Want to understand Miami Market ASAP

[Jo Chan]

Hello Guys, My name is Jo.  I was born and raised in Miami but I have been in and out of the country the last 4-5 years.  I decided to come back for good this time and work on real estate.  The last 5 months I believe I have been in a stage of "Paralysis Analysis", and it is really not getting me anywhere.  Realtors and other small time investors have told me Miami is too expensive so I went north to Fort Lauderdale and the only areas I seemed to like was Victoria park, Las Olas and Wilton Manners but the prices are really high over there too. I have also traveled to Jacksonville and Cape Coral to see the market there and will be driving up to Atlanta next week.  I started from wanting to do a Syndication for an apartment building, to scaling down, to  buy multiple duplexes, then, wholesaling, to then, wanting to do turnkey with property management, and finally, I am getting my realtors license.  My end goal is Multifamily 100+ B, C non warzone APT.  So my question is, if I don't have much money but I have people that trust me with their money what should be the best approach in Miami real estate to get started?

I also want to make as many connections as possible and would love to learn from others  :) 

[Alex Larmier]

Hi Jo,

Indeed prices in Miami have risen a lot over the past 4-5 years and finding deals that make sense has become increasingly difficult. We are competing with foreign investors that mostly want capital preservation, and are happy with 3-4% cap rates.  That being said, there are still opportunities in certain sub-markets where rental demand is high and there is lack of new supply.

If you have people that trust you with their money I think the best approach is finding deals off market, buying them cash, rehabing, and selling on the retail market (ie MLS). There are also Buy and Hold opportunities in workforce housing.

Feel free to contact me to connect and chat about the market!