All Forum Posts by: Mike Redondo

@Austin Drew - that's good to hear I haven't really looked at STRs.  I'd love to chat more about your experiences with them if you don't mind sharing.  I'm just concerned that STRs may require too much time from someone who has very little time to begin with lol.  

@Ronald Rohde - I'm in Wynwood, so Miami proper.  Doral is insanely expensive these days and Hialeah is probably better but even there I can't seem to find any multifamily opportunities.  Have you had any luck over here?

@Amy Shutes send you a connection request!

Hey @Ronald Rohde - I appreciate the tips!  So, two hours from me is basically the FL keys (even more expensive in general) or slightly beyond West Palm Beach (can still be very, very pricey).  We've had thousands of folks flee even more pricey metros (NYC, Boston, Chicago, etc.) come down here since Covid so, although it's relatively cheap for them by comparison, it just makes getting even decent returns tough.  I'm sure it's not impossible because nothing really is of course, but I just am so pressed for time it's hard to find them.  That's why I want to look for for a multifamily probably outside my market with a trusted partner(s).  

@Paul Moore - that makes sense and sounds like the right path for sure!

Wow, thanks for all the amazing replies so far!  I'll be responding to each of you but appreciate all the tips and info!

Hi all, I'm a new BP pro member, an attorney and homegrown Miami, FL guy and I am looking to find a market other than South Florida to find my first multifamily deal.  I'm in the position where I have cash to invest but not the experience or time (yet) to do as much of the work on my own as I'd like.  Right now I'm struggling to just pick a market.  I'm definitely struggling with the "shiny object" syndrome that I've heard about on the podcasts because I can't seem to figure out how to just hone in on one location and then build from there.

But, assuming I can get past that hurdle and since wherever I look will be pretty far (aka not driveable), does anyone have any thoughts about whether it's realistic to try and buy a multifamily project without first visiting it?  I'm not saying I'd never visit it, I'm just saying to do the initial screening and the like.  I just don't want to have to jump on a plane every time I come across a potential property.  I'm not sure if the best practice for that is to just have a partner go visit, to build a really strong and trustworthy team, or if it's just crazy altogether.  

Thanks in advance all and can't wait to keep growing on this journey!

Mike