Best Tips for Buying the Right Miami Rental Property
If you’re not from Miami you will quickly learn that Miami is a country of its own. With so many cultures residing here its can be difficult to find your next investment property. A local property management company can guide you and help you achieve your investment goals. Below is a small list that will help you buy the right Miami rental property.
- Select which city/neighborhoods provide the highest Return on Investment (ROI).
- Select what type pf properties provide the highest return on investment, single family, condominiums, townhouse, duplex, multi-family, etc.
- How much capital do you have to work with, also include rehab/repair cost.
- DO NOT buy a property that needs rehab unless you have experience or at least have a reliable contractor. I am tired of seeing first time investors buy a rehab property and end up losing their shirts.
- Buy a property with the best probability of being rented fast. See what is renting in the area.
- This is a must, unless you have experience and understand Florida law. HIRE a local property management company to handle the day to day operations. You will thank them for relieving you of the stresses of being a landlord.
- YOUR PRIMARY FOCUS IS MAKING SURE YOU HAVE A GOOD CAP RATE.
This happens too many times, I receive a phone call from an investor who buys a $25,000 property and believes they have gotten a steal. Unfortunately I have to burst their bubble and remind them of the neighborhood the property is located in and the type of tenant that will rent it. Properties located in Brownsville, Opa Locka, Florida City have great deals and also great problems. Pay more for a property and you will get a better tenant that will pay a higher rate to live in your property. Don’t forget that a property in a better location will appreciate faster and you will definitely see a higher return on investment when it comes to selling it.
We currently manage over 100 individual properties all across Miami. We know the local market and will help you achieve your investment goals. Call us today (786) 302-9454.
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[…] With low home inventory buyers are obligated to sign or resign a lease while they are searching for a home to buy. This is still driving the Miami rental market to new highs every year. Another factor that is pushing new highs is the construction of multifamily buildings rather than single family homes. New construction of single family homes are still very low with building permits reaching 740,000 issued in 2016 rather than pre-recession numbers of 1 million or more. Read our tips on Buying rental properties […]
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