New to RE Investing - South Florida/Miami Investment Strategy?

[Alissa Kitamura]

Hello BP Fam!

I am a newbie and am very interested in starting my RE investing career to achieve financial freedom! I am 30 years old, working a full-time job at a marketing agency, and have decent credit score (a little over 700). I currently rent an apartment in Downtown Miami, and am ready to make my first purchase to live in, to at least stop flushing money down the toilet in rent. I'd like to live in it for 1-3 years before renting it out, and continue to buy more rental properties for cash flow.

After reading books and listening to BP podcasts, the most ideal investment strategy would've been house hacking via duplex/multifamily home, but seems like multifamily homes in Miami area are expensive, low supply and very competitive to find. Single family homes are either completely out of my price range or expensive for no value/bad area as well.

RE investors in the area - I'd love to hear what investing strategies have been successful for you in the South Florida market. Is BRRR possible? What type/criteria of rental properties cash flow? Are you investing in other markets outside of Miami/South Florida? How is COVID affecting you/market?

I have been thinking about purchasing a condo but am not sure if they are a good investment since it seems like there is a lot of supply, and HOA fees are high.

I may be completely wrong and not looking at the right things so any knowledge and wisdom is GREATLY appreciated! 

Thank you for your time in advance and look forward to chatting!

Alissa