Investing in Miami, Florida Area

[Olivier LePage]

Hey everybody,

I'm planning to go to Miami for vacation and I'm so addicted to real estate investing that I want to take some time to look at opportunity in the Miami region.

Here's my strategy, I want to wholesale or flip a house or a condo (I'm open for other strategy if you have any). Quick turn around, so cosmetic renovations (nothing major) in a good area. I would prefer to be close to the beach. Purchase price + reno has to be under 250 000$usd 

Here are my questions:

What are the best neighbourhood to flip in and around Miami?

What is the best price range for a quick turn around?

Does the 70% rule works well over there?

What type of problem should I be worried about, (legal, paper, crime...)?

Anything I should look carefully in my inspection (water infiltration, cracks, crocodile...)? 

Other advice?

Thank you !!!

I'm also open to buy in other area in florida in the near futur, if I don't like the Miami region or if other area have better return.

[David O.]

The Miami (and South Florida) market in general can be quite challenging to find the very good deals. It is all about networking, patience, and persistence, but they can be found. You need good systems and a good process that you execute on consistently. Networking with reputable brokers/agents & wholesalers is a must and extremely important in Miami. All of my best deals have all been introduced to me by agents/brokers and the occasional wholesaler.

Also, I constantly monitor the MLS and setup alerts in different areas I am farming and make aggressive offers quickly and methodically.

Also remember the execution of your offers. Miami is an ultra-competitive market. You can judge & critique the price of the property all day by what the seller asking price is, but real deals are made all day by consistently making offers and through delicate negotiations. Many investors will simply judge offers, be afraid to send in deposits or shy away from the contract writing process because they feel like the seller will not accept their offer. However, properties can and do sell for much lower than asking price. In Miami, you see this all the time.