I want to buy a small condo in Miami for good rental return.

Asked by saufunsung, Miami Beach, FL Thu Jan 17, 2013

As I am a foreigner not staying in US after the home purchasing, I want an easy-handled Condo. My budget is only 100K cash. Any good suggestion for the location?

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Patricia Kramer’s answer
Patricia Kra…, Agent, Miami, FL
Mon Jan 21, 2013
Answering your question, a suggestion for good location will be Miami Beach, or Fort Lauderdale.
Both are places with high demand for rental units, all year around, so you have the option to rent the unit in high season for short term at high season price or long term, at regular price.
In the high season, there is not enough rental units available on this areas so prices are higher.
You can buy a studio or in few cases a one bedroom apartment on those areas for 100K or less.
Easy handle condo will be determine by the age and conditions of the building and unit, however most condos in Miami Beach and Fort Lauderdale are a few years old and need constant maintenance.
I work mostly with foreignes looking for rental options in South Florida and I will be happy to answer any further questions to help you decide wich will be the best option for you in this market.
Patricia Kraemer
0 votes
Hi Patricia. I live in New York and I am interested in purchasing condos in South Beach to rent out for investments. I would like to rent out to out of country tourists. I need some guidance in this area on where to buy. Do you work directly to book tourists from Europe and other places in South Beach. Let me know if you can help me and discuss. Send me an email to manoli55@yahoo.com
Flag Sat Jun 15, 2013
Yanoska Diaz, Agent, Miami, FL
Fri Jan 18, 2013
It is important that you do not only consider price but HOA fees and/or possible HOA issues including proposed assessments, the price of one particular condo may be very attractive but its HOA may carry very high fees. Often HOA fees are incorrect on MLS and listing agents failed to research rental restrictions. Feel free to contact me and I will gladly provide you with a number of communities where prices are still below $100K, have no rental restrictions and have low HOA fees for a higher return.
1 vote
Contact me for available rental units for investment rentals in South Beach. Please email me at manoli55@yahoo.com
Flag Sat Jun 15, 2013
Nereida Figu…, Agent, Miami, FL
Fri Jan 18, 2013
Call me I have the right condo, first floor close to International Airport with nice condo's fee. My new listing since today. Return, you have to see it due to Location, Location. Call me at 305 519-3199
0 votes
Contact me for available rental units for investment rentals in South Beach. Please email me at manoli55@yahoo.com
Flag Sat Jun 15, 2013
Meg Sahdala, Agent, Coral Gables, FL
Fri Jan 18, 2013
I will gladly assist you with your needs. I work a lot with foreign clients, mainly from Europe and Canada. I have a portfolio of investment properties that I would gladly present to you.
Please contact me at your convenience to discuss further what kind of return you expecting, property type, size, time frame for purchase etc.

thanks and regards,

Best Regards,
Meg Sahdala

Vivienda Miami Real Estate Group
E-mail: meg@viviendarealtors.com
Tel: 305.877.2880
Fax: 305.675.3976

0 votes
Ismael Gonza…, Agent, Aventura, FL
Fri Jan 18, 2013
There are many units on the market that will fit your criteria. The rental market at this time is very aggressive; therefore, keeping a unit occupied should not be an issue. However, I suggest doing research first. First locate the area which offers the proper price range for your budget and the rental rate which will produce the desired return (usually 8 to 10% return on investment). Then you must identify the communities which do not have restrictions on rentals; some communities my have rental restrictions such as no renting for first year of ownership or worse no rentals at all - you would want to avoid those scenarios. Next you will need to have a cash flow analysis completed on the property, this will take into account acquisition price, monthly maintenance, vacancy and collection ratios and since you are a foreign buyer I suggest that rental commission and property management fees be included in the analysis. Please feel free to browse our website as we specialize specifically in this field of real estate. http://www.miamicitylifestyle.com (the acquisition of the investment) http://www.miamirentseekers.com (getting your property rented once you acquire it) ; http://www.miamipropertyservices.com (manageing your property once a tenant is in place). I hope this is helpful and good luck.
0 votes
Monica Cruse…, Agent, Miami, FL
Fri Jan 18, 2013
Thanks for contacting me. I have a couple of clients on your same situation, they live abroad but they have invested here.I would like to know a little bit more about your preferences.
You can buy an apartment at the price referenced due to the conditions of the market, we have what we call shortsales it's a longer process than a regular sale but you can buy a good property for less price.
0 votes
Andre Shambl…, Agent, Miami, FL
Fri Jan 18, 2013
Thanks for the inquiry. Looking for a condo that provides great rental return and easily manageable there are several areas in and around Miami to consider. I recommend you work with a Realtor who can point out the benefits of properties selected, provide a smooth transaction and offer property management services if needed. Feel free to call to talk more in depth and show you our portfolio of rental properties available.

Andre Shambley
0 votes
Maggie Dokic, Agent, Miami, FL
Fri Jan 18, 2013
I agree with Ann that a long term tenant offers fewer opportunities for problems. I have this condo coming back on the market. It's been approved by the lender at $62K and will rent for $900-950/mo. The kitchen and baths need updating. http://sef.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1879735…

Because it's still off the MLS, you'd have a great chance of getting it by contacting me asap. I can provide more details.
0 votes
Ann Ryan, Agent, Doral, FL
Thu Jan 17, 2013
There are actually several good areas to consider. I recommend you look for a long-term occupant, that will give you fewer troubles. Use the money from the rental to pay for your vacation, rather than trying to meet to goals with single purchase.
0 votes
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