Real estate investors who are looking to get into a lucrative market can do well in the Miami area. In 2018, property values and rents have remained steady, and the purchase price on many homes is still reasonable enough that investors can easily enter the market without a lot of cash. Whether you’re trying to buy your first investment property or you want to grow your portfolio, consider what the Miami area has to offer.
Investing in Downtown Miami
Downtown Miami has a number of dynamic, diverse neighborhoods that are thriving and growing. The city has been working hard to beautify the area, and tenants are especially attracted to the art district. Property values are increasing in downtown Miami, but there is still a strong inventory of affordable housing, which is boding well for investors as well as tenants.
Investing in Surrounding Miami Communities
Outside of the city, you have a lot of options when it comes to investing in single family homes, condos, or small multi-unit buildings. Home prices remain lower, and you can purchase a property that will cash flow for you and improve the strength of your entire investment portfolio. Tenants enjoy renting homes in these areas because they have access to good schools and plenty of recreation and shopping. They are willing to commute a little longer into work because they can afford larger properties and more
Investing in Miami: General Considerations
Miami has a strong economy and a great pool of tenants who will keep your rental home occupied. You have a number of options with what you do when you purchase a Miami property. You can rent it out for the long term or consider short term rentals to vacationers.
Miami is known for its burgeoning cultural scene, its gorgeous beaches, and its warm, sunny climate year-round. Work with a property manager who knows the local neighborhoods before you invest in a home here. You’ll get more for your money, and you’ll find you have an easier time renting the property out to good tenants.