BiggerPockets Real Estate Podcast

861: The Key to Scoring Discounted Deals in One of America’s Hottest Markets

Dec 22, 2023

Experienced investor Remy and real estate agent Kim discuss how they scored a discounted deal in the competitive Florida market. They share tips on targeting negotiation opportunities, the increasing prevalence of owner financing and subject-to deals, and finding underpriced properties. They also discuss strategies for investing in challenging markets and taking action to build wealth.

26:16

Creator website

Episode guests

Remy

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The Florida housing market is experiencing a net migration of Americans due to strong economic indicators and increasing median prices, presenting opportunities for investors.

Investors should not wait to take advantage of the current market conditions in Florida, but should adjust their buy-box expectations and focus on gentrifying neighborhoods with the help of a knowledgeable agent.

Deep dives

Overview of the Podcast Episode

In this episode of the BiggerPockets Real Estate Podcast, host David Green interviews real estate agent Kim and investor Remy about the Florida real estate market. Kim provides insights into the current state of the market, discussing a net migration to Florida, a lack of inventory, and rising median prices. She mentions that although sales volume has decreased, prices remain high, with properties selling in about 45 days on average. Kim also highlights the trend of properties coming back on the market and the opportunities they present for buyers. Remy shares his experience as an out-of-state investor who chose Florida for its strong economic indicators and researched the specific neighborhoods with the help of Kim's team. He talks about their first deal, a triplex purchased below market value, and emphasizes the long-term appreciation potential of the property.

Introduction

2min

Florida Real Estate Market Overview and Deals

2min

Current Trends in the Real Estate Market for Small Multifamily Properties

6min

Deal Analysis and Sponsor Break

4min

Finding the Perfect Property

13min

Future Plans and Investment Advice

3min

Remy was looking for rental properties in one of America’s hottest housing markets. He knew picking up one rental property, let alone a multifamily, wouldn’t be cheap. But, somehow, even as a newcomer to the area, Remy was able to buy a rental property at a deep discount. He got three rental units for the price of two in a market with loads of investors and immense competition. How did he do it? We’re about to share the secret.

In this episode of the BiggerPockets Real Estate podcast, we’re talking to out-of-state investor Remy, as well as Kim Meredith-Hampton, long-time real estate investor and Remy’s agent! Kim operates both in Tampa and Orlando, Florida, serving investor clients looking to buy in a state that has seen immense population growth. Seeking to take advantage of strong demographic trends, Remy picked Kim as his go-to Florida agent, and the rest is history.

Remy and Kim will talk through the three-for-the-price-of-two deal they picked up in the very competitive Florida market and how they were able to get the deal done EVEN when financing fell through, LLC problems came up, and a hurricane froze the Florida state government. You’ll also hear about the final numbers of the deal and why Remy ISN’T counting on big cash flow BUT will make his riches another way from the rentals.

In This Episode We Cover:

Why so many Americans are flocking to the Florida housing market (and how to take advantage)

Building your “buy box” and how to know what a great deal looks like

Low cash flow and why banking on passive income ISN’T always a wise move

Why you should ALWAYS look for rental properties that come BACK on the market

Financing troubles and how Remy dealt with numerous housing hiccups

Why waiting to invest will cost you and how to get started today!

And So Much More!

Links from the Show

Find an Agent

Find a Lender

BiggerPockets Youtube Channel