All Forum Posts by: Stephen David Smith Jr.

Hi @Jordan Ray, I specialize in collaborating with developers and builders, supported by a dedicated team that can assist with projects of any scale. Whether it's single-family homes or large institutional multifamily developments, we bring extensive experience to every stage—from contract negotiations and due diligence to entitlements and capital stack structuring. 

What are you looking for our doing on the development front?

Hi @Chris Lee

My team and I specialize in the South Florida market. Let's schedule a time to discuss your goals for expanding your portfolio into South Florida, feel free to message or email me. Here are some of the markets in Miami I would consider:

1. Little Havana: This culturally rich neighborhood offers numerous multi-unit properties like duplexes and triplexes. Its central location and affordable housing options make it attractive to families and young professionals, providing stable rental income and potential for appreciation.
2. Wynwood: Known for its vibrant art scene, Wynwood has seen significant development recently. The area attracts creatives and entrepreneurs, leading to a strong rental market and promising long-term appreciation.
3. Edgewater: Close to downtown Miami with waterfront views, Edgewater has experienced substantial growth due to new developments. Its proximity to business districts makes it appealing to professionals seeking rentals.
4. Allapattah: An emerging neighborhood gaining attention for affordability and increasing development projects. Investing here could offer significant appreciation as the area continues to evolve.
5. North Miami: Offers more affordable investment opportunities compared to central Miami. With a diverse community and access to universities, it attracts a steady flow of renters.
6. Coconut Grove: A historic neighborhood with parks, shopping districts, and bayfront access. While property prices are higher, its desirability leads to stable rental income and strong appreciation potential.
7. Brickell: Miami's financial hub bustling with young professionals. Multi-unit properties here can command premium rents, though the initial investment is substantial.

If you're looking for long-term capital appreciation with steady cash flow, you may want to target newer properties with lower cap rates rather than older properties with higher cap rates. While higher cap rates on older properties can offer more immediate cash flow, they often come with increased risks such as higher maintenance costs and less potential for appreciation due to their age. Newer constructions not only have the potential for greater appreciation but also adhere to the latest building codes, which can lead to lower insurance premiums. This can enhance your net returns over time and reduce unforeseen expenses associated with older properties.

Let's connect soon to delve deeper into your options and find the best fit for your portfolio.

Position: Real Estate Sales Associate & Broker Associate
Location: Miami, Florida

About EMERALD Realty Brokerage
Join EMERALD Realty Brokerage, a Miami firm where innovation and personalized service are the heart of our business. We're searching for real estate professionals with a passion for residential and/or investment properties, eager to grow their careers in a supportive and dynamic environment.

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Your Opportunity At EMERALD Realty Brokerage, we're not just offering a job, but a career that fosters autonomy and is backed by a team deeply invested in your success. If you're driven by desire, integrity, and a passion for real estate, we invite you to elevate your career with us. Come be a part of EMERALD Realty Brokerage, where we’re committed to helping you thrive in your real estate career.

Get in touch with us to explore how we can support your career growth in a brokerage that values your skills and provides the right resources for your professional development.

Hi @Account Closed,

Purchasing a pre-construction condo in Miami for the purpose of short-term rentals (STR) is a lucrative one given Miami's unique position in the global real estate market. Here's why:

1. Long Term Hold for Appreciation:

• Pros: Miami's real estate has historically shown strong appreciation, especially in prime areas. The city's rising stature as an international tourist and business hub, combined with limited waterfront property, suggests a promising upward trajectory for property values.

2. Maximize Cashflow via STR:

• Pros: As a top-tier tourist destination, Miami promises a continuous stream of potential STR guests. With effective management, properties in the right neighborhoods can yield handsome returns, potentially meeting or often exceeding your 7-8% net target.

Regarding the most attractive area: Each neighborhood you've mentioned offers unique benefits:

• Miami Beach: A world-renowned destination with high demand from tourists year-round. This area often commands premium rental rates.
• Miami Downtown: The epicenter of Miami's business and cultural scenes. It's a magnet for both tourists and business travelers.
• Brickell: A luxurious enclave known for attracting affluent visitors and business travelers.
• Midtown: A vibrant, upcoming area appealing to younger travelers seeking a mix of local culture, shopping, and dining.

Given your budget and the goal of purchasing two condos, investing in a combination of these areas could optimize both appreciation and rental income. For instance, one property in a tourist hotspot like Miami Beach and another in an urban center like Downtown could offer a balanced portfolio. On the flip side having 2 residences in one building does bring efficiencies from a management/ownership standpoint.

Finally, the payment structure you mentioned (30-40% until project completion) is fairly standard for pre-construction properties. Ensure you have a clear contract that outlines the terms and protects your interests. As a broker in the South Florida market, I've witnessed the opportunities Miami offers. I'd be more than happy to discuss further and provide insights tailored to your goals. Wishing you success on your investment journey.

I have 3 vacant parcels in Venice off-market that can be zoned for quads for a total of 12 doors.

Hi @Sanju Walia,

Understanding zoning can indeed be a bit tricky, especially since each municipality can have its own nuances.

Based on the zoning description you've provided: "0803 MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS", it suggests that the property is zoned for multifamily use with anywhere between 2 to 9 units. Given that your 4plex MF property falls under this range, it aligns with the current zoning.

However, to determine if you can build up to 9 units on the property, there are a few things to consider:

1. Existing Structure & Occupancy: If you already have a 4plex on the property, then you'll need to see if there's sufficient land and infrastructure to accommodate an additional 5 units without violating other zoning requirements, such as setbacks, parking, and green space.
2. Infrastructure and Utilities: Even if you can physically fit 9 units, you'll need to ensure that utilities (like water, sewage, and electricity) can handle the increased capacity.
3. Other Restrictions: There might be other local regulations, covenants, or restrictions that could limit the number of units or the type of construction you can do.
4. Parking & Accessibility: Increasing the number of units might also come with the requirement for additional parking or other accessibility features.
5. Approval & Permits: Just because a property is zoned for a certain number of units doesn't mean you can automatically build up to that number. You'll typically need to get building permits, and depending on the scale of the construction, you might need to go through a site plan approval process.

The best course of action would be to contact Miami-Dade's zoning or planning department directly. They can provide clarity on the specific regulations and requirements for your property.

Best of luck with your investment!

@Anthony Montano

Please share what she has available in Charlotte County, Thank You.

Hi @Daylen Fiallo

My email is in my post signature, I look forward to reviewing the offerings.

@Daylen Fiallo,

Please share info on these, much appreciated!

Hi @Alain Pierre Crego,

I have some institutional clients that would like to take a look and underwrite. If there is time for this please share any info or NDA required and I will get it presented this weekend.