Investment Opportunities in Miami Beach - Prices, Features and Where to Start
Miami Beach currently has many multi-residential or multifamily investment properties to choose from. At the publishing of this post there are currently 24 properties for sale priced from $450,000-$6,990,000. Of these properties are located from Surfside to North Bay Village all the way south to Fisher Island. SEARCH NOW
What you need to know about Investment Properties:
Choose the right agent. It helps to choose an agent that is well-versed in investment properties in running the numbers. As a Miami Beach real estate expert is my passion to understand the market, current trends, neighborhoods and to find you the best property for your investment.
Consider vacancy rates. Look over the past vacancy history of the complex to see if this is an issue you will have to deal with in the future. This can be one of the most costly expenses you're likely to face so understanding local property management, the average vacancy rate and setting aside some funds just in case are all smart investment strategies.
Features of a Profitable Rental Property:
Understand the neighborhood. The quality of the neighborhood influences the type of tenants you'll attract and how much vacancies you're likely to expect. Neighborhoods near universities and schools may have potential tenants made up of students that may rotate quite frequently. Those in retirement communities may find tenants for the long haul.
Attractive schools. Consider the school district that your investment property will reside in and if it gains positive remarks and ratings from students and parents alike. This would be a great feature to emphasize when looking for potential tenants.
Complex amenities. The complex in which you are purchasing a multifamily residential property or even the neighborhood may feature unique amenities such as walking distance to shops, restaurants, a gym, and public transportation stations. All of these are excellent features to emphasize when looking for potential tenants.
Future development. If you're considering investing in an up-and-coming neighborhood understand how the future development will affect your tenants and income. If it looks like there will be future development in a positive light, understand that you may have the potential to gain more income so this could be an excellent investment.
Natural disasters. We do live in Florida and there is the chance of a violent storm. Be cautious about the type of insurance the complex or property will require and if this will be a factor in determining possible tenants.
If you're ready to get started looking at investment properties in Miami Beach please feel free to give me a call today or start your online search here for all investment opportunities in Miami Beach and surrounding areas. SEARCH NOW