Is miami a good place to invest in as a biginner?

Question

I really love real estate and I'm 18years old and i live in a state where real estate is pretty difficult.

if you don't have over $100k in your bank account you can't take a loan not even a FHA loan.

so i'm really thinking to drop out of school and move to miami to do real estate

Joseph Medina · Answer

@Seedo Dvon, hey bud i hear you wanting to "burn the boats" and go all in REI, but I would slow down and at least graduate high school first. Reasoning is bud, is that if you don't the cards really start stacking against you in life. And if the cards are stacked against you now, its best not to add more against you and dig yourself in a bigger hole.

As I learned being a stock and forex trader, there will ALWAYS be another good deal down the road, someone's always gonna cheat, someone's always gonna default on property taxes/ mortgage, someone is always gonna die and leave an estate. take your time now to learn the basics get an okay-ish job to save up money and then go or it. I'm not saying go to college or whatever but i am saying is get at least a HS Diploma.

Miami is one of those areas too that you cross over one street and you're in the slums. not every part of Miami is like South Beach. there is a reason it was called Miami Vice back in the day. and they even made Cocaine Cowboys which is a true story out of Miami. i would suggest is that if Miami is your target market study up on it.

Basit Siddiqi · Answer

@Seedo DvonHouse-hacking is a great way to get into real estate investing.However, it is good to plan accordingly.You will need a job to prove to the lenderYou will need a down payment to cover the 3.5%, closing costs and reservesI personally would attend college, get a side job(maybe even a real estate agent).If you decide against college, I would consider atleast a trade school where you can obtain a skill that will land you a demanding job.Best of luck!

Joseph Medina · Answer

@Seedo Dvon, no worries! well if you have one year left finish. that HS Diploma or GED  will help you get that dreadful 9-5 for you to leverage to get some type of funding for the deal you want now or the deal you want in the future.

If you're wanting to know where the best market is, then you need to find out where people are moving from, AND where they are moving to. If you don't know how to do that then ask yourself when i move, how am i going to get there, and if you use a moving company *wink wink* check their website to see if they track this migration pattern another *wink wink*. this information should give you enough to go on and make an informed decision about which state and then you make your mind up from there.

it should scare you bud. there is a good scare because it could potentially change your life for good, and then there are the bad things.

I mean if you look at the grand scheme of things bud when you're 40 or 50 and you look back will a few months or a year be detrimental to your overall success? hopefully not.

the time is going to go by anyway, how you spend it is totally up to you!

Seedo Dvon · Answer

@Joseph Medina

THANKYOU MAN, I toataly understand you.

rn i'm at the last grade of high school, and i'm about to graduate and hopefully next year i was/will drop out and move to another state. at this point i really don't know wich state anymore.(but if you guys can recomend somehing for me i'll look up to it).and i also participate in the forex market, my plan is to make enough money posible so that it can give me a jumpstart to buy my first rental property(Multy Family or SFH).

NOT GONNA LIE. but the idea of dropping out f school or "burning the boats'' scares me alot.

Seedo Dvon · Answer

@Dan Guenther

Yess,that is totally why i want to start first with house hacking,because of all the doors and possibilities it opens.

i would really love if you share examples about colorado. I feel like its going to help me to get more insights how real estate markets work

Dan Guenther · Answer

@Seedo Dvon

Great! House hacking is a great way to get your feet wet. Depending where you decide to invest, house hacking opens up a lot of doors and potential for decent cash flow on from your first deal. Your also living for free (or close to it), get the tax benefits of home ownership, building equity from other people paying your mortgage, and depending on your area gaining appreciation. I don’t know much about the Miami market but if your curious about Colorado where I’m at, I’d be happy share some examples for your reference. Let me know.

Seedo Dvon · Answer

@Dan Guenther

Reasson why i think miami is that i always wanted to go there,and i heard about the tax benefits when it comes to real estate.and i "think " is a nice place for investing in real estate.

in my first year i was hoping to house hack in multi family homes or SFH.idk wich is better for me to start

Dan Guenther · Answer

@Seedo Dvon

Got you, that’s pretty intense! Is there a specific reason your thinking of Miami? What strategies have you thought of? Buy and Hold, Single Family rentals, house hacking etc?

Seedo Dvon · Answer

@Dan Guenther

i would love 2.

where I'm from its easier to invest in real estate if you have Capital. For example when you want to take a loan for a $200,000 house you need to have at least $100k in your bank account.

and you can only take conventional loans.

as i am 18years old and still going to school,and still live with my parents its hard for me to do that.

thats why i want to move to miami to do real estate.

but other than that real estate is much easier here becuz you don't have a lot of competition here

Dan Guenther · Answer

@Seedo Dvon

Welcome to the community! I'm curious to learn a more about what state your coming from. In most cases, there is a way to make a deal happen. Can you provide a bit more insight into your situation?

Is miami a good place to invest in as a biginner?

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