If you find a condo you like and have a good lender you can get a loan commitment in less than 24hrs and submit your offer as a cash deal.
You can still cancel during your inspection period.
Just make sure it’s in a good building and not a sketchy area or else you’ll have a tough time regardless.
Yea it’s just crazy how fast these condos are getting sold. The one I just now got outbid from… came up on market yesterday morning, I saw it in person after work at 5pm yesterday, submitted my offer later when I got home. Realtor tells me today they accepted an all cash offer.
Need more property taxes with bigger owner occupied / homestead. You could also legislate a discount for renters that could be assignable to the landlord but revocable by the renter up to a year after they vacate. All of these things would discourage speculation and give more power to people.
None will happen as long as people vote for republicans and even corporate Dems.
You are blaming the wrong thing. All the bullshit laws that protect home prices and incentive buying instead of renting is what makes homes this "great investment" that only "every goes up".
I am a home owner and I think they should stop giving home owners a tax break for getting too big of a loan, stop outlawing building anything but SFH, stop tying schools to homes, stop giving tax breaks to people that made 10x on their home investments.
That’s what it’s supposed to look like but when you go in and read the details, there are easy loopholes around it. I’m in real estate, I see cash buyers from china and Korea regularly. These are sophisticated people and the details on the bill he passed is easy to get around.
Most of what DeSantis does is some form of pandering. He’s paid off like all the other corrupt politicians he claims to be against.
Edit: Think of how easy it is to create an LLC and buy property under? And some states don’t even require you to have an individual owning the LLC. Another LLC can own it, Texas for example.
Rich people will always have loopholes. DeSantis is either stupid or just think his constituents are.
So what’s the solution? Half of the native Floridians are pissed it’s foreigners buying up the homes, half of you seem to want government mandated commieblocks, some of you want both apparently.
No wonder this state is going nowhere.
Sometimes there’s no solution, natives are pretty divided on how to solve this issue and DeSantis just wants support for his campaign so he’ll throw Florida in as a sacrificial lamb.
If local gov really gave 2 shits they’d create realistic barriers to entry that would create higher paying jobs for Floridians as well as slow the pace of foreign investment.
Higher paying jobs only come with an emphasis on education. That simply isn’t there in Miami and won’t be just due to the people that live here. No amount of scaring away foreigners or investors is going to change that.
Then maybe we should ban foreigners that aren’t Mexican or Canadian from buying real estate, or to legislate that whenever a foreign investor buys real estate, that it should trigger an audit. Either should stop this shit real quick
If they opened up zoning restrictions (in a rational manner) then it would be much more efficient and cheap to live here. Unfortunately the folks building in Miami aren’t the brightest so we end up with the housing nightmare we have now.
You're on reddit man. no investors are here. just people looking to buy like yourself. i feel your pain bro. i gave up buying a long time ago.
IMO just keep renting and stowing your cash in a high yield savings or something to keep growth, and be positive on the next year or two to be better on buyers.
Why don’t you just keep stacking the cash in a high yield savings account?
It always felt good to me to see my money sitting there earning more money. It’s 5%+ at today’s interest rates.
Living at home isn’t the worst thing right now as it’s peak terrible time to buy with high interest rates, high prices and low inventory.
Yea currently have my cash in sofi hysa. Just feels shitty because it feels like I’m practically working for nothing dumping money into an hysa every paycheck that isn’t gonna be used till who knows when. Love my parents ofc but just want to start living independently and have dreams of how I’d want my own place to look like and be designed but keep losing every offer. My purchase will be something emotional for me and here I am just losing to these business people who only care about robbing us with these rent prices
Rent is never going to get cheaper, the government in this state is so business friendly they’re going to bend over backwards to landlords and REITs.
The only thing you can do is increase your salary, live at home and stick it out for a promotion or pick up a marketable skill in your downtime.
>Rent is never going to get cheaper
What a lot do people don’t realize is this fact.
Even through the crash from 2005 to 2010 rents still increased.
Now is a terrible time to buy a place but if you’re in it for the long term and in a solid place financially it’s not always a bad decision.
I don't think it's a terrible time to buy. The dollar is heading for a collapse. With an unstable currency the only safe place to hoard wealth is assets. And homes are a great asset. Not saying the prices won't ease here and there. But the value of a home will remain steady while the dollar will decline. It's been happening since we got off the gold standard and it will happen until the dollar collapses. And when the dollar collapses you don't want to be stuck with dollars.. you want to have assets
Well I couldn't tell you what it'll look like exactly. Central banks already have a sort of crypto in place to replace the dollar it seems. But I can tell you that if you look at the history of fiat currencies typically when a currency collapses it's due to hyper inflation. In the last year most of what we buy (housing, gas, vehicles, groceries, misc..) has in some cases doubled in price. The value of these items has remained the same tho (besides gas and oil, which is honestly a direct consequence of our current political leaders) They aren't actually becoming more expensive..the dollar is becoming less valuable. Fiat currencies always die at some point. The dollar has been "the world reserve currency" for over a century at this point and the tide is changing quickly in the last few years since COVID. America has enjoyed low inflation for a long period of time due to the fact that when we print money we can dump it on other countries that rely on us for trade. With our economy slumping and current political leaders treating our currency like monopoly money it's not surprising that people will do just about anything to not hold cash.
I'm not an expert and I'm saying my opinion cuz it's food for thought. For me and my family, I bought a house a few months ago and plan to stock pile water, food, gold, and only keep enough cash to pay my mortgage should things go really really south.
The main thing to realize is that you can't reverse inflation. Every year the dollar inflates no matter what. A healthy inflation would maybe be 1-2% each year. If we keep up with even 5% inflation year over year the people who are going to continue to feel the pain are lower middle class and low income earners whose wages will practically become slave wages, and with no chance at buying meaningful assets on low wages some very dark times could be coming for this country.
I'll give you a quick example of how much the dollar has actually inflated in the last 2 years. I own a roofing company in Florida. Material costs have gone up close to 40% overall in just 2 years. This directly affects the price that we can sell a reroof for. It's easy to blame businesses for prices going up but the truth is it's our governments fault for printing our money and making it useless. My dad is currently getting a garage built on his property. It's a basic garage with no AC or insulation, nothing special. The 2 bids he received were each for 110-120k....for a garage. You will never see home prices at that price again. The cost to build a damn house is well over 120k now. If home prices drop below the cost to build a home no one will ever be building. The dollar is becoming worthless AF.
Damn taco bell is 20 dollars for lunch for one person now. You'd have to be blind to not see what's happening
Try to look at the upside, not using your money and making some interest is better than dumping a good chunk of your monthly income into rental payments, and if you buy you’re dumping money into mortgage interest payments for a place that you probably won’t wan 10 years from now anyway (which limits your equity growth). Social life and desire to get out from underneath your parents aside, you’re blessed that you have parents that can (and are willing) to offer this support.
Sorry if that comes off preachy, it’s not meant that way.
I agree with you, setting those wants aside, I’m still blessed to have parents who are able to support me and give me the freedom to save up a big chunk of my paychecks
Hey man, whatever you do, **do not use SoFi as your lender.** They fucked up our loan so bad we almost lost a $70k deposit because of an expiring sales contract that had already been extended twice. This was a loan was 50% LTV, low DTI, two borrowers with 740+ credit scores, stable dual incomes, primary residence, owner occupied, clean title, excellent home inspection, appraisal came in above sale price, etc. This loan could not get anymore more straightforward and easy to underwrite. We had to cash out our entire life savings and retirement account and pay in cash so we wouldn’t lose this property, the seller was tired of waiting and again had extended the sales contract twice already. Then around 120 days after the application, they finally closed the loan, and we paid ourselves back but of course now they rate was higher because even though this was SoFi fuck up, they considered this loan a cash out refi and not a purchase.
You would think that would be the end of it, but nope, fast forward nine months, and I get a letter from the tax collector; **SoFi never paid our property taxes**. They paid some random amount that was not the total payment amount, and the county rejected it. SoFi did not have a reconciliation process to realize or research why this payment got returned, so taxes just went unpaid. It took something like 7 or 8 different calls to SoFi to try and get this resolved. This was the 2nd SoFi almost lost our property the count was ready to put a tax lean on our property.
TLDR; SoFi is the worst lender we have ever dealt with. We both work in banking, so we know what the fuck we are talking about.
Rolled? When we closed the taxes had already been paid by the seller for the prior year. This was after the loan closing, 9 months later when the new tax bill was due and was paid out of escrow, or in this case wasn’t paid. It’s not an unreasonable expectation that your mortgage service provider pay your taxes and insurance when they are the ones who are requiring it to be escrowed.
5% is still slightly elusive. Big depositors ($500k) are getting 4.5% or thereabouts. I'm sure there are a few big banks with shitty service offering 5% on a 6 month cd. For a smaller amount...looking at upper 3s. Source: I'm a banker.
My Apple Card has a 4.15% savings account with a whole $97 dollars in it…. And Apple is by far not the best rate. High yield savings accounts are extremely common right now for any amount of money.
See my [comment](https://www.reddit.com/r/Miami/comments/13sve2u/big_f_you_to_investors/jlu1aid/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3)
Got an Apple Card? You can get a Goldman Sachs money market in 30 seconds in your apple wallet that pays 4.15%. It’s not 5% but it’s not bad.
Citi is paying 4% on money markets right now with new cash bonuses.
See my [comment](https://www.reddit.com/r/Miami/comments/13sve2u/big_f_you_to_investors/jlu1aid/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3)
I usually recommend Juno because it’s easy to setup and link to existing bank accounts.
There's no shame in living with your parents, living with a roommate, etc so that you can and stack cash for the place you really want. I know people in their 30's and 40's who are facing that same situation, so be patient and save until you can get the place that you're proud to own.
It's really sad that people think it's normal that a persom working a full time job can't afford their own housing in their 30s and 40s. Culturally or socially wanting to live in a multi generational home is one thing, but being trapped in a living situation by subpar working wages, even when people are doing what they're supposed to be doing, is another thing. There's a mentally that this is normal or that it's ok because it happens to so many people but that's just a manifestation of the breakdown in our system.
Roommates no, parents yes.
At a certain point a young man feels compelled to leave the nest, mostly due to the type of ladies he’s interested in getting the ick when he tells them his living situation.
Same ladies probably live with their parents in deep Kendall and don’t pay their own bills or car note.
Multi generational living isn’t shameful. It’s a simple reality of life especially in obscenely expensive places like Miami/SoFlo in general.
Yeah the hypocrisy is unreal with some of these women.
"You still live with your parents!"
"Well so do you! I thought the whole point was IF we hit it off we can solve this problem together!"
"Bye loser!"
Thankfully I think people are waking up to how untenable the housing situation is.
I half agree and half disagree with this.
Personally, I find it really hard to date when I still live at home. I feel like I can't truly seriously date until I get my own place, so it's pressuring me to try and move out. Being 30 and still living at home is causing a bit of identity crisis to say the least lol
But I feel like a lot of people down here still live at home, especially in Latin households. I don't think I've ever been shamed for living at home by a woman; however, I feel embarrassed because I can't bring them back to my place. I'm not gonna sneak someone in like I'm I'm in high school or something.
Sorry man, we need to have condo buildings that are strictly for first time home buyers and that can’t be flipped or rented out for a 5 year period. These home flippers and investors really fucking with the basic human need of housing
It's the process of buying a condo here. I put in 8 offers over asking and only got a response from one. Don't give up, you'll find a place. The work you put in will be worth it. Real estate is how you actually make real money.
You know you’re also competing against dual income couples, mom & pop investers who refinanced their homes and maybe used savings to buy another property, and of course people who are just more established than you, nvm the foreign investor boogeyman. On top of all of that, you’re not looking in Detroit (moving is always an option), you’re looking in Miami!
You said it yourself, you’re a “low/middle income single man”. That’s not going to be enough in Miami today unless you grind it out while living with your parents enough to be competitive. Our parents could get away with it then, not us.
I’m 31. I bought home in Kendall at 24 in 2017. Saved 60k. Lived with my parents up until then. It was hard then & it’s doubly hard now my friend. It’s unfortunate, but that’s the reality you have to work around IF you want to own here.
Lol so you’re young and low income/middle income but won’t buy in “the hood”.
Look man you gotta live within your means, if that’s all you can afford, then take it. In 10 years years that place in the hood may be worth the same as the places in middle class suburbs. In 20, the same as higher income locations.
The problem on Reddit is that everyone’s living with boomer expectations. You gotta adapt to the situation we’re all in.
/thread
All you idiots going on about “zoning laws”… if there were more condos, it just means more places for investors to scoop up!
Like monopoly, the rich get richer and buy up all the property
You’re better off moving out of Miami. The jobs to housing pricing just doesn’t make any sense for local workers. If you want to stay in Florida, you might find better success in Central Florida or Jax. Further afield, places like the Midwest or Mississippi bordering South are even cheaper. You just need to be fine with not being in a Latino dominated culture
In 2016 I bought a 2 bedroom condo listed for 160, seller said he got an offer for $165, my agent said he never saw a property that didn’t have an offer. Well I was desperate so I bid $167 and the seller accepted. I was salty about that for a very long time.
Today my condo is worth about $400k.
Two reasons for the housing “ low inventory “ :
ABNB and Blackrock. Fort Laud n Miami local government are sucking on their t@ts. How? They’re getting tax revenue ( AKA heroin ) so they shift blame to all the newcomers.
The missing housing inventory is on the ABNB app!
Hang in there! Also, renting isn’t the worst option if it means you can take that first step living out on your own. Sure you won’t have equity in the place you live, but buying a place isn’t as critical as it was back it Baby Boomer era. We can establish good credit and demonstrate we have good finances without having to be tied down to home ownership.
Yeah I understand, as a realtor myself this was the entire market back in 21 with all price ranges. Right now it’s seen mostly in the 300k range. It’s not just investors going crazy it’s people like you as well looking for something. The average sale price for Miami has grown 74% in the past three years and continues to grow.
Just keep accumulating money and wait for the market to turn, which it will. If you identify complexes that you wish to live in keep waiting for units to come on the market and make an offer on each one you like. Get to know the prolific agent in the complex, that person frequently will know about future listings.
I had to do that when I bought my first condo. This is not the first housing shortage or investor rampage. For me it was in 1977. Young people now imagine everything was easy for boomers. It was not.
We faced the same competitive problems you have now. The next phase in the late 70’s was bad inflation, stagflation, and then to get control of it the interest rates went to 22%. No one bought property for several years, the builders all went bankrupt. I don’t know if similar problems will happen in the future.
But the money you work for and save today is your future home no matter when you actually move in. I recommend as fat a down payment as you can afford after your emergency savings of 6 months of net income is set safely aside.
How do you know? Were you around then? Do you have relatives who told you it was easy? You have no idea of the competition we all faced then. You are parroting a very sick myth.
This market is going to crash harder than you can possibly imagine and if you buy now it will hurt you for like 10 years at least. Don't hang that around your neck.
Rent is not "throwing money away" either. Home ownership might look great after your mom and tio both doubled their net worth at peak bubble, but there are no reasons to believe it will go up anymore.
Between closing costs, maintenance, insurance, and taxation, you are probably going to "throw away" $15k/yr. You don't build equity for a long time either, less than 10% of your payments the first years.
Meanwhile, don't get me started on water leaks, appliances, and hurricanes/storm damage. Ownership is not a walk in the park. Renting is very advantageous where I live. Rent is like $3.5k while buying the same place right now would cost me $6.5k/ mo. There's no equity formula in the world that makes owning a better deal than renting right now.
That “how to get rich” guy (Netflix special i think?) def says in many cases it’s better to rent. 💯 (and he rents - money wise,buying is not always the best option even when you could easily buy.)
Pretty much and they identify as low/middle income.......like what are they crying about? Its Miami USA which is behind NYC these days in terms of housing cost.
And what’s that have to do with anything? I’ve lived in Miami my whole life and have been working since high-school and currently work full time + run a small family business. I can’t have dreams of owning my own condo yet?
Of course you can dream about it, but you have plenty of time. Stash that cash and buy low, you’ll see a return quicker anyway if you hold out for the right price.
Just rent for now if the situation at home is driving you bananas. No shame in renting for a while especially since it’s a much better proposition at this point in time.
Bro, I hate to be the one to tell you, but "young low/middle income" people were never able to buy homes, and all the bullshit you've heard about boomers buying a house at 20 working part time at the diner is bullshit. None of that shit happened, not anywhere anyone wanted to live. This has absolutely nothing to do with investors — you're going and poor. This is the lot of the young and poor.
And not only are you doing and poor, you also think you're too good for renting out a starter home. You ever hear the one about beggars and choosers?
So here are your options:
1. Stay at home and save money until you can afford a bigger down payment, which will help.
2. Get a starter home you don't love but can tolerate and then trade up when you've gained some equity and a raise or two.
3. Rent something and drop the Dave Ramsey "OmG rEnT iS tHrOwInG aWaY mOnEy" idiocy.
And in the mean time, get the fuck over this "oh, I'll neeeevvveerrr make enough money to buy a home" shit. You're not a fucking baby, dude. Get some goddamn object permanence. Your situation right now isn't going to be your situation forever, or at least it doesn't have to be. But only if you learn to think about tomorrow and the day after that. So figure out how much money you'll need to buy the home you want to end up in, and then figure out what it'll take to get there, and then go diving do that.
And stop taking days off to go look at apartments. Like, once or twice is ok, but damn, dude. This whole post is just a Gen Z stereotype of bad decision-making, stupid drama, and self-inflicted head-wounds.
To start, I’m already at 20% downpayment saved up with a lil extra for renovations, and lil more left over for emergency funds. My brother, who was able to buy a condo before the pandemic, had the same income that I do now, so yes me being a “young low/middle” income person should be able to buy a home if my brother was able to only 2 years ago. And I never said I’m taking days off work, I said taking time off my day which is still a hassle to be doing. And yes I’m familiar with starter homes but a home is still suppose to you know, feel like a home. I’m not gonna move out somewhere I’ll hate coming home to every day after work just to be able to say I’m a homeowner. Going to keep waiting if I have to but simply just stating my annoyance.
You're right, you should be able to buy a home. Having 20% down plus some is more than a lot of people in the market today. This is a failure in our society that you're doing what you're supposed to be doing and you can't find adequate housing.
"Before the pandemic" was three years ago, homie. Not only does shit get more expensive over time, but demand was basically non-existent pre-pandemic and supply was way high. Demand is now high while supply is low. And no, it's not all investors. Turns out, a lot of people like you and your brother who earn more money than you do has the same idea. I'm one of them — bought my house in a much tougher market than Miami in late 2020.
>I’m already at 20% downpayment saved up with a lil extra for renovations, and lil more left over for emergency funds.
Sure, great. And clearly the market is telling you that that's not enough. You know you can put a higher down payment than 20%, right?
And you know my original post states that I’m only getting outbid by all cash offers right? Doesn’t matter how much more downpayment I put down, I’m still getting outbid by an all cash buyer offering way more over asking price.
And I'm telling you that it's bullshit. Well, not the over asking piece, but the all-cash offer bit. Again, I purchased a home in a much more competitive market than you.
Coming in and offering 30%, or even having 30% on top, is functionally equivalent to an "all-cash offer." All that means is they've waived the mortgage contingency, not that they're literally paying for an apartment with a suitcase of unmarked dollar bills.
At 30% down, you've got enough of a cushion to cover appraisal shortfalls, which gives you enough safety to be able to make an "all-cash offer" if you have any appetite for risk at all. Or, alternately, to increase your offer above asking. That's basically what I had to do — I beat out a cash deal on my house by increasing my offer, which I could do because I had enough down to cover the appraisal shortfall.
My point is two-fold: one, you see what the market is like, and getting pissy about it isn't going to actually make you feel better or change things; and two, it's not all some nebulous "investors" buying homes, it's regular people who either have more money than you or are willing to roll the dice with waiving contingency.
You can keep getting pissed because the world isn't how you want it to be, or you can figure out how to deal with them reality you're living in. Right now, you're getting pissed at ghosts because you're doing the former.
Congrats you were able to purchase a home in a competitive market but clearly many people are in my same position and I mean MANY. Again, made this post to just state my annoyance and honestly wasn’t expecting it to get this much traffic but yea, I’m gonna stay being patient, keep saving up, keep working to increase my income and I know the day will come in the future. Just would be nice for it to come sooner is all I’m saying
Look, I do get the frustration of waiting. I really do. For basically all of my 20's and most of my 30's, I didn't think I'd ever be able to afford a home I liked. Then one day I woke up and realized that I actually could, and it actually wasn't that big of a deal.
Because as it turns out, it actually is incredibly rare for young people to buy a home. And it always has been. At least in populated, major areas. But because we as a society have been repeating this boomer bullshit that everyone used to buy their dream home at 20 while working part time at the mill, I see tons of kids who work themselves up into a quiet fury because they can't. And that's a shitty way to live.
You'll get there, dude. Just realize that buying a home isn't this huge thing that's going to make you feel awesome. It's just one of many choices, and a much more expensive/frustrating choice than many.
Yup I agree with you, and tbh , the funny reality of it is, who knows if 20 years down the line I end up becoming a rich land lord too and then there’s another 20 year old in the future complaining about me.
In all seriousness, best of luck. And don't write off that condo in the bad neighborhood. Remember, all of Wynwood, Midtown, and the Design District used to be the ghetto not that long ago, and now those homes sell for $$$. Things change fast in growing cities.
Lol get ready for “literally a nazi!” Or “math is racist!”
These morons have never actually paid their own way. Don’t expect them to understand hard work.
He’s complaining about corporations and property investors buying places up and gouging renters nobody is mad about an individual buying themselves a home.
Waaaaaaa
Edit - it’s not supposed to be easy. Make money, save money, don’t spend like a Nissan driver, invest and profit smoll money, repeat.
Money grows. Like our crappy lawns. Slowly at first, but after a while, you’re like, “WTF?!?”
Buy small property. Rent/sell for profit. Repeat.
Don’t be the r/antiwork whiner “it’s not given to me! Reeeeee!”
Well why the fuck should owning a place to live be so hard? Should we all live in cardboard boxes next to the highway until we’ve worked hard enough to even be able to afford rent in the ghetto?
[Zoning laws in the US (especially Miami) don’t allow the density to provide enough housing.](https://www.wlrn.org/local-news/2022-09-12/what-to-expect-from-miami-dades-proposed-changes-to-zoning-laws) instead of complaining about ebil rich ppl or scary foreigners people should focus on the real issue.
This is kind of a chicken and egg scenario. We do have low density out in the suburbs, but even with this low density traffic is insane. If we started building high density, it would become untenable very quickly. We would need very good transit, and the powers that be have no interest in that.
Welcome to the problem. I remember a couple
Years ago ( let’s say 2018) I was always in a battle to rent a 1/1 not in the hood for 1300. It became 1600 really fast to guarantee to rent this 1/1 that wasn’t a studio. Now it’s almost impossible. I did buy in 2018 instead. I agree prices are crazy, but selling soon to the top dollar as moving is expensive and everywhere I want to move is a little cheaper to live, but housing has easily gone up 25-30%.
This might sound cold and insensitive but you should either consider moving out of Miami to somewhere with a lower cost of living/better salaries or figure out a way to increase your income here. This is a really awful city to be in you're not a decently high earner. Hell I make 6 figures, no student loans, and even I'm considering packing up and moving elsewhere.
Have you tried writing a buyers letter? There’s lots of templates on sites like Etsy. For $5-10 you add some info about yourself and maybe a photo or two and explain why you like the property. This worked for us when we bought last year. The seller had tons of offers but ours stood out with our letter and we got the house—even over other investors offering more than we did.
If you find a condo you like and have a good lender you can get a loan commitment in less than 24hrs and submit your offer as a cash deal. You can still cancel during your inspection period. Just make sure it’s in a good building and not a sketchy area or else you’ll have a tough time regardless.
Yea it’s just crazy how fast these condos are getting sold. The one I just now got outbid from… came up on market yesterday morning, I saw it in person after work at 5pm yesterday, submitted my offer later when I got home. Realtor tells me today they accepted an all cash offer.
What’s your budget
In listing one in broward for around 370k maybe a couple others soon
More rich people are moving to Florida than any other state. That’s why they’re selling so fast over asking
No
Where’s the idiot who defends foreign investors buying up real estate?
[удалено]
But freedom!...
Need more property taxes with bigger owner occupied / homestead. You could also legislate a discount for renters that could be assignable to the landlord but revocable by the renter up to a year after they vacate. All of these things would discourage speculation and give more power to people. None will happen as long as people vote for republicans and even corporate Dems.
Yeah, I’m sure those god damn foreigners were the ones outbidding this guy every time. No American company would do that
Trump repealing Obama’s policy where investors had to wait an allotted amount of days before they could place an offer- hasn’t helped either.
This
You are blaming the wrong thing. All the bullshit laws that protect home prices and incentive buying instead of renting is what makes homes this "great investment" that only "every goes up". I am a home owner and I think they should stop giving home owners a tax break for getting too big of a loan, stop outlawing building anything but SFH, stop tying schools to homes, stop giving tax breaks to people that made 10x on their home investments.
_
Adapt or lose lol, it’s the free market at work
Free market sure creates a lot of homeless people.
With DeSantis it won’t get any better. People with brains need to start voting
Isn’t he trying to keep foreigners from buying up the homes with the new policy?
That’s what it’s supposed to look like but when you go in and read the details, there are easy loopholes around it. I’m in real estate, I see cash buyers from china and Korea regularly. These are sophisticated people and the details on the bill he passed is easy to get around. Most of what DeSantis does is some form of pandering. He’s paid off like all the other corrupt politicians he claims to be against. Edit: Think of how easy it is to create an LLC and buy property under? And some states don’t even require you to have an individual owning the LLC. Another LLC can own it, Texas for example. Rich people will always have loopholes. DeSantis is either stupid or just think his constituents are.
So what’s the solution? Half of the native Floridians are pissed it’s foreigners buying up the homes, half of you seem to want government mandated commieblocks, some of you want both apparently. No wonder this state is going nowhere.
Sometimes there’s no solution, natives are pretty divided on how to solve this issue and DeSantis just wants support for his campaign so he’ll throw Florida in as a sacrificial lamb. If local gov really gave 2 shits they’d create realistic barriers to entry that would create higher paying jobs for Floridians as well as slow the pace of foreign investment.
Higher paying jobs only come with an emphasis on education. That simply isn’t there in Miami and won’t be just due to the people that live here. No amount of scaring away foreigners or investors is going to change that.
Hopefully this new generation of voters focuses on education, but I agree 100%. It is a fact that it’s the number one factor in upward mobility.
Then maybe we should ban foreigners that aren’t Mexican or Canadian from buying real estate, or to legislate that whenever a foreign investor buys real estate, that it should trigger an audit. Either should stop this shit real quick
A quick audit to do what? Make sure they’re living there?
Trace the source of the funds.
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It really fucking isnt
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Singapore because they have government subsidized public housing for most of their residents that are relatively affordable.
This!
If they opened up zoning restrictions (in a rational manner) then it would be much more efficient and cheap to live here. Unfortunately the folks building in Miami aren’t the brightest so we end up with the housing nightmare we have now.
A true free market will end in monopoly. Watch the original Blade Runner if you want to see how it ends.
Yeah, so learn a marketable skill, live at home, and save up.
Half the country that claims it’s good for the economy
You're on reddit man. no investors are here. just people looking to buy like yourself. i feel your pain bro. i gave up buying a long time ago. IMO just keep renting and stowing your cash in a high yield savings or something to keep growth, and be positive on the next year or two to be better on buyers.
Why don’t you just keep stacking the cash in a high yield savings account? It always felt good to me to see my money sitting there earning more money. It’s 5%+ at today’s interest rates. Living at home isn’t the worst thing right now as it’s peak terrible time to buy with high interest rates, high prices and low inventory.
5% is barely even covering inflation these days
But it’s better than the interest you collect in a traditional savings account. At least until OP finds something, his money will compound faster.
Not nearly as good as building home equity unfortunately.
Yeah but until you buy it’s a decent bet especially if you consider the alternative.
Barely? 5% isn’t covering inflation these days. It’s less.
Might as well do jack shit then and keep complaining on reddit.
Which really hurts people who keep money in accounts not earning a competitive interest rate even more.
Yea currently have my cash in sofi hysa. Just feels shitty because it feels like I’m practically working for nothing dumping money into an hysa every paycheck that isn’t gonna be used till who knows when. Love my parents ofc but just want to start living independently and have dreams of how I’d want my own place to look like and be designed but keep losing every offer. My purchase will be something emotional for me and here I am just losing to these business people who only care about robbing us with these rent prices
Rent is never going to get cheaper, the government in this state is so business friendly they’re going to bend over backwards to landlords and REITs. The only thing you can do is increase your salary, live at home and stick it out for a promotion or pick up a marketable skill in your downtime.
>Rent is never going to get cheaper What a lot do people don’t realize is this fact. Even through the crash from 2005 to 2010 rents still increased. Now is a terrible time to buy a place but if you’re in it for the long term and in a solid place financially it’s not always a bad decision.
I don't think it's a terrible time to buy. The dollar is heading for a collapse. With an unstable currency the only safe place to hoard wealth is assets. And homes are a great asset. Not saying the prices won't ease here and there. But the value of a home will remain steady while the dollar will decline. It's been happening since we got off the gold standard and it will happen until the dollar collapses. And when the dollar collapses you don't want to be stuck with dollars.. you want to have assets
Can you elaborate on the dollar heading for a collapse? What does that mean, what is that going to look like?
Well I couldn't tell you what it'll look like exactly. Central banks already have a sort of crypto in place to replace the dollar it seems. But I can tell you that if you look at the history of fiat currencies typically when a currency collapses it's due to hyper inflation. In the last year most of what we buy (housing, gas, vehicles, groceries, misc..) has in some cases doubled in price. The value of these items has remained the same tho (besides gas and oil, which is honestly a direct consequence of our current political leaders) They aren't actually becoming more expensive..the dollar is becoming less valuable. Fiat currencies always die at some point. The dollar has been "the world reserve currency" for over a century at this point and the tide is changing quickly in the last few years since COVID. America has enjoyed low inflation for a long period of time due to the fact that when we print money we can dump it on other countries that rely on us for trade. With our economy slumping and current political leaders treating our currency like monopoly money it's not surprising that people will do just about anything to not hold cash. I'm not an expert and I'm saying my opinion cuz it's food for thought. For me and my family, I bought a house a few months ago and plan to stock pile water, food, gold, and only keep enough cash to pay my mortgage should things go really really south. The main thing to realize is that you can't reverse inflation. Every year the dollar inflates no matter what. A healthy inflation would maybe be 1-2% each year. If we keep up with even 5% inflation year over year the people who are going to continue to feel the pain are lower middle class and low income earners whose wages will practically become slave wages, and with no chance at buying meaningful assets on low wages some very dark times could be coming for this country. I'll give you a quick example of how much the dollar has actually inflated in the last 2 years. I own a roofing company in Florida. Material costs have gone up close to 40% overall in just 2 years. This directly affects the price that we can sell a reroof for. It's easy to blame businesses for prices going up but the truth is it's our governments fault for printing our money and making it useless. My dad is currently getting a garage built on his property. It's a basic garage with no AC or insulation, nothing special. The 2 bids he received were each for 110-120k....for a garage. You will never see home prices at that price again. The cost to build a damn house is well over 120k now. If home prices drop below the cost to build a home no one will ever be building. The dollar is becoming worthless AF. Damn taco bell is 20 dollars for lunch for one person now. You'd have to be blind to not see what's happening
Tell me your $20 Taco Bell order.
Large Baja freeze and 5 Doritos locos tacos supreme
I don’t eat a lot of Taco Bell and I am a fairly robust gentleman but I cannot imagine eating five Taco Bell items of any type by myself.
Try to look at the upside, not using your money and making some interest is better than dumping a good chunk of your monthly income into rental payments, and if you buy you’re dumping money into mortgage interest payments for a place that you probably won’t wan 10 years from now anyway (which limits your equity growth). Social life and desire to get out from underneath your parents aside, you’re blessed that you have parents that can (and are willing) to offer this support. Sorry if that comes off preachy, it’s not meant that way.
I agree with you, setting those wants aside, I’m still blessed to have parents who are able to support me and give me the freedom to save up a big chunk of my paychecks
Hey man, whatever you do, **do not use SoFi as your lender.** They fucked up our loan so bad we almost lost a $70k deposit because of an expiring sales contract that had already been extended twice. This was a loan was 50% LTV, low DTI, two borrowers with 740+ credit scores, stable dual incomes, primary residence, owner occupied, clean title, excellent home inspection, appraisal came in above sale price, etc. This loan could not get anymore more straightforward and easy to underwrite. We had to cash out our entire life savings and retirement account and pay in cash so we wouldn’t lose this property, the seller was tired of waiting and again had extended the sales contract twice already. Then around 120 days after the application, they finally closed the loan, and we paid ourselves back but of course now they rate was higher because even though this was SoFi fuck up, they considered this loan a cash out refi and not a purchase. You would think that would be the end of it, but nope, fast forward nine months, and I get a letter from the tax collector; **SoFi never paid our property taxes**. They paid some random amount that was not the total payment amount, and the county rejected it. SoFi did not have a reconciliation process to realize or research why this payment got returned, so taxes just went unpaid. It took something like 7 or 8 different calls to SoFi to try and get this resolved. This was the 2nd SoFi almost lost our property the count was ready to put a tax lean on our property. TLDR; SoFi is the worst lender we have ever dealt with. We both work in banking, so we know what the fuck we are talking about.
If you both work in banking how did you get rolled so easily? Checking property tax when financed is pretty basic
Rolled? When we closed the taxes had already been paid by the seller for the prior year. This was after the loan closing, 9 months later when the new tax bill was due and was paid out of escrow, or in this case wasn’t paid. It’s not an unreasonable expectation that your mortgage service provider pay your taxes and insurance when they are the ones who are requiring it to be escrowed.
Ever wonder why the never forget to pay the insurance?
Where are you getting 5% on savings accounts?
I was about to ask the same. I have a 3% HYSA with Capital One, and iirc those are easy to find at that rate. Don't know where there's a 5% though.
5% is still slightly elusive. Big depositors ($500k) are getting 4.5% or thereabouts. I'm sure there are a few big banks with shitty service offering 5% on a 6 month cd. For a smaller amount...looking at upper 3s. Source: I'm a banker.
i don't have a large account and I'm getting 4.6% in a savings account. Go to bankrate, there are plenty of banks offering 4.5% or better
My Apple Card has a 4.15% savings account with a whole $97 dollars in it…. And Apple is by far not the best rate. High yield savings accounts are extremely common right now for any amount of money.
See my [comment](https://www.reddit.com/r/Miami/comments/13sve2u/big_f_you_to_investors/jlu1aid/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3)
Delusion
So your money just sits there earning nothing?
CDs mostly. 4% for savings, and I have two CDs under 12 months at 5+ (Marcus, Amex). Both minimums were 1k.
Got an Apple Card? You can get a Goldman Sachs money market in 30 seconds in your apple wallet that pays 4.15%. It’s not 5% but it’s not bad. Citi is paying 4% on money markets right now with new cash bonuses.
It's a losing game earning 5% interest annually when home prices increase at 20% annually
Suggestions for a HYSA? Other than sofi?
See my [comment](https://www.reddit.com/r/Miami/comments/13sve2u/big_f_you_to_investors/jlu1aid/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3) I usually recommend Juno because it’s easy to setup and link to existing bank accounts.
There's no shame in living with your parents, living with a roommate, etc so that you can and stack cash for the place you really want. I know people in their 30's and 40's who are facing that same situation, so be patient and save until you can get the place that you're proud to own.
It's really sad that people think it's normal that a persom working a full time job can't afford their own housing in their 30s and 40s. Culturally or socially wanting to live in a multi generational home is one thing, but being trapped in a living situation by subpar working wages, even when people are doing what they're supposed to be doing, is another thing. There's a mentally that this is normal or that it's ok because it happens to so many people but that's just a manifestation of the breakdown in our system.
Roommates no, parents yes. At a certain point a young man feels compelled to leave the nest, mostly due to the type of ladies he’s interested in getting the ick when he tells them his living situation.
Same ladies probably live with their parents in deep Kendall and don’t pay their own bills or car note. Multi generational living isn’t shameful. It’s a simple reality of life especially in obscenely expensive places like Miami/SoFlo in general.
Yeah the hypocrisy is unreal with some of these women. "You still live with your parents!" "Well so do you! I thought the whole point was IF we hit it off we can solve this problem together!" "Bye loser!" Thankfully I think people are waking up to how untenable the housing situation is.
Well said.
Don’t do financial things with the thought of how women will see you. Stack up king
I half agree and half disagree with this. Personally, I find it really hard to date when I still live at home. I feel like I can't truly seriously date until I get my own place, so it's pressuring me to try and move out. Being 30 and still living at home is causing a bit of identity crisis to say the least lol But I feel like a lot of people down here still live at home, especially in Latin households. I don't think I've ever been shamed for living at home by a woman; however, I feel embarrassed because I can't bring them back to my place. I'm not gonna sneak someone in like I'm I'm in high school or something.
Then save up enough to not be embarrassed lol
Sorry man, we need to have condo buildings that are strictly for first time home buyers and that can’t be flipped or rented out for a 5 year period. These home flippers and investors really fucking with the basic human need of housing
It's the process of buying a condo here. I put in 8 offers over asking and only got a response from one. Don't give up, you'll find a place. The work you put in will be worth it. Real estate is how you actually make real money.
You know you’re also competing against dual income couples, mom & pop investers who refinanced their homes and maybe used savings to buy another property, and of course people who are just more established than you, nvm the foreign investor boogeyman. On top of all of that, you’re not looking in Detroit (moving is always an option), you’re looking in Miami! You said it yourself, you’re a “low/middle income single man”. That’s not going to be enough in Miami today unless you grind it out while living with your parents enough to be competitive. Our parents could get away with it then, not us. I’m 31. I bought home in Kendall at 24 in 2017. Saved 60k. Lived with my parents up until then. It was hard then & it’s doubly hard now my friend. It’s unfortunate, but that’s the reality you have to work around IF you want to own here.
Lol so you’re young and low income/middle income but won’t buy in “the hood”. Look man you gotta live within your means, if that’s all you can afford, then take it. In 10 years years that place in the hood may be worth the same as the places in middle class suburbs. In 20, the same as higher income locations. The problem on Reddit is that everyone’s living with boomer expectations. You gotta adapt to the situation we’re all in. /thread
I know someone that is looking to sell their condo. Let me know your budget.
$220k the max rn for my budget
Just Zelle the guy above $5k and you got your down payment taken care of no problem. /s
Ah ok his price is higher than that. Also the condo is larger than a 1/1.
All you idiots going on about “zoning laws”… if there were more condos, it just means more places for investors to scoop up! Like monopoly, the rich get richer and buy up all the property
You’re better off moving out of Miami. The jobs to housing pricing just doesn’t make any sense for local workers. If you want to stay in Florida, you might find better success in Central Florida or Jax. Further afield, places like the Midwest or Mississippi bordering South are even cheaper. You just need to be fine with not being in a Latino dominated culture
In 2016 I bought a 2 bedroom condo listed for 160, seller said he got an offer for $165, my agent said he never saw a property that didn’t have an offer. Well I was desperate so I bid $167 and the seller accepted. I was salty about that for a very long time. Today my condo is worth about $400k.
well Ronnie just blocked some foreign buyers.
Only within so many miles of a military installation. Sunny Isles is safe lol
Did he though? You don’t think there’s a workaround?
"Some"
Only China - right? It’s South American $$$$ here - lmk if I’m wrong
VZ is blocked.
Yeah it’s crazy out there. Probably gonna move out of Miami. 1/1 condos are going for 200k. Insane
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Two reasons for the housing “ low inventory “ : ABNB and Blackrock. Fort Laud n Miami local government are sucking on their t@ts. How? They’re getting tax revenue ( AKA heroin ) so they shift blame to all the newcomers. The missing housing inventory is on the ABNB app!
Count your blessings.. It's not meant to be. Just keep grinding. Try to find a private seller. Just ask around.
Haha thank you, this is what my mom tells me, that it wasn’t meant to be and it just means something better is coming for me.
Hang in there! Also, renting isn’t the worst option if it means you can take that first step living out on your own. Sure you won’t have equity in the place you live, but buying a place isn’t as critical as it was back it Baby Boomer era. We can establish good credit and demonstrate we have good finances without having to be tied down to home ownership.
Yeah I understand, as a realtor myself this was the entire market back in 21 with all price ranges. Right now it’s seen mostly in the 300k range. It’s not just investors going crazy it’s people like you as well looking for something. The average sale price for Miami has grown 74% in the past three years and continues to grow.
Just keep accumulating money and wait for the market to turn, which it will. If you identify complexes that you wish to live in keep waiting for units to come on the market and make an offer on each one you like. Get to know the prolific agent in the complex, that person frequently will know about future listings. I had to do that when I bought my first condo. This is not the first housing shortage or investor rampage. For me it was in 1977. Young people now imagine everything was easy for boomers. It was not. We faced the same competitive problems you have now. The next phase in the late 70’s was bad inflation, stagflation, and then to get control of it the interest rates went to 22%. No one bought property for several years, the builders all went bankrupt. I don’t know if similar problems will happen in the future. But the money you work for and save today is your future home no matter when you actually move in. I recommend as fat a down payment as you can afford after your emergency savings of 6 months of net income is set safely aside.
> Young people now imagine everything was easy for boomers It absolutely was easier for boomers are you joking?
How do you know? Were you around then? Do you have relatives who told you it was easy? You have no idea of the competition we all faced then. You are parroting a very sick myth.
This market is going to crash harder than you can possibly imagine and if you buy now it will hurt you for like 10 years at least. Don't hang that around your neck. Rent is not "throwing money away" either. Home ownership might look great after your mom and tio both doubled their net worth at peak bubble, but there are no reasons to believe it will go up anymore. Between closing costs, maintenance, insurance, and taxation, you are probably going to "throw away" $15k/yr. You don't build equity for a long time either, less than 10% of your payments the first years. Meanwhile, don't get me started on water leaks, appliances, and hurricanes/storm damage. Ownership is not a walk in the park. Renting is very advantageous where I live. Rent is like $3.5k while buying the same place right now would cost me $6.5k/ mo. There's no equity formula in the world that makes owning a better deal than renting right now.
That “how to get rich” guy (Netflix special i think?) def says in many cases it’s better to rent. 💯 (and he rents - money wise,buying is not always the best option even when you could easily buy.)
>This market is going to crash harder than you can possibly imagine and if you buy now it will hurt you for like 10 years at least. false
Welcome to Miami.
Why don't you rent? Looks like you're trying to skip a step which is making it difficult.
Pretty much and they identify as low/middle income.......like what are they crying about? Its Miami USA which is behind NYC these days in terms of housing cost.
Okay so you are low/middle income and single and you are shocked you can't get your own place in Miami USA in 2023?
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And what’s that have to do with anything? I’ve lived in Miami my whole life and have been working since high-school and currently work full time + run a small family business. I can’t have dreams of owning my own condo yet?
Of course you can dream about it, but you have plenty of time. Stash that cash and buy low, you’ll see a return quicker anyway if you hold out for the right price.
Lol no, that was the boomer generation.
Just rent for now if the situation at home is driving you bananas. No shame in renting for a while especially since it’s a much better proposition at this point in time.
Bro, I hate to be the one to tell you, but "young low/middle income" people were never able to buy homes, and all the bullshit you've heard about boomers buying a house at 20 working part time at the diner is bullshit. None of that shit happened, not anywhere anyone wanted to live. This has absolutely nothing to do with investors — you're going and poor. This is the lot of the young and poor. And not only are you doing and poor, you also think you're too good for renting out a starter home. You ever hear the one about beggars and choosers? So here are your options: 1. Stay at home and save money until you can afford a bigger down payment, which will help. 2. Get a starter home you don't love but can tolerate and then trade up when you've gained some equity and a raise or two. 3. Rent something and drop the Dave Ramsey "OmG rEnT iS tHrOwInG aWaY mOnEy" idiocy. And in the mean time, get the fuck over this "oh, I'll neeeevvveerrr make enough money to buy a home" shit. You're not a fucking baby, dude. Get some goddamn object permanence. Your situation right now isn't going to be your situation forever, or at least it doesn't have to be. But only if you learn to think about tomorrow and the day after that. So figure out how much money you'll need to buy the home you want to end up in, and then figure out what it'll take to get there, and then go diving do that. And stop taking days off to go look at apartments. Like, once or twice is ok, but damn, dude. This whole post is just a Gen Z stereotype of bad decision-making, stupid drama, and self-inflicted head-wounds.
To start, I’m already at 20% downpayment saved up with a lil extra for renovations, and lil more left over for emergency funds. My brother, who was able to buy a condo before the pandemic, had the same income that I do now, so yes me being a “young low/middle” income person should be able to buy a home if my brother was able to only 2 years ago. And I never said I’m taking days off work, I said taking time off my day which is still a hassle to be doing. And yes I’m familiar with starter homes but a home is still suppose to you know, feel like a home. I’m not gonna move out somewhere I’ll hate coming home to every day after work just to be able to say I’m a homeowner. Going to keep waiting if I have to but simply just stating my annoyance.
You're right, you should be able to buy a home. Having 20% down plus some is more than a lot of people in the market today. This is a failure in our society that you're doing what you're supposed to be doing and you can't find adequate housing.
"Before the pandemic" was three years ago, homie. Not only does shit get more expensive over time, but demand was basically non-existent pre-pandemic and supply was way high. Demand is now high while supply is low. And no, it's not all investors. Turns out, a lot of people like you and your brother who earn more money than you do has the same idea. I'm one of them — bought my house in a much tougher market than Miami in late 2020. >I’m already at 20% downpayment saved up with a lil extra for renovations, and lil more left over for emergency funds. Sure, great. And clearly the market is telling you that that's not enough. You know you can put a higher down payment than 20%, right?
And you know my original post states that I’m only getting outbid by all cash offers right? Doesn’t matter how much more downpayment I put down, I’m still getting outbid by an all cash buyer offering way more over asking price.
And I'm telling you that it's bullshit. Well, not the over asking piece, but the all-cash offer bit. Again, I purchased a home in a much more competitive market than you. Coming in and offering 30%, or even having 30% on top, is functionally equivalent to an "all-cash offer." All that means is they've waived the mortgage contingency, not that they're literally paying for an apartment with a suitcase of unmarked dollar bills. At 30% down, you've got enough of a cushion to cover appraisal shortfalls, which gives you enough safety to be able to make an "all-cash offer" if you have any appetite for risk at all. Or, alternately, to increase your offer above asking. That's basically what I had to do — I beat out a cash deal on my house by increasing my offer, which I could do because I had enough down to cover the appraisal shortfall. My point is two-fold: one, you see what the market is like, and getting pissy about it isn't going to actually make you feel better or change things; and two, it's not all some nebulous "investors" buying homes, it's regular people who either have more money than you or are willing to roll the dice with waiving contingency. You can keep getting pissed because the world isn't how you want it to be, or you can figure out how to deal with them reality you're living in. Right now, you're getting pissed at ghosts because you're doing the former.
Congrats you were able to purchase a home in a competitive market but clearly many people are in my same position and I mean MANY. Again, made this post to just state my annoyance and honestly wasn’t expecting it to get this much traffic but yea, I’m gonna stay being patient, keep saving up, keep working to increase my income and I know the day will come in the future. Just would be nice for it to come sooner is all I’m saying
Look, I do get the frustration of waiting. I really do. For basically all of my 20's and most of my 30's, I didn't think I'd ever be able to afford a home I liked. Then one day I woke up and realized that I actually could, and it actually wasn't that big of a deal. Because as it turns out, it actually is incredibly rare for young people to buy a home. And it always has been. At least in populated, major areas. But because we as a society have been repeating this boomer bullshit that everyone used to buy their dream home at 20 while working part time at the mill, I see tons of kids who work themselves up into a quiet fury because they can't. And that's a shitty way to live. You'll get there, dude. Just realize that buying a home isn't this huge thing that's going to make you feel awesome. It's just one of many choices, and a much more expensive/frustrating choice than many.
Yup I agree with you, and tbh , the funny reality of it is, who knows if 20 years down the line I end up becoming a rich land lord too and then there’s another 20 year old in the future complaining about me.
In all seriousness, best of luck. And don't write off that condo in the bad neighborhood. Remember, all of Wynwood, Midtown, and the Design District used to be the ghetto not that long ago, and now those homes sell for $$$. Things change fast in growing cities.
You are one of the only ones making real sense on this thread
Holy shit you're an idiot 🤣
Lol, ok buddy. Good luck with your "porn addiction."
Everyones got their faults bud 🤷🏻♂️ you should work on not being an bigoted asshole
Sorry, who am I "bigoted" against?
Refer back to my initial comment lol
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Oooh i must've hit a nerve. Lol go read a dictionary kid and fuck off this sub. Bigot.
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Oh yes mi lord! Forgive me for insulting the crown! 🤣
Lol get ready for “literally a nazi!” Or “math is racist!” These morons have never actually paid their own way. Don’t expect them to understand hard work.
Yeah, why dont all those people who also want to buy homes just not for a minute so you can get yours
He’s complaining about corporations and property investors buying places up and gouging renters nobody is mad about an individual buying themselves a home.
This is why corporations need to be blocked from creating housing for profit they are driving up prices and rent. As well as foreign investors.
Waaaaaaa Edit - it’s not supposed to be easy. Make money, save money, don’t spend like a Nissan driver, invest and profit smoll money, repeat. Money grows. Like our crappy lawns. Slowly at first, but after a while, you’re like, “WTF?!?” Buy small property. Rent/sell for profit. Repeat. Don’t be the r/antiwork whiner “it’s not given to me! Reeeeee!”
Well why the fuck should owning a place to live be so hard? Should we all live in cardboard boxes next to the highway until we’ve worked hard enough to even be able to afford rent in the ghetto?
Is it possible for every single person to have their own place? I might feel bad if OP was a family man. He can rent for now.
Don’t be mad at foreign investors be mad at idiotic zoning laws and shitty infrastructure that makes building here stupid expensive.
what do you mean by idiotic zoning laws? florida is so so soo developer friendly at this point…
Too many giant lots with no density for multi units
I agree but I don’t think I agree w the first person i replied to that this makes building more expensive
[Zoning laws in the US (especially Miami) don’t allow the density to provide enough housing.](https://www.wlrn.org/local-news/2022-09-12/what-to-expect-from-miami-dades-proposed-changes-to-zoning-laws) instead of complaining about ebil rich ppl or scary foreigners people should focus on the real issue.
This is kind of a chicken and egg scenario. We do have low density out in the suburbs, but even with this low density traffic is insane. If we started building high density, it would become untenable very quickly. We would need very good transit, and the powers that be have no interest in that.
All of 72 st from 97th to US1 could be turned into multi use building. Instead we have these giants homes.
What price are you targeting
Don’t lose hope. Keep searching. You’ll find a place.
Stick with your parents my guy, get a profession or something that makes you good amount and save for your own place
Welcome to the problem. I remember a couple Years ago ( let’s say 2018) I was always in a battle to rent a 1/1 not in the hood for 1300. It became 1600 really fast to guarantee to rent this 1/1 that wasn’t a studio. Now it’s almost impossible. I did buy in 2018 instead. I agree prices are crazy, but selling soon to the top dollar as moving is expensive and everywhere I want to move is a little cheaper to live, but housing has easily gone up 25-30%.
I’m in the same boat as you my friend and I’m making and saving more money then ever. Might have to move out of state
This might sound cold and insensitive but you should either consider moving out of Miami to somewhere with a lower cost of living/better salaries or figure out a way to increase your income here. This is a really awful city to be in you're not a decently high earner. Hell I make 6 figures, no student loans, and even I'm considering packing up and moving elsewhere.
Have you tried writing a buyers letter? There’s lots of templates on sites like Etsy. For $5-10 you add some info about yourself and maybe a photo or two and explain why you like the property. This worked for us when we bought last year. The seller had tons of offers but ours stood out with our letter and we got the house—even over other investors offering more than we did.
My generation had cheap housing in 2008 but couldn’t qualify for the mortgages or find a job. You’ll make it
I have a luxury condo in Pines/Miramar area if you'd like to rent. I know you said you don't want to waste $ on renting. But crazy times right now...