New to BP From Brooklyn, NY looking to invest in FL

New to BP From Brooklyn, NY looking to invest in FL

Real Estate Agent · Brooklyn, NY · Member since 2018 · 22 posts · 13 votes

Hello everyone! 

My name is Josephine,  Im a real estate agent in Brooklyn, Ny. My first property was a condo here in Brooklyn about seven years ago. I have lived here all my life so if you have any questions are want to invest here. I can help!

So, I did really well with appreciation of my property and TRIED to find something else for a super long time. Unfortunately, everything is way too overpriced and needs tons of re-hab. I decided to start searching out of state these past couple of years. Uneducated about other markets alway made me shy away from making a deal. Now that I have been spending a lot more time learning how to purchase out of state I’m ready to make a purchase.

Miami is my next choice of destination for a tri or four-plex. I’m looking to purchase something that I can rent long term. My thoughts are to keep one apartment for my family and I and have the other apartments pay the mortgage. 

I’m looking to connect with an agent/investor that has the knowledge of areas of Miami. Any information of property management information would be great also. 

I want to give a big thanks in advance to everyone who reaches out. I feel blessed finding BP. I’m constantly listening to the podcast and am grateful. 

Best,

Josephine 

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Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
8y

@Josephine Giordano there are a bunch of multi units for sale down here in Miami. It's just a matter of analyzing each property and current monthly rental income to see if it makes sense. The good thing about this market is the demand for rentals has not stopped the last few years and only keeps going up. 

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Josephine Giordano

    Welcome to Biggerpockets!

    Us New Yorkers are grateful to live in a great city...however, it can be a difficult city to invest in real estate. Difficult; but not impossible. 

    Below are just a sample of strategies New Yorkers are doing to invest in real estate

    1. Invest in nearby states (PA, NJ, CT). You are able to find deals within 2-3 hour drive of NYC.
    2. Invest long-distance(turnkey or have a team on the ground)
    3. investing in NYC itself

    Are you looking to move to Miami when you find the tri/quad?
    It sounds like you are trying to househack.

    You being an agent should provide you a competitive advantage to other investors

    You should attend a couple real estate networking events here in NYC to meet and see what other investors are doing.

    Good luck to your investing career!

  • Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
    8y

    @Josephine Giordano there are a bunch of multi units for sale down here in Miami. It's just a matter of analyzing each property and current monthly rental income to see if it makes sense. The good thing about this market is the demand for rentals has not stopped the last few years and only keeps going up. 

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    8y

    Welcome to BP Josephine and best of luck investing!

  • Developer · Closter, NJ · Member since 2016 · 392 posts · 109 votes
    8y
    Josephine Giordano !! welcome to BP !!! The Delray area where I lived for sometime is another great area to invest. The condos rent for 1500 but be careful as most condos are non warrantable. Meaning the traditional banks won’t give a loan since more than 50% of the complex is rented.
  • Real Estate Agent · Fort Lauderdale, FL · Member since 2015 · 67 posts · 34 votes
    8y

    Welcome @Josephine Giordano ,

    As a fellow New Yorker, I can say I was surprised to see the transformation Brooklyn has been going through on a recent visit. From Williamsburg, Bushwick, Greenpoint and to my surprise Fort Greene. Towers are going up at a rapid rate and the cost of living there has gone up exponentially.  So I can see how easily it is to be priced out of the market there.

    I believe you are thinking in the right direction on investing out of state. I know many New Yorkers who can't afford to live in NY move to areas like Atlanta, Orlando, and South Florida. Those cities have become somewhat of a sixth borough for many New Yorkers especially in the South Florida area. Plus Northerners are getting fed up with the cold Winters and shoveling snow. We have tons of people move here every year from up North. Weather and affordability are usually the driving factors.

    As you pinpoint places to invest in Florida I would also consider areas like West Palm Beach, Fort Lauderdale, Cape Coral, Sarasota, and even Tampa. You can find some really great properties in those places and set your rental rates for a good return. In some areas, you can even buy new construction which can end up being a better deal than buying a resale. 

    Miami does have higher rents compared to the other cities I have mentioned due to population density. Infrastructure and job growth. Proximity to the beach and the lifestyle. However, the cost to acquire a property that will allow you to achieve those returns is a real challenge. Not impossible but will take some effort.

    As far as property management is concerned. There are many of them here that specialize and look after investment property for people living in other states or abroad. You will need to Google them for reviews and interview them to see if they will be a good fit for you. Most take 10% of rents but it is all negotiable. 

    Good luck on your journey!

  • Real Estate Agent · Brooklyn, NY · Member since 2018 · 22 posts · 13 votes
    8y

    Hello all and thanks for the warm welcome!

    @Samuel Awosolu 

    I was lucky to buy in 2011 in Fort Greene.  I did well on my condo and the neighborhood is definitely great. 

    I would like to have another area to call home eventually. I cannot see myself paying NYC taxes when I retire. As of now (only 36) I would like to invest and have a small apartment elsewhere for a vacation home. Why not a 4 unit apartment somewhere cool like BK. Noticing that Miami is just like NYC in Art, Culinary experience and diversity. I can see myself there. 

    I have checked out Sarasota Fl as you said. My life partner has family there. While it is beautiful and super affordable, I question the economic growth there.  Do you have any strategies in searching for properties in places like Sarasota? I know its mainly for the retired. I wasn't sure if that should be my first deal being new to out of state investing.  

  • Real Estate Agent · Brooklyn, NY · Member since 2018 · 22 posts · 13 votes
    8y

    @Basit Siddiqi 

    Thanks for the tip. Can you suggest any real estate networking events that you find most helpful? I had done some research for Philly but I couldn't find concrete information on job growth that would make me comfortable in purchasing. This was a couple of years back. I can take a look again. thanks for the idea. 

    I always find it to be a bit harder to compare what is "up and coming" out of NYC. I find it simple here. I sit in a new coffee shop or a park and people watch. I also drive three to four blocks and see what's new. It's so different in other states. 

  • Real Estate Agent · Brooklyn, NY · Member since 2018 · 22 posts · 13 votes
    8y

    @David Michael 

    Del-ray is such a beautiful place. I would definitely need financing though. I noticed that condos Hoa fees are fairly expensive. I would like to stay away from high HOA fees. Thanks for the suggestion.

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

    Welcome to BP @Josephine Giordano! I'm not in rentals, but just living nearby and gauging the pulse of the conversation here and in my REIA Philly is very hot right now depending on where you're looking. It may be worth your while to take another look

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