All Forum Posts by: Account Closed

Hey guys,

I have no experience but after looking at all my options I have come to a conclusion that my best move is to buy land and develop multi-family apartment building (15-20 unit) 2 story somewhere between Miami Jupiter.

Budget for everything 3M

Done with cash + 6% line of credit

Looking for long term hold

I would love to hear any insight on what areas I should look at, ballpark of build price (hard costs and soft costs) and would love to network with anyone in the area on this.

Thanks

Hey,

So after exploring all the different options I have decided that my best best is to develop a multi-family in these areas. Buy land and build - Upto 3 stories - upto 20 units. I would also consider buying a building and remodeling.

Budget up to 3m

Give me insight and would love to connect to developers or brokers who think they have deals that can fit

Thanks for the advice! I don't believe it will go down a TON across the board, I think the corrections will be product specific as well - for example, I don't think the market has priced in how unaffordable it is to hold a condo in Miami and that market has bubbled in many areas - the prices today just don't make sense any more and I think there will be major cooling in the condo market, even though even at lower prices I will stay away from condos over 4 floors. SFH I believe will cool down a bit, the narrative of huge immigration and East Silicon Valley is kind of dying down. There will still be things rising, but opportunity will come with more motivated sellers. I think lower interest rates will get some actions in the market, and people who have been wanted to sell for 2-3 years will start considering a move.

What are your thoughts on that?

 Thanks for the insight. Can you be a bit more specific on submarkets I should be looking at in the area? How would you redefine my metrics?

Hey Ray, thanks for the reply. I know these aren't products on the shelf, but I have definitely seen off market quadplexes in North Miami with a cap rate of 6-7.5%+ turnkey. 3-5% is what SFH are renting for in this area, I have been looking at the inventory for a while. In the end I'm looking for a good deal. I wouldn't purchase anything that is not break even on market rate to start. If I have to hold off a bit more for prices to cool, I will. I know a lot of home buyers are holding off now for NAR rules to come out, I also see the market cooling across the board.

I'm new to REI currently looking to acquire multifamily properties in the North Miami Beach, Aventura, and Hollywood areas that meet the following criteria:

Price per Unit: Maximum $250,000 (4 PLEX MAX 1M)

Cap Rate: 7.5% or higher as-is not pro forma

Value-Add Potential: Properties that offer the opportunity to renovate, improve, and increase rents or overall property value.My focus is on underperforming properties with strong fundamentals that are located in these markets. I’m particularly interested in assets where strategic renovations and management improvements can significantly enhance cash flow and overall investment returns.

After doing a lot of research I believe deals will be starting to come in towards end of year and early next year. Would like to hear your thoughts as well.

Looking to network with people who have done this before, can give me insight or mentorship or just meet in the area for a coffee to discuss. I can bring money and financing, and I'm looking to be boots on the ground. 

 I am moving to Miami. And obviously like anywhere, it's all about finding the right deal. There are deals everywhere. 

 First of all I didn't ask to do business with you and didn't ask anyone for a favor. I said I want to network with people. Maybe once we actually speak/meet, we can discuss if there is beneficial ways to do things together. 

Hey,

I'm looking to start flipping houses in the area. Flip and sell or BRRR.

Would love to connect to: builders, developers, investors who work on SFH in these areas.