All Forum Posts by: David O.

Look into Hialeah it is a great strong rental market in Miami!

Make sure you find a wholesale investor title company! They are out there!

My first three investment properties were all from the MLS. Just because a price is advertised for a certain number, doesn't mean it can't be brought lower through the negotiation process. Use a skilled agent or work on negotiation skills and/or find motivated sellers. But yes, connecting and building relationships with wholesalers is the way to go as well. Take them out to lunch, email them, express to them your criteria and goals and start to leverage their network.

@Gina Mondesir

Being a realtor in Miami is very competitive and you will have to hustle hard to form and build relationships. It is a grind. Start networking and attending the local REI meetings in Miami.

Agent relationships with investors are built upon trust and results. You must demonstrate to your RE investors that you are methodical and meticulous on your numbers and can safeguard their investment while bringing them a good cash flow / ROI. Investors are all about numbers and are easier to work with and execute faster than your traditional home buyer wanting to fall in love with their first home, for example.

@James Syed

I am a real estate investor in Miami Beach and may of the points made here about the Miami market are correct. From a capital appreciation standpoint, Miami is a great investment market and I have made some great returns on appreciation alone. It's all about finding the right deal, at the right time (under market value) and having the liquidity to close quickly. As a remote investor like yourself, this becomes increasingly difficult as the Miami market is very competitive from both local and international competition. Having a good agent/broker or partner/investor that you trust on the ground and that is an expert in the market you are seeking an acquisition for to alert you on good opportunistic deals will certainly help. 

Reading your goals, I think Hialeah will be the best investment market for you if you wish to stick to Miami. It is an extremely strong rental market, with lot of multifamily opportunities, and deals can be found. However, a lot of deals in Hialeah are conducted off-market and word of mouth due to the large Latino population. 

If you have any questions or would like a great agent/broker referal let me know!

@Dante Anchelia

 Welcome Dante. South Florida is a great and interesting market to invest in. Just make sure to do your homework and study as much as you can on Bigger Pockets!!

That area is definitely cheap, but the tradeoff is the quality of tenants. I suggest you look into the Hialeah. Good price, great stable tenants, and one of the strongest rental markets in all of South Florida. 

@Wayne Brooks is correct. Very rarely will you be taxed on the full amount of the purchase price. The tax assessment is based on the market value as listed on the property appraiser's site (a combination of building and land value). I purchased a home for $890,000 and the assessed value for the purposes of property taxes was $580,000 for example.

Many buy and hold real estate investors in the commercial space with big portfolios even hire attorneys on commission / retainer to get the assessed value of their building lowered as much as possible to save on property taxes. 

@Lucian Harris-Gallahue

 Sure thing, I will start asking around and let you know. 

With the price of acquisitions of properties being high in major markets such as Miami / Miami Beach (where I do my investing) I do a lot of my investing using all the major short-term vacation rental websites (Homeaway, AirBnb, VRBO, etc). Here in Miami Beach some areas are zoned for short-term and have no rental restrictions and some condo buildings offer hotel programs where you can voluntarily place your condo in it (or run it yourself and do all the property management work).

I personally have had great success in utilizing the short-term / vacation rental property approach and have carved out a little profitable niche for myself here in Miami Beach.