The current decade has been considered as a booming period for the Miami metropolitan area property market scene. Along with the surge in the area’s economy, and an influx of investments and immigrants, the Miami real estate market is currently undergoing probably the biggest, and largest transformation ever in its famous and colorful history.Just by looking at the downtown and suburban Miami areas, one sees the landscape of real estate in Miami as ever-changing, and with every year, new condominium and high-rise units grow up and clutter this sunny Florida city.Take for example, Miami Beach , real estate prices are surging, and getting much higher with a lot of new investment opportunities to be gobbled up by potential investors. A major indicator of the increase in opportunities in real estate is shown by studying property values and building activity. Construction and building activity has risen throughout the city. As more homes, condominiums and apartments are renovated, property values have increased at an unexpectedly rapid pace.By the middle part of 1998, the taxable property value for Miami Beach was $6.96 billion, more than doubling since 1983. To add, the estimated value of building activity has remained constant over the last five years, between $150 and $200 million with over 3,000 permits being issued. This indicates an investment of over $1 billion in residential and commercial building activity in the 1990′s.Real estate analysts and industry insiders predict that within the next several years, property values in this area would be among the most expensive and sought after prime real property pieces in the United States . With so many variables driving the market, and economic indicators pointing upwards, it surely looks like the Miami real estate market would definitely be on the upward rise for decades to come.By comparing property trends with other major markets in the country, Miami and its surrounding suburbs still has some of the least expensive real estate on the market. The city currently has an average median asking price for housing units of $114,000, as compared to the state average of $92,000. The median value of owner-occupied housing units currently stands at $120,000. Waterfront homes in the Miami area currently run for $800,000, and one will not find prices like that on similar areas in the Los Angeles area.However, with the ever-increasing demand for Miami real estate, these prices surely would be just temporarily low ones. Admittedly, the real estate boom in this area has become one of the hottest pieces of investments, with people coming from all over the world and cashing in on the plethora of Miami pre-construction deals.The flurry of real estate pre-construction deals give people the opportunity to build equity in a property, while not having to pay the normal inclusive duties such as taxes, maintenance fees or mortgages. Whenever a buyer purchases a pre-construction property in the Miami real estate market, 10% of the sales price is due at the time of contract. The second 10% is usually due within the next six months, or probably by the time the building’s foundation is finished.Condominium conversion is another rising trend in the Miami real estate picture, where rental apartment complexes are bought by a developer and sells the unit individually. With land for new condominium construction rapidly depleting, condo conversions are probably the next most logical step. Miami condominium conversions usually offer residential and office spaces that are at lower price points that appeal to a wider array of buyers. Condo conversions are great for end users and investors alike. Investors can typically find units with existing tenants, and end users are able to attain a good price and move in immediately.Owning condo hotels has also become the forefront, not just in the Miami real estate market, but throughout the entire country as well. The experience of owning a luxury vacation home at a world class resort and receiving rental income whenever you’re not using it, or away from home for quite a long time is truly one unique experience. Condo hotels have become the newest trend in vacation home ownership.The key to investing in pre-construction, condo conversions or condo hotels in the Miami property market is to get in early at the very beginning of the sale. The best way to stay in touch, and to be on top of the latest Miami real estate trends is to have a well-connected and well-informed realtor to work on with. This gives you the best prospect as a buyer to purchase the properties before the rest of the public does get the chance.

I recently had a long chat with one of the most successful real estate investors I’ve ever met. As I often do, I wanted to get a real understanding of the “Why?” he did real estate and what he wanted to accomplish for himself by reaching financial freedom.You see, I am firmly convinced of the truth that “If you have a big enough ‘Why?’ to do something, the ‘How?’ will reveal itself to you. This gentleman had some good things to say about the concept and completely opened my mind up to even deeper levels of understanding about the terms “success” and “freedom”.Listen, if you’re serious about making real estate investing an ultra-successful career for you, you have to go even further than just having investing in real estate be what you do for a living.It has to become a lifestyle. He threw my questions right back at me and we had some great give-and-take and it was like you could really feel that chemistry that comes into play when entrepreneurs are talking about their passion of investing in real estate.For him, it came down to asking this question, which fans of Tony Robbins should recognize its like:”If I had unlimited time, unlimited money, unlimited resources and encouragement, unlimited tools and teaching, unlimited support from friends and family, and unlimited belief in myself…what would I do? Who would I be?”Most of us would do the things that are passionate about, right?He was able early on to answer that he wanted to be a real estate investor who helped people solve problems and made money by investing in real estate. What he shared with me, however, is that he didn’t self-identify as a “real estate investor” until many, many years later.Until that moment, years later, when he claimed and began now to internalize the belief that “I am a real estate investor”, he was a hobbyist, a dabbler, a dreamer.He had this experience of self-actualization at a real estate seminar where one of the participants asked the speaker “How do I really know that I’m a real estate investor?”The speaker responded that “You know you’re a true investor when you can’t NOT invest!”He then went on to tell me that during the same seminar someone, obviously someone without a very strong “Why?” or motivation yet to become successful, asked the speaker “How can I find time in my busy schedule to do this business?”The looked at this questioner with the same patience and understanding that showed that this was the hundredth time the speaker had fielded this question, and said in effect “If you’re a real estate investor, you do not find time to invest and do this business…if you’re serious about this business you make time to do it.”After my incredibly successful investor friend let that sink into him and he found that he could really grasp hold of those two simple concepts, he realized then and there that he’d always been trying to FIND the time to invest and take the necessary actions to get his business going. For all of his “career” to that point he had been finding and taking that time to do his “business” AFTER other things that his attention and time expenditures PROVED were MORE important to him than becoming successful with real estate.The difference, after he had let these two concepts sink into him and really started to understand it and, most importantly, APPLY his understanding to his thought patterns and daily routines……the difference was that he did not just IGNORE the real-world practical matters that NEED to be a part of someone’s life (like for example to the beginning real estate investor, a steady income from a stable source to provide bills’ money and put food on the table) but other than that, he ASSURED himself that he would always MAKE time to create the life he wanted that was in answer to his compelling “Why?” to become successful- and he did it by taking solid, CONSISTENT actions and gaining unstoppable momentum.I think that these 2 concepts- of IDENTITY and claiming that you ARE what you want to be, and CONSISTENCY in finding the time necessary to DO what you ARE- applies to anyone wishing to turn a dream into a reality, whether it is to become a successful real estate investor or whatever, be it a published author, big ticket actress, or even just someone who wants to become the “World’s Best Dad”.Just substitute whatever it is that you’re passionate about for finding time to do “real estate investing” and knowing how you are really a “real estate investor?” and you’re on your way, if real estate investing is not your passion.I understand for many people it’s NOT. Many people want to USE the VEHICLE of real estate to take them to a place where you have the freedom and the luxury of time, and you have been able to achieve the financial security and independence to do what you want when you want.Now, with me, it’s writing. I’m passionate about writing, and will write whether or not I get paid for it. It’s not just what I DO, but it’s who I AM.How would you answer my friend’s question…if you had everything you ever needed already ACCOMPLISHED by investing in real estate and building a positive and successful lifestyle with plenty of passive income coming in every week?What would YOU do? Who would you BE?What’s your dream? What’s YOUR true passion?What will you do with the extraordinary wealth you can accumulate in real estate?Now I want you to write down what you are passionate about. You are passionate about something besides money, right? I certainly hope so! If you aren’t, it’s time to ask yourself a good hard question and take a long look at yourself and find out why not!Maybe your answer is like mine, that wealth and income from real estate investing can give me the freedom to write whenever I want, to get paid or not get paid but to have the flexibility for it not to MATTER. Maybe you want to spend more time with your family. Maybe you want to escape the 9 to 5 grind and make sure that you never miss another Little League game. Maybe you want to spend time golfing, fishing, or sailing, or learning the intricacies of Thai cuisine.Maybe in financial freedom you’d want to travel all over the world (of course, you’d at least LOOK at real estate while you’re there right? That’s called taking a PAYcation instead of a VACATION and you need to ask your tax professional about THAT little gift from Uncle Sam).Whatever your “Why?” is take a moment now and write it down! Commit this to paper. It’s important!Now, here’s where my friend and I agree that most people stop. This is hard. In fact, it’s often a question that if you give it the thought and meditation time that it deserves just might make you cry or knock you flat on your backside. Asking this next question you’re about to ask yourself can be downright HUMBLING or even, in some cases, extremely UPSETTING. But, you GOTTA do it!Now, write down your well-thought answers to this question:Why aren’t you living this life and doing all these things you desire NOW? If you’re not close, what would it take for you to be able to live your life of destiny and dreams?Think this is a silly exercise? Just ask yourself, “Am I getting the results right now that I want out of my life?” If you’re not, well…it might be wise to consider some opinions. Just remember, without a map there is no treasure! Your “Why?” is the map that will keep you on track towards gaining momentum to becoming the IDENTITY of a true entrepreneur and professional real estate investor. And it keeping this in mind will PUSH you into taking all the actions necessary, in a CONSISTENT manner, to achieving everything it is that, until you WRITE IT DOWN, you only SAY that you really want.