Home Buying in Miami>Question Details

Joe, Home Buyer in Miami, FL

We want to buy a 2 bedroom condo in Miami Beach to rent to tourists , what areas do you suggest, under 200 k, and wha should we look for?

Asked by Joe, Miami, FL Fri Feb 4, 2011

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When purchasing an investment property you should look at it as a money making machine. Money in money out and what is left. The location is important but remember you are not going to live there and don't look at your lifestyle. Look at the pool of potential tenants and their needs. My father bought his first Miami Beach investment in 1961. I have been invovlved since 1979. Here is my contact info if you wish to contact me:
Paul A. Libovitz-Broker Associate Beachfront Realty 305-949-9800
e-mail: palibovitzrealtor@gmail.com
0 votes Thank Flag Link Sat Feb 5, 2011
One of the agents suggested a single family home instead of a condo - that is certainly a good idea. Most condos on Miami Beach have restrictions re: rental periods. There are some condo associations that prohibit rentals during the first year or two years, and/or rental periods for no less than a month or a year. Condo association fees also tend to be high, especially in the more recent construction and the buildings that have a lot of amenities. You and your agent need to look closely at condo regulations, condo fees, etc prior to making an offer. Your agent also needs to review the rentals in the area to make sure you are making a good investment. There are also single family homes available; Surfside is a good option. Single home prices may be slightly higher, but when you consider you will be saving upwards of $400 per month on condo fees, it may be a viable option. Please feel free to contact me at 305-297-9807 or MGHome53@aol.com for more information, or if you have any questions - no obligation, I'll be glad to help.-- Good Luck!
0 votes Thank Flag Link Sat Feb 5, 2011
Hi Joe,
Well you have gotten a variety of answers!
As far as a rental property goes, you need to make your purchase according to the condo association rules, you cannot make your owen rules on your rental.
Some condos have a restriciton on renting immediatly, you must own for a year or more at some buildings.
And many have a restriciton on the lenght of time you can rent. Very few are monthly, more are 3 to 6 months and some are only annual.
There is nothing wrong with purchasing a property that allows annual rentals, as that is a more stable sitution. Remeber that there are high and low seasons in Miami and sometimes you will have vacancies and which makes it harder to predict your income on the property.

Miami Beach is great, but so are Hollywood, Hallandale, Surside, Sunny Isles and Aventura.

Below are a few condos that look great for the money!
Click on the link and then on the arrow at the top left to see all of the properties.

http://sef.mlxchange.com/Pub/EmailView.asp?r=1235292793&…

When you are ready to begin your search and to explore financing opportunities if neccesary, feel free to contact me for assistance.

Beth Jenkins
South Florida Brokers
bethjenk1@gmail.com
786-374-4778
Web Reference: http://www.arealtyteam.com
0 votes Thank Flag Link Fri Feb 4, 2011
My suggestion is Miami Beach, everything at a walking distance, beautiful beach, restaurants, shopping malls, good transportation, teather. You can reach me at 305 794 8435
0 votes Thank Flag Link Fri Feb 4, 2011
Hello Joe,

The possibilities are endless! You will buy the one which will give you the best and the highest positive cash flow! That means the best location for rental purposes, the best deal for the price, but also the one with the lowest monthly HOA dues or any other fees.
Give me a call at 305 335 0803, or e-mail me at msaliu@comcast.net, you will get the best guidance on how to start up and build your investment portfolio, a rewarding portfolio.

Regards,
Merita Saliu
Smart Growth Realty
305 335 0803
msaliu@comcast.net
0 votes Thank Flag Link Fri Feb 4, 2011
Hi Joe,I suggest South Beach,if I come to Miami Beach as tourist that will be the place I would like to be,and look for a nice remodeled building,low expense,not to far from the beach,and walking distance to restaurants,shops and nightlife.If you are ready to buy I'll be more thatn happy to help you,please contact me at:
Daniel Silveira
Realtor Associate
Oceanaire Realty Inc.
801 Arthur Godfrey Rd
Suite 400 Miami Beach
FL 33140
Cell:305-302-5020
Office:305-974-1791
Web-Site:danielsilveira1.sef.mlxchange.com
0 votes Thank Flag Link Fri Feb 4, 2011
Joe- he idea is a good one! You need to find a house over a condominium.... As most all conos with a few exceptions- do not allow for transient rentals.

There are many possibilities!

WATERWAY REALTY, REALTORS
0 votes Thank Flag Link Fri Feb 4, 2011
Good evening,

I think 200 is too much to pay for a condo as an investment property, if you are looking for a decent return on your money. Keep in mind maintenance fees in Miami Beach a re high which can take a toll on your return. As an investment specialist feel free to contact me for additional information. There's not enough I can write, but I can definitely guide you in the right direction.

Carlos Cardenas
Broker associate
Keller Williams Realty
9547070927
0 votes Thank Flag Link Fri Feb 4, 2011
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