Every market has it's advantages and disadvantages. Miami is a unique market with its own set of challenges in real estate, but there also has to be some advantages that investors here can take advantage of. I've been doing my research trying to figure out what those are, and wanted to open it up for discussion since I'm still new and inexperienced down here. Where do you think the Miami real estate market's sweet spot is?
If you had 20k in your pocket and credit over 700, where would you put that money?
To offer my own opinion, I'm set on saying a house hack it too risky and leaves you living in a lower quality home compared to the size of your loan. Buying a one door house is way too expensive and you have to take on high insurance, plus cleanup risk after a hurricane (still shook from Irma). But I'm seeing some good deals on condo's along the beach in Sunny Isles that seem to be working out numbers wise.
I've come to realize this is very building specific, as no two associations are the same. But provided you trusted the association and the HOA fee's aren't more than home insurance, I think getting one to live in for a year with an FSA loan then renting in year 2 makes sense. If not for yearly rentals, you could possibly make more cashflow renting nightly through Air B&B. The Miami advantage has to be the beaches and the potential of Air B&B right?
I have yet to really look into commercial, but I'm trying to keep this to 20k to spend to keep the common investor involved. Unless someone really thinks partnering with commercial is the way to go. What do you guys think?
