Buy multi-family property in South Florida, and keep every unit filled.
Marlym Dueñas helps first-time buyers start with an FHA duplex to fourplex, and helps investors move up to 5+ unit buildings, including off-market properties you can only see by calling.
How multi-family buying works in South Florida
Featured answer
Multi-family investing in South Florida starts with unit count. Duplexes through fourplexes (2–4 units) are residential and can be bought with FHA financing at 3.5% down if you live in one unit. Five or more units are commercial, priced on net operating income and financed with commercial loans.
Marlym Dueñas is a Miami-Dade Realtor® with an MBA who has managed leases for a billion-dollar commercial real estate company. She helps you buy the right building, then helps you fill and run it.
Quick facts: multi-family in South Florida
- 1–4 units are residential; 5+ units are commercial.
- FHA requires you to occupy one unit, generally for at least one year.
- DSCR loans qualify the building's rent, not your tax returns.
- Commercial loans on 5+ units are underwritten on net operating income.
- Marlym Dueñas serves Doral through Brickell in Miami-Dade County.
Off-market properties. Call to get access.
Off-market properties are not listed on the MLS or on this page. Sellers want a quiet sale, so details are shared by phone only, after a short conversation about your goals and budget.
Dial 786-645-9494 or send a WhatsApp message.
Budget, target area, first home or investment, financing path.
Marlym shares off-market properties that fit, and you decide whether to tour.
Two paths, one process
Start where you are. Most first-time buyers begin with 2–4 units and live in one. Investors go straight to 5+ units.
Path 1: FHA 2–4 units (first-time buyers)
- Talk to Marlym. Share your budget, timeline and target area.
- Get pre-approved with an FHA lender. Confirm credit, down payment (3.5% with 580+), reserves and county loan limits.
- Pick your unit mix. Duplex, triplex or fourplex, based on price and rents.
- See on-market and off-market options. Off-market details come by phone only.
- Run the rent numbers. On 3–4 units, FHA counts 75% of market rent in its self-sufficiency test.
- Offer, inspect, appraise. Inspection and FHA appraisal protect you and the lender.
- Close and move in. You occupy one unit as your primary residence.
- Fill the other units. Marlym helps with leasing and ongoing management.
Path 2: 5+ units (commercial)
- Strategy call. Define price range, target area, hold period and return goals.
- Line up financing. Commercial, agency, bank portfolio, DSCR or bridge. Commonly 25%–35% down.
- Set your buy box. Unit count, rent levels, condition, value-add potential.
- Call for off-market access. Marlym shares matching opportunities by phone.
- Underwrite the deal. Rent roll, expenses, net operating income and cap rate.
- Offer or letter of intent. Price, terms and due diligence period.
- Due diligence. Leases, financials, inspections, insurance quotes, title.
- Close, stabilize and manage. Fill vacancies, tighten operations, protect cash flow.
Compare your financing paths
| Feature | FHA (2–4 units) | DSCR loan (investor) | Commercial (5+ units) |
|---|---|---|---|
| Best for | First-time and owner-occupant buyers | Investors who don't want to use personal income | Investors buying larger buildings |
| Typical down payment | 3.5% with 580+ credit | Often 20%–25% | Commonly 25%–35% |
| Occupancy | You live in one unit | Investment only | Investment |
| How you qualify | Your income and credit, plus rent test on 3–4 units | Property rent vs. payment (often 1.0–1.25 ratio) | Net operating income, rent roll and your experience |
Programs, rates, loan limits and eligibility change. Confirm directly with a licensed lender before acting.
Financing options beyond owner financing
When the bank's box doesn't fit the deal, the structure can. These are the strategies Marlym can discuss with you and your lender or attorney.
| Strategy | How it works | Watch out for |
|---|---|---|
| DSCR loan | Approved on the property's rent versus its payment, not your tax returns. Usually investor-only, 1–4 units, with some lenders going higher. | Higher rate than conventional; larger down payment. |
| Seller-carried second | The seller finances part of the price behind your bank loan, reducing your cash to close. | Lender must allow it; payment and balloon terms. |
| Wraparound mortgage | Seller keeps their existing loan and you pay them one larger, all-inclusive note. | Due-on-sale clause; needs an attorney and proper servicing. |
| Assumable FHA or VA loan | You take over the seller's existing loan and rate, with lender approval. | You cover the gap between price and loan balance. |
| Lease option | Control the property now with the right to buy later at an agreed price. | Option fee at risk if you don't buy; contract must be precise. |
| Bridge loan | Short-term loan to buy fast, renovate or stabilize, then refinance. | Higher rate and fees; you need a clear exit. |
| Private money or partners | Investors fund the down payment or the purchase in exchange for interest or equity. | Put terms in writing; securities and tax rules may apply. |
| 1031 exchange | Defer capital gains by rolling proceeds from a sold investment into a new one. | Strict deadlines and a qualified intermediary are required. |
| Equity from another property | Use a cash-out refinance or HELOC on a property you own for the down payment. | You are adding debt to the property you already own. |
Creative structures carry legal and tax implications. Work with a Florida real estate attorney, your lender and your CPA. Confirm directly with your broker or office administrator before acting.
Buy it right, then make it pay
Marlym Dueñas, MBA, Realtor®, works with investors who want income property and with first-time buyers who want to start smart. She has managed leases for a billion-dollar commercial real estate company and served as marketing manager for a multi-million dollar producing real estate team, so she understands both the numbers and the tenants behind them.
She knows which properties are available, gets her buyers into the winning deal, and then helps rent the units so the building performs.
Questions buyers ask before their first call
Do I have to be a first-time home buyer to use FHA on a duplex, triplex or fourplex?
No. FHA financing is available to first-time and repeat buyers. The requirement is that you live in one of the units as your primary residence, generally for at least one year. First-time buyers often use it to buy a 2-4 unit property and let the other units help pay the mortgage.
How much down payment does an FHA multi-family loan need?
FHA allows as little as 3.5% down with a credit score of 580 or higher, and 10% down for scores between 500 and 579. You will also need closing costs, and 3-4 unit purchases typically require cash reserves. Confirm current requirements and county loan limits with an FHA lender.
Why can't I see the off-market properties on your website?
Off-market properties are not publicly listed, and many sellers want a quiet sale. To protect them, details are shared by phone only. Call 786-645-9494, tell Marlym your budget and goals, and she will share what matches.
What is a DSCR loan and who is it for?
A DSCR (debt service coverage ratio) loan qualifies an investment property by its rental income compared to its loan payment, not by your personal tax returns. Lenders commonly look for a ratio around 1.0 to 1.25 and 20% to 25% down. It is for investors, not owner-occupied purchases, and rates are usually higher than conventional loans.
How is financing different for buildings with 5 or more units?
Buildings with 5 or more units are treated as commercial real estate. Lenders underwrite the property's net operating income, rent roll and expenses rather than your personal income alone. Down payments commonly run 25% to 35%, and loan options include bank portfolio loans, agency multifamily loans and bridge loans.
What creative financing options exist beyond owner financing?
Options include DSCR loans, seller-carried second mortgages, wraparound mortgages, assumable FHA or VA loans, lease options, bridge loans, private money or partnerships, 1031 exchanges, and using equity from another property. Each has legal and tax implications, so structure them with a real estate attorney and lender.
Do you help with tenants and management after I buy?
Yes. Marlym has managed leases for a billion-dollar commercial real estate company and helps her buyers find and place tenants and coordinate ongoing management, so the property becomes income, not a second job.
What areas do you cover?
Marlym focuses on Doral through the Brickell corridor in Miami-Dade County and can discuss nearby South Florida markets. Call 786-645-9494 to talk through your target area.
Ready to see what's not on the market?
One call. Ten minutes. A clear path to your first multi-family property or your next building.
786-645-9494