Home Buying in Miami>Question Details

SB Buyer, Home Buyer in Lahaina, HI

Rental Investment Wanted

Asked by SB Buyer, Lahaina, HI Fri Jan 24, 2014

Looking in Coral Gables, Key Biscayne, Aventura

Budget $220-$225k
Type: Condo/Townhouse/SFH
Low HOA ($150-$200)
All Cash Buy
Cap rate: 5% (net of all costs including vacancy rate)
Time frame: Immediate

Please advise on typical insurance costs.

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BEST ANSWER
Hi SB Buyer,
To answer you question regarding insurance costs, in a condo your insurance is included in your maintenance fee, you would only need interior insurance which would be just a few hundred dollars per year. A townhouse would need just a little bit more insurance depending on the HOA, but not the same as a single family home, which will not be an option within this price range.
I will tell you, as the others have, that the budget and HOA are very low for these areas and you may become frustrated with the search.
There may be some misleading listings on some of the sites such as here on Trulia because of short sales or auction ads. The truth is, about 3 years ago we had a good supply of decent priced properties, but the market has changed and it is not a "low-ball" offer type of market, and we have a short supply of inventory.

If you want an honest discussion of the market and your options I would be glad to speak with you at your convenience, because you may become frustrated by the many answers and options you see.

Beth Jenkins
South Florida Brokers
786-374-4778
bethjenk1@gmail.com
0 votes Thank Flag Link Fri Jan 24, 2014
Good answer Beth. I have been looking all over the country trying to find somewhere that hasn't suffered the dilemma you so accurately describe. I read an article which suggested things in Miami weren't as bad as many places and thought I'd see for myself. Thank you for being upfront which has saved me a lot of time. I value that.
1 vote Thank Flag Link Sat Jan 25, 2014
Thanks! It is just not worth the drama and frustration, and not that there are not deals, but they are not the rock bottom that they were. You will gain the normal real estate return, from 3-7% per year! And then the ROI on your rental amount, depending of course on the numbers.
Flag Sat Jan 25, 2014
Hello I can try to help you, but HOA is low for these areas. Please send me your email mariefbell@gmail,com
Choice Realty of Miami, Inc.
1 vote Thank Flag Link Fri Jan 24, 2014
Any possibilities of wider search? I have several foreclosed condos that will perform at a much higher rate. If you are firm on your locations I can help you as well even though budget is a little tight for the areas. Please feel free to visit my profile, review my recommendations, recent sales and choose to contact me so that I can better assist you. Thank you in advance for your consideration.
1 vote Thank Flag Link Fri Jan 24, 2014
I am open to other areas, but they must be good neighborhoods, low crime, good schools, gentrified.
Flag Fri Jan 24, 2014
Good Morning,
I have a few condos on the Kendall area (3/2 for $139K), Aventura (1/1) $193K, 2012 Townhouse on Coral Way for $294K HOA only $50 per month. You can send me your information at mtorresrealtor@aol.com.

Marco Torres
Miami Premier Realty
(305)903-3123
0 votes Thank Flag Link Sat Jan 25, 2014
Sent you my email.
Flag Sat Jan 25, 2014
Hi sb Buyer
sorry to refer to you as sb,but theres no name,You would get the most value for your money in Aventura,Being an expert in this area I have some very nice townhouses and condo for your price range,I don't know how soon you can contact me to see a few places,but heres my number 305-300-8540,you need a pro that knows the area and that's me,so contact me and we'll go fr there.
akhourirealtor@att.net.
thanks
Anthony Khouri
M.Kotler Realty Inc.
0 votes Thank Flag Link Sat Jan 25, 2014
Hello, please provide me with your email and I will send you some properties that meet your criteria.
By the way, are you paying cash or are you financing. Please let me know.
0 votes Thank Flag Link Fri Jan 24, 2014
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