I am considering an investment in Miami real estate

[softwareguy]

Hi all,

First question, glad I found this community.

About me: I have been living in California for many years now, have visited Miami several times over the years, and now want to move there, love it.

I also want to invest in real estate, hoping to grab a couple of rental properties and look after them seeing as to how retirement gets boring after a while

I want to ask, is the Miami area a reasonably good place to invest in real estate in the manner I am considering?

Obviously, I can go and ask real estate people, however, I am hoping to hear what people have to say.

Thank you all beforehand,

SG

 

[cgarden]

Hi softwareguy,
I am also a newbie to this forum but live in SE Florida (Palm Beach County) and managed a wide range of rental properties in a past life.
There are still many bargains to be had in the Florida real estate market, however I'd be wary of any "too good to be true" deals especially if you're new to RE investing.
Are you primarily interested in single-family homes or condos?
Annual or seasonal rentals?
Working-class or upscale neighborhoods?
Will you self-perform maintenance or hire a service for landscaping, repairs and extermination?
How far will you live from your investment properties?
Many people successfully supplement their income and minimize expenses by living in part of a duplex or triplex and renting out the rest. Personally, I would be a little wary of letting a potential tenant-from-hell know where I live.
my 2 cents.
Carol

 

[obgyn65]

I would say don't do it. In my view, RE prices still have a long way down. I may be totally wrong on this topic, which is OK.

I want to ask, is the Miami area a reasonably good place to invest in real estate in the manner I am considering?

Obviously, I can go and ask real estate people, however, I am hoping to hear what people have to say.

 

[Spanky]

Have you looked at other areas in FL, i.e., St. Augustine? Properties are quite cheap.

 

[Nords]

I also want to invest in real estate, hoping to grab a couple of rental properties and look after them seeing as to how retirement gets boring after a while

Your first post on a discussion board about early retirement, and you're calling it "boring"?!?

Makes me wonder why you think you're ready to be a landlord, either.

 

[FinanceGeek]

About me: I have been living in California for many years now, have visited Miami several times over the years, and now want to move there, love it.

I also want to invest in real estate, hoping to grab a couple of rental properties and look after them seeing as to how retirement gets boring after a while

I've known several people from CA who suddenly discover that life on the outside is much more reasonably priced - and then want to jump right into buying real estate somewhere else.

The general consensus about relocation on this forum is to rent for at least a year before buying. You will be much more able to make an informed decision at that time.

 

[tryan]

I own rental property in 3 states ... but would NEVER make my first purchase more than a 20 minute drive away. Need to be hands on to learn this trade. You won't even know the mistakes you're making ... you'll only know you have a negative cashflow (while the contractors you hire are lining thier pockets).