Miami Investing Questions

[Rick Albert]

Hello All,

My business partner and I are thinking of investing in Miami.  We have experience in rentals in Los Angeles.

What have your experiences been?  Good, bad, neutral?

Anything we should be aware of?  Examples could be rental laws, vetting tenants, etc.

Any difference between 2-4 units versus SFR?

Thank you!

[Alberto Nikodimov]

Hi @Rick Albert

Miami is a great city and there are tons of opportunities! Like every other market there are some specifics you need to be aware of but if you have the right team and do your due diligence you will be okay. Therefore, here is my first suggestion: 

Find the right team to work with! This will make or break your investment.

Unfortunately, Miami doesn't have the best reputation when it comes to professionalism. Many people are trying to make a quick buck and they are not necessarily looking for a long term relationships with the investors. Therefore, make sure you vet the people you are working with and ask for recommendations from other investors.

My second advice will be about the realtor you are working with. Try to find someone who will be there not just during the sale but afterwards as well. The average realtor in any market concentrates on closing the sale and moving on to the next one. Try to find someone who is investor oriented and has some interest in the performance of your property. I have some tips on how to arrange that. I'll be happy to share them. Just send me a message.

My third advice would be: Concentrate on C+ or B Class areas. Those are the areas where returns are great, you can find reliable tenants and there is still a huge potential for appreciation!

All of the investors I've been working with had a great experience and Miami is now one of their favorite markets. With that being said, I have also seen many investors who lost money because they worked with the wrong people, which goes back to my first point above. This is really the key when investing in Miami!

I hope this was helpful!