Best area for small multifamily investing

[Luigi Ramirez]

Hey guys, how ya'll doing?

As the time of this writing, I'm getting ready to start off my investing business in South Florida. Really excited about this! I am looking forward to buying multifamily homes, living in them to obtain FHA loan, moving out after a year or two, and then repeating the process again. I'm 24 with little initial capital to start off with so FHA is a big help.

My major concern right now is how to actually find good areas in South Fl that would be best for small multifamily (2-4 units). I live in Miami, even though I would love to own properties here I'm afraid houses won't cash flow very well. My goal is to make around 5k monthly off rental units only in about 5-6 years. So buying one fourplex/year, making $200-$300 in positive cash flow shouldn't be too difficult right? More or less where should I be focusing on more? Should I consider moving up North, maybe moving to Ft Lauderdale or does Miami-Dade support good areas that cash flow well on small multifamily?   

[Jennifer Williams]

I am a new investor as well so unfortunately I don't have an answer for you, however best of luck to you on your future endeavors. I wish you much success and hope to see a success story posted on both of our pages in the near future.