All Forum Posts by: Malgorzata Sadowska

how about a construction loan?

Miami is definitively pricey - we are the city where everyone wants to be! Our construction costs are expensive because our building code is much more stringent than anywhere else in the state (making our buildings saver). We also don't have any land so anything you buy will (in the long term) never be discounted by new construction a few miles away (almost only new construction here are luxury condo high rises). While we are getting some new condo regs, the ones that were previously (40 year certification) here were designed with safety in mind. The other regs (like reserve requirements) are state-wide so you will have to deal with them regardless of where you buy.

We do have several higher paying jobs relocating in the area (due to companies relocating) AND ultimately, your decision (like everyone else's) will likely come down to where you enjoy being / where you could see yourself living. Visit / short term rent in both & see what suits / thrills you better:)

Miami never followed any rules :) - literally & figuratively. Because there is so much competition here, doing well with investing requires imagination & being different. Investors, who get that, always do well.

 plenty of that in Miami!

I have a 20 year old insurance veteran in Miami, who just bound insurance for under $3k so the buyers are excited to close with a lower PITI payment then expected, based on other insurance quotes (with a 30 year old roof - in good condition) on a 1940s home. Insurance here is still affordable, just need the right insurance person.

buy a value add duplex & rent out the other unit.

wind, flood & general will be the same policy. I usually tell my clients ESTIMATE between 0.5 - 1% of the purchase price as your annual cost of insurance. This still holds true even though SEFL insurance landscape continues to shift (for example, it has recently become challenging get a clear 4 point inspection needed to secure insurance UNLESS you have a date of the roof permit). There are ways around this, yet, you got to have a savvy insurance person & inspector on your team.

worked well in mid 2000s. IF market continues to appreciate, purchase makes total sense.

speak with @Raymond J. Rodrigues - he will find the best scenario for your situation.

 @Raymond J. Rodrigues is a great lender & might have some options for you.