Simply put, given your criteria your best bet will be a condo hotel property. There are a variety of options available in Miami Beach. To name a few, you may own a condo hotel at One Bal Harbour, Canyon Ranch, Fontainebleau, W Hotel and Setai. This is a very hands off investment with the hotel managing the rental. It is typical for the hotel to split the income 50:50 and send you quarterly payments.
Feel free to contact me to learn more about these properties.
Usually condo associations do not accept weekly rentals due to the owners of the condominium don't want their building become a hotel and that would depreciate their properties' value and in consquence no financial institution will mortgage a property. You should consider to invest in a condo hotel.
Also property management rates will vary depending on your agreement and that would start at 10% and up of the rental price.
Angel Calzadilla, CIPS, TRC, e-Pro, Relocation Marketing Assistant
Prudential Florida Realty
6175 Bayview Drive
Fort Lauderdale, FL. 33308
Thank you for contact us,
Reference to condominiums rules are normally three : Many condominium allow to rent twice a year, means that could be rent for every 6 months, many other ,you can rent once a year and in others after you purchase them ,the new owner must wait one year from the day you buy it to rent it, that depend on each condominium association. Also you have the Condo hotels, These one you can rent in a weekly terms.
Normally, the management fee could be by 10% of the monthly rental.
If you need further information, fell free to contact me, I live and work on Miami Beach for the last 25 years, I guess I could be the right realtor to work with you.
I have several suggestions for you. One is a condo that allows monthly or a minimum of 3 month rentals. It is very common for people to spend the winter, up to several months, in Miami. I have several clients that rent their condos this way.
The second option is a condo-hotel, which will allow daily,weekly or monthly rentals and the hotel will handle the management for you and the fees vay, which you will find as you inquire about various listings. The fees are usually split with the hotel so that you will ocver your expenses. I am familiar with the various condo hotels in the Miami Beach and Sunny Isles area.
On a regular condo, many realtors do the managments, such as me. We have to price the fee accordingly, but it is very reasonable, and if you have a condo the only issues you would have maintenance- wise are within your unit, and you can purchase a very inexpensive maintenance contract to cover the applicanes and air conditioing. Generall about 300.00/year. I can handle the rental of your unit as well. My company has a very active rental web-site.
There are many things to discuss with the details of a purchase, such as if you ar paying cash or needing to finance, your budgest, etc.
It is best to discuss this by email or phone, at your convenience.
I would love to hear from you and offer you my suggestions.
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