South Florida / Miami: current market conditions & first timer

[Giovanni Mazzeo]

I am a looking to do my first investment in a MFU property and looking for advice. I'm looking to get an FHA loan ('first time home buyer') and get at least a duplex to rent-hack for the first few years as I get warmed up in this journey.

- Hows the Miami market at the moment for 2-4 unit MFUs? in terms of availability of units and 'deals'?
- Is a deal under the maximum 2022 FHA loan limits achievable in this market or will it be hard to find at these ceiling rates? (duplex $588,850 - fourplex $884,600 max source)
- Are there any other incentives I should know about for first-time home buyers for this county/state?
- Any recommended websites, mailing list, facebook groups, etc I should join to keep an eye on new properties or deals?

Lastly, I did come across a property listing where seller is looking to get out of a partially completed remodel and sell the property AS-IS, allegedly the property is $90k away from being completed. If those numbers are right, this may feel like a good deal given the property would have almost everything new once it's complete and 'feel new' to tenants in the other unit who may be willing to pay a bit more of a premium for a newer apartment. What would you suggest to do if I wanted to research this deal more and make sure to cover my bases (perhaps get someone else to double check the estimate / pending work / budget from the seller)?

[Matthew Harbeson]

thanks for posting this, @Giovanni Mazzeo. I'm in very similar position as you looking at a buying a multi-family property for primary in the next few months in South Fl area. Don't have much insight to your questions but I've been targeting more north between Delray and West Palm (like Boyton Beach) and haven't seemed to find many MFUs under FHA limits that don't need a good amount of upgrades and area in neighborhoods that meet my criteria. I don't mind doing upgrades and a little BRRR-ing, though, was part of my plan. Because I haven't seen many MFUs I've started considering buying a single family 3/2 and making it two units (where legal) and making a 2/1 and 1/1 and either doing short term or long term rental. Best of luck! Deals are out there, I'm sure you'll find a good one, stay persistent and keep learning! Cheers.

Matt