Known for its white sandy beaches, great weather, and diverse culture, Miami is one of America’s premier vacation destinations. It also has a robust real estate industry and is one of Florida’s best real estate markets and the rest of the country. According to a Zillow report in 2017, Miami was America’s fourth most valuable housing market, behind Los Angeles, New York, and Washington. One person who is well-versed in Miami’s real estate is Diego Alexis Gonzalez Gomez, an entrepreneur who has investments in the Miami real estate industry. At the young age of 26, he is already a famous face in Miami. We met with him for an interview to find out more about Miami’s real estate scene.
First of all, welcome to the interview.
Thank you for having me.
Could you give us a bit of your background?
I am a Florida International University graduate – I graduated this summer, having majored in Digital Media. As an entrepreneur, I take many risks, but I ensure that I give my all in everything I do. I am a firm believer in surrounding yourself with people of a positive mindset and following your intuition. This has worked for me and helped me successfully reach where I am now.
Why Miami, and not anywhere else in Florida?
There are many beautiful spots in Florida, but Miami easily takes the cake. The pristine beaches, Latin American cuisine, the pulsing nightlife, and the year-long warm weather are enough reasons for anyone to want to settle here. It is also attractive to investors because its real estate has proven to be consistent – Miami’s real estate has consistently appreciated at a rate above the national average in the last ten years.
Now that you have mentioned the appreciation rate, what is the ROI for landlords and investors in real estate?
The potential return on any investment is pretty much the most crucial consideration I, as an entrepreneur, make when choosing what to invest in. Miami’s ROI in real estate rarely disappoints. There is a massive demand for housing due to a considerable part of the population preferring to rent. Many investors buy single-family homes and renovate them into multiple rental units, which are always in demand. This translates to good ROIs for landlords and investors.
Has the tourism industry impacted Miami’s real estate?
Being one of Florida’s premier tourist destinations, Miami receives millions of tourists each year – in 2018 alone, more than 23 million tourists visited the city, contributing $18 billion to its economy. Savvy investors and entrepreneurs who have invested in vacation homes, hotels, and luxury rental villas earn millions each year from the tourists.
As a real estate investor, do you have any tips for anyone who would want to invest in Miami?
Yes, I definitely have some tips from my experience here. In as much as it is a lucrative business, you should not invest blindly. Research the market and know everything you can on your target market. Have enough investment capital since it is not a cheap venture. Finally, plan on how you are going to manage your property. Most investors hire a good property manager to handle most aspects of the property.
Investing in the Miami real estate can be a worthwhile venture, and Diego shows us why you should consider Florida’s cultural and financial center when choosing where to invest in.