es and move that money into one or more new homes in Florida where they can cash flow those rentals. With the factors that led to the Great Recession are now in the rearview mirror, the risk of another recession in Florida is low with a market correction more likely. RISK ISAREA-SPECIFIC Risk is at the heart of any investment – real estate, stock market or otherwise. When it comes to betting on the housing market, however, managing the amount of risk is proportionate to both the investor’s business mod- el and specific market area chosen. “The downside, from a rental standpoint, is Miami is the least affordable rental market in the country,” Winston said. “Renters, on average, are paying way more than the 30 percent of their income they should be paying for rent.” Back in 2008 when the market collapsed, the con- dominium market in Miami was overbuilt with most of those units sitting vacant for extended periods of time. As a result, an investor-driven recovery occurred with investor groups and institutional investors buying blocks of foreclosed homes. “We had the biggest overbuilt condo market in the country in 2010 and were out of it by 2014. People are

still coming because we have all the attributes,” ex- plained Winston. “Affordable housing is probably the biggest problem now.” Gabriel Garcia started wholesaling properties in south Florida on his own not long after the crash in 2013. In 2015, he joined with a friend who was also wholesaling on his own, merging their companies to form Florida Cash Home Buyers, LLC. “Most of our business is wholesaling. Probably 90 to 95 percent now. We’ve done some flips as well. About a year and a half ago, we started acquiring a rental portfolio. We buy in the tri-county area.” For 2019, Garcia said he is looking to add nine more doors to the company’s rental portfolio with no specif- ic preference for either Dade, Broward or Palm Beach counties, so long as the numbers pencil out. While business is generally good overall, Garcia expressed some concern about the risk that still exists, particularly in Miami where condominium projects are overbuilt once again, many that have been on the market for years. The risk factor in all this depends on the investment strategy, Garcia explained. “It depends on a lot of factors. One of the factors is what you are trying to accomplish. If you want to buy and

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