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Thread: Is $100,000 good enough for Miami?

  1. #21
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    Default Re: Is $100,000 good enough for Miami?

    Yes. I would agree with Dylan and what some of the others have said. I fell in love with Miami beach when I first visited and I was 23. If I moved down there at that time, I would have partied out, and have been in so much debt without a pot to piss in. Instead, I worked hard to better myself specifically my income, including buying a place in NY that I still have and have rented out. I partied my ass off in NYC and AC and got it all out of my system by the time I was 29. I moved to Miami when I was 30, see it with different eyes, have a good financial cushion, and a job making a comfortable six figure salary which is much more than what I was making when I was in my early 20s.

    You have so much of your life ahead of you. Be patient and move down when you are more stable, established and mature. I actually enjoy Miami more now than I would have had I moved down in my early 20s because your tastes change. In the meantime, take that 100k and make it work for you. Few people your age has that kind of money to work with and make it grow.
    Last edited by Tommy Vercetti; 08-09-2012 at 08:55 PM.

  2. #22
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    Default Re: Is $100,000 good enough for Miami?

    Quote Originally Posted by TomGreenes View Post
    Well from the looks of it, I think I'm going to be just renting then for about a year.
    I mean I'm really only looking for a 1-bedroom at minimum (though overlooking the beach in a high rise), so I do hope at least $50,000 would cover it for about a year, or is this too much?
    I would seriously reconsider spending your capital on rent - if you really want to live in that high rise ocean view apartment, why not move in with a room mate and keep your costs low...

    Then you could lay low and focus on your studies! Or buy a cheaper house in a less expensive neighborhood and rent it out to tenants, putting cash back into your pocket.

  3. #23
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    Default Re: Is $100,000 good enough for Miami?

    I'd kill to have $100,000 to invest right now so it hurts to hear you want to blow it on an apartment. Listen to what everyone is saying, put that money away and don't touch it for ten years, you'll be grateful you did that.

    You can't survive with just $1000 a month here either.

    I understand that people like to feel like they're buying and owning a house, but what you end up paying in fees, taxes, insurance, charges, interest (if you ask for a loan) at the end of the year is most of the times more than what you'd have spent on rent.

    You'd be better off investing that money on something for 10 or 15 years and then if you really wanted buy a better house. And with renting you can always move whenever you feel like, but everyone's different.

  4. #24
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    Default Re: Is $100,000 good enough for Miami?

    Not enough mate, talking about Miami here. Well depends on which part of miami you want to be in. Closer to the beach more expensive it may be. would not stay away from the beach, there are not so great parts of miami.

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