20 years in the business, I see a few concerns with your strategy—especially buying condos. Right now, condos are a big no-no. They're like mini-dictatorships; even after you pay them off, HOA fees keep piling up, and it starts feeling like a timeshare.

Miami, while beautiful, isn’t known for cash flow unless you have deep pockets to buy beachfront properties and can afford to take losses while waiting for long-term appreciation. Moving from Tampa to Miami for cash flow might feel like moving backwards.

There’s so much to discuss and so much I could share with you. Once you lock in a strategy, don’t overthink it—overanalyzing is every investor’s worst enemy. If you’re ready, let’s chat anytime. I’d love to help guide you through this!