Home Buying in Miami>Question Details

vivianecas, Home Buyer in Miami, FL

I have about 35,000 USD cash to invest and I'd like to buy a property for rental in Miami. I am told I could buy a house in foreclosure. Is it?

Asked by vivianecas, Miami, FL Sat Feb 9, 2013

so? I'm a foreign citizen, & not a permanent resident of the US.

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10
Contact me for a list of investment properties in Miami for under $30,000. If you're interested in any and purchase. I can help you find tenants as well. Email chuck.gmg@gmail.com or by phone at 3053359637
0 votes Thank Flag Link Sat Apr 6, 2013
Assuming $35K cash, using $5K to closing costs ... you could buy $100K - $115K w/30% Investor conventional financing. Then how much cash might you have left over to do the fix-up or rehab? A $35K property for cash in Miami now will either be in an undesirable area or require structural renovations & rehab.
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0 votes Thank Flag Link Sun Feb 10, 2013
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Mortage Broker Responds

I would say between $115,000 to $125,000 depending on many factors.

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0 votes Thank Flag Link Sun Feb 10, 2013
Don't you think $35,000 is still tight for a down-payment and closing costs on a foreign national? I am currently working with Buyers with much deeper pockets and can't find them a single family home in decent condition in a good location, not under $150,000. Someone has to start bringing those pocket listings into the multiple listing service...
0 votes Thank Flag Link Sat Feb 9, 2013
Right now properties value are going up and up and you have not enough money to buy a property unless you qualified for a loan and put downpayment.
0 votes Thank Flag Link Sat Feb 9, 2013
You could make an investment with 35K, but you are looking to use those funds as a down payment and closing costs. You would still have a mortgage, but at a price point of roughly 90 to 110K you would still have decent cash flow on the property.
0 votes Thank Flag Link Sat Feb 9, 2013
No, you won't find anything for that price in the Miami area. At least nothing in rentable condition.

But you can still use that money to make a downpayment on a higher-priced property?

The rental market is strong here and you don't have to be a US citizen in order to get a mortgage!

Let me know if you need any assistance, I'd be happy to help.

Kind regards,
Ania Lenzholzer
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Sat Feb 9, 2013
You are getting the wrong advise from people.

At that price there are going to be alot of problems with the property and you are exposing your investment to risk.

Bank owned properties are not really good deals than in the past.

Regards,


Pablo Torres
AF Realty,LLC
786-205-6988
Pabtorres@aol.com
0 votes Thank Flag Link Sat Feb 9, 2013
Yes, you can buy a house that's in the foreclosure process. But with $35,000, you would need to look at Detroit for some of the cheapest houses in the country to get within that budget.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Feb 9, 2013
I guess Cali is out of the question too...
Flag Sat Feb 9, 2013
A condo maybe, but a house? Only in very poor condition and only in certain sections of Miami Dade.

In reference to foreclosures, which people often think are a bargain, not necessarily so in Miami. Bank owned properties are in high demand and usually sell above asking price and above many fair market sales and short sales.
0 votes Thank Flag Link Sat Feb 9, 2013
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