Miami Condo Investing: Why Resale Condos May Be An Overlooked Opportunity

Zaida Gaitan (00:00)
Well, ⁓ I’m in the South Florida market, specifically in Miami, very focused in Miami area. And there are a lot of investors that come here and, you know, in other areas of the country, the market is, ⁓ it’s, you know, it’s very different than Miami. Miami, it’s its own separate beast, like I would like to call it. And there are like about 86 % of the investment properties attracting ⁓ investors from Latin America. There is a lot of cash purchases. So

But there is a segment that it’s really overlooked right now because and it’s the resale condo market because a lot of people are afraid to buy condos in Florida when they’re not brand new.

Scott Bursey (02:13)
Welcome back to the Real Estate Pros podcast powered by Investor Fuel. I’m your host, Scott Bursey. And today we have an absolute powerhouse joining us. She’s the founder and the leader of a dynamic team driving success and delivering incredible results in one of the most competitive markets. Zaida Gaitan of ZG Realty Group is in the house. And Pros.

Zaida Gaitan (02:34)
Yeah.

Scott Bursey (02:37)
She is bringing that high octane fuel we all need to take our business to the next level. Zaida, welcome to the show.

Zaida Gaitan (02:44)
Thank you, Scott. Thank you for having me. I’m very excited to be here today.

Scott Bursey (02:47)
It is awesome having you here. And for our listeners who may not be familiar with your journey, please tell us how’d your career begin and what is your main focus now?

Zaida Gaitan (02:51)
that we’re not with.

Sure, sure, sure. Well, I was in corporate at Manica for many years and I was investing in real estate on the side. And then when I had the opportunity to just focus 100 % in real estate, I jumped at it and I’ve been doing it and enjoying it every minute. So, and my focus is first time investors, investors who are really afraid to take that first step. And that’s where I come in. I help them take that first step and then buy one property at a time.

Scott Bursey (03:22)
That’s awesome. And I understand that you’re from Colombia. Can you tell us a little bit more about your background?

Zaida Gaitan (03:25)
Thanks for watching!

Yes, I’m proudly Colombian and really eager to ⁓ start watching the World Cup games that will be hosted in the US this year, one in Mexico and Canada as well. And I’ve been living in the States for 27 years and in New York, New Hampshire, Tampa, and last 15 years in Miami. So I know this market very well, Florida, and I speak both English and Spanish. And that’s very important for my

I said the, and my clients, because I have the ability to speak the languages and really understand the South Florida market.

Scott Bursey (04:05)
Absolutely. Being bilingual, I can imagine is a big advantage for you.

Zaida Gaitan (04:12)
It is, it is, it is absolutely a big advantage, especially in the South Florida market where there’s so many different cultures that come together.

Scott Bursey (04:20)
Awesome. You know what really caught my attention about you was the way that you’ve been able to systemize and scale a high performing brokerage moving beyond a solo agent model to building an influential group that dominates your market. That’s not easy, Zaida.

Zaida Gaitan (04:23)
video.

Well, we work with talented people and this is not an easy market. It’s moving very fast. Prices are very high. So we just really need to work with people that are very talented and are willing to just learn about the market every single day and help our customers.

Scott Bursey (05:43)
Sure. Zeta, you’re known for your systematic approach to success. Let’s dive into your insights. What would you like the first time investors to know about first?

Zaida Gaitan (05:54)
Well…

Because I focus specifically on first time investors, our investors are very afraid to take that first step. They are probably W2 employees and they have some savings on the side and they’re afraid and they’re wondering, I put the money in the stock market? Should I invest in a property? And they’re just very afraid to take that first step. And so what we do is we help them step by step to really decide, like evaluate honestly. very honest about that process, ⁓ you invest

investing

in real estate is for you. And if it is, then we’ll hold your hand every step of the way. We work with real estate attorneys. We work with accountants. We have a really good group of partners that help our investors just go through the process. really what our investors

appreciate about us is that because I’m a real estate investor myself, I understand the process. understand the fears of just taking that first step. maybe you’re renting right now, but you want to, you don’t have even your own property. But you really want to start that journey as an investor. You have some money set aside. yeah, so many people say, many investors and realtors say, well, you should buy your first property and take advantage of all the financial programs out

there that give you a low interest rate or low down payment, but maybe you don’t have the amount of money to get your dream house, your forever home. So what you can do is you start with a small property and it will help you identify those little things, right? If it’s in a different location, different neighborhood, and just really show you that it’s a lot easier than you may think. And then just really evaluating what’s the right starting point for you.

Scott Bursey (07:42)
On that note Zeta, what is one core strength ZG Realty Group uses to consistently win listings?

Zaida Gaitan (07:50)
Well, really what we do is we try to work with our partners and we’re very honest. know, the people that we work with ⁓ for us, ethics and transparency is key. And sometimes to be ⁓ ethical and transparent, we have to be brutally honest. And so for us, it’s very important to earn the trust of our customers and to, it’s sometimes we get really bad press, ⁓ investors, real estate investors, real estate agents, we get really bad press. And, and I think

the problem is ⁓ you’re not hearing the truth the way it is. So for us to, key for us is really be very honest with our clients and sometimes be willing to tell them the things that they don’t want to hear, but the things that ultimately will help them in the process of either buying an investment property, selling their property, selling the home that they love. ⁓ know, everybody wants to sell their property for top dollars, but sometimes they have urgency to sell their property.

have to come to terms with what is it really that you need to do to get the results that you want. And you may not ⁓ like the agent that you work with, but you really need to trust them and you really need to feel that that person that you’re working with is gonna get you the results that you need for that time period that you’re looking to do buy or sell a property.

Scott Bursey (09:14)
I’m glad that you brought that to our conversation here today. People do business with folks that they know, they like, and above all, they trust.

Zaida Gaitan (09:15)
it.

Yes. so like I said, for us, being very honest with our clients and very honest with the people that we work with, even as we going through the journey, maybe investing is not right for you. Maybe you don’t have it in your heart to tolerate there is clever. And I’m going to tell you, we’re going to tell you this is not right for you. Maybe you’re better off putting your savings in the stock market in a very,

in a very conservative investment portfolio and in the real estate market is not for you because we know there’s a track record that investment properties go up, but the market sometimes go down and you have to have it you to tolerate the risk that comes with it. And so that’s a key aspect of the process and it’s not for everybody, but when it is for you, it’s very fun. It is very fun.

Scott Bursey (10:48)
That is such great perspective Zaida. And if somebody’s listening and they want to ⁓ you know collaborate with you or partner with you what is one thing that you would like them to know first about your business?

Zaida Gaitan (11:01)
⁓ The one thing that I want you to know about my business is that if you are an investor that wants to invest with other people money and you want to do ⁓ very risky ⁓ transactions, I’m not the right person to work with you. I’m here to help, especially for some investors and investors who want to take an approach very ⁓ methodical, that you want to have some predictability and that when problems arise, because problems will arise, then you’ll have somebody who will be brutally

honest and transparent with you to walk you through the process to help you find solutions and then just find a resolution that works for you in a timely manner. And we’ve come across with you know many situations and we’ve made tons of mistakes and like I’ve said to other people, to other people in order for you to make good decisions you have to make bad decisions and as you really need to work with a group, a company,

a realtor, a person, a partner that can tell you things how they really are. that’s awesome. So for us, honesty is how we come to the table with and then just really

for us the right market in the sweet spot is the first time investors who want to start and then hopefully they want to stay with us but they stick with us because then they have that predictability factor then they realize that it’s not as hard as they thought it would be and then they feel comfortable with us and then the way that we work we approach the process.

Scott Bursey (12:26)
Zaida, where is the greatest market opportunity right now that most agents are overlooking?

Zaida Gaitan (12:31)
Well, ⁓ I’m in the South Florida market, specifically in Miami, very focused in Miami area. And there are a lot of investors that come here and, you know, in other areas of the country, the market is, ⁓ it’s, you know, it’s very different than Miami. Miami, it’s its own separate beast, like I would like to call it. And there are like about 86 % of the investment properties attracting ⁓ investors from Latin America. There is a lot of cash purchases. So

But there is a segment that it’s really overlooked right now because and it’s the resale condo market because a lot of people are afraid to buy condos in Florida when they’re not brand new.

As a result of the collapse of the Champaign Towers a few years ago, the regulations got really stripped in Florida and it was important for that to happen. But what that caused was the increase of associations and along with the insurance, the costs are very high.

for associations, but what people don’t know and unexperienced agents or unexperienced buyer is that when you look at an association that has a condo unit that has a high association, you really need to dig deeper into how are they managing that. ⁓

that building, know, how is that association managed? And they’re doing things right. You don’t want a low association ⁓ fee because that may trigger a red flag. You know, there are condos that keep association low, but down the road, they’re not really ⁓ getting all the reserves that they need. They’re not really doing things right. So if you work with the right partner, with the right person, the right agent, the right group,

We will help you like we help you. do a very deep dive into the process of association.

We do the due diligence and you can find great deals in Miami still for resale condos and by the beach. And so that’s a market that I feel that is overlooked right now because people are afraid and they don’t want to do their homework. And let’s be honest, it’s not easy. It takes time and you really need to know what you’re looking for because not even Chad Deputy knows what to tell you. So you really need somebody who

knows and what they’re looking for. They know what to ask and when you do and you have that right combination you can find great deals ⁓ and then you can make your money ⁓ you know buy you know make your money

more for your money is what I want to say so.

Scott Bursey (15:44)
Absolutely and on that note what do feel is the biggest opportunity in your market right now the Miami market?

Zaida Gaitan (15:51)
biggest opportunity. are a lot of new constructions right now and

a lot of new constructions and people come to me and say, there’s so many, there’s so many condos being built and there’s so many, actually there isn’t enough for the demand. There are a lot of companies moving down to Miami, a lot of headquarters as a result of the pandemic. People came here and they realized because ⁓ they realized what we have here in Miami and it’s just beautiful. are many

in Miami have the combination of the weather. have ⁓ the benefits of the taxes that other places like New York and California don’t offer. So we have a lot of New Yorkers, a lot of Californians moving down here, or even those who are not moving are buying their investment properties here. know, ⁓ Jeff Bezos, know, Mark Zuckerberg, you know, Larry Page. have many people who have bought their properties here because they’re taking advantage of that tax benefit.

And so a big opportunity is ⁓ don’t look about just the price today of a property, just like Barbara Corcoran says, which is a big fan of her. You just really need to think beyond that, right? Because you’re buying an investment and it’s not going to appreciate overnight. But if you find the right property, if you have the right combination of location and the right answer for your, really what your goal is with the property, then, and you look to the future,

future, just long term, you can get great results, great results for your money. So that’s a great opportunity that we see today.

Scott Bursey (17:27)
You are clearly staying ahead of the curve with that vision. Thank you for sharing that. And Zaida, for the listener who is stuck in the agent mentality and struggling to make, let’s say the jump to becoming a group leader or a brokerage owner, what is the one counterintuitive piece of advice you can offer them about delegation hiring or perhaps mindset to unlock their freedom and truly scale?

Zaida Gaitan (17:53)
All right, so well, I wouldn’t necessarily advise people to if you’re agent jump ship and open your brokerage firm, because in my opinion, actually, if you partner with the right brokerage firm that allows you to be autonomous and work in terms of a commission instructor, you’re going to be able to scale faster because you’re not going to be worrying about the legality that comes with opening a brokerage firm. And so you’re just minding your business and focusing on growing your business. So that would actually be the advice that I would

Find the right brokerage firm, the right partner that doesn’t cut your wings and it just allows you to fly and bring the creativity and spontaneity that is needed for this business and that you’re able to change as you go.

That’s the best way to scale. Delegating, ⁓ I always feel like you need to learn to delegate more. I struggle with that myself because I want to, I enjoy what I do so much and I want to have a say in every single detail. And that’s one challenge that we, most of us have and just learning to delegate. And that will come ⁓ with experience.

In terms of jumping from being a single agent and opening your brokerage firm, would say just find the right partner and the right brokerage firm that allows you to ⁓ just grow.

Scott Bursey (19:19)
That is just some golden words right there. And quite frankly, Zeta, you provided so much really good insight for our listeners today. But is there any additional golden nuggets or advice you’d like to leave with our listeners today?

Zaida Gaitan (19:34)
Yes, there is one book that I loved that I would recommend you’re reading if you’re a first time investor and I don’t own the verge of should I get started? Is this for me or not? It’s called One Rental at a Time by Mike Zuber, believe, Michael Zuber. If I’m not mistaken, just Google it and give me honest here because I may be, but just his name. But it’s great and it’s a very digested way to understand how this process works and then just take the first step.

It’s not as hard as you think. Partner with the right people. Reach out to us, reach out to me, ⁓ and we’ll explore if this is the right option for you. ⁓ It’s just fascinating, this market, this industry is fascinating, it’s ever-changing, especially in this market. And ⁓ there’s so much to gain. There will be challenges, just like anything, but if you have the right person, the right agent, the right team to work with, you’re definitely gonna ⁓

be able to achieve the goals that you have in mind.

Scott Bursey (20:34)
Zaida, this conversation has been pure fuel. Before we sign off, for our listeners that want to follow your journey or collaborate with you, what’s the best way for them to reach you?

Zaida Gaitan (20:45)
You can email me at [email protected] or you can follow me on Instagram @ZaidaGaitanMiami. You can find me on Instagram with my name and I’ll be there. And I’ll be happy to talk to you. Just ask me any questions if you’re not ready today, but you think you’ll be ready in a year. Just let’s get the conversation going. Let’s talk and let’s see where your journey can start. I love what I do. I’ve made many mistakes and I’ve learned from them and I want to prevent those mistakes happening to you. And so that’s why we’re here.

Scott Bursey (21:21)
Your passion really resonates. And Zaida, thank you so much for joining us today.

Zaida Gaitan (21:26)
Thank you Scott for having me.

Scott Bursey (21:28)
And to those of our listeners, we appreciate each and every one of you. If you got value from today’s episode, please subscribe. We’ve got a lineup of exceptional guests, just like Zaida, who are making huge moves in the market. Until next time, keep your standards high and your vision clear. We’ll see you on the next episode, everyone.