I am a native of New York, living in Miami Beach since 2001 when I obtained my RE license. The majority of my clientele are from NY/NJ, Canada or South America. Some purchase for strict investment, others purchase as a strict vacation home, while others purchase what I like to call a hybrid, which they use as a vacation condo part of the year and rent it out as an investment condo for the other part of the year.
The beauty of investing in Miami Beach is that the demand for rentals is always high, with that said the hottest and best time to rent in terms of prices you can expect and ease to rent is from December to May. That is the high season down here so based on your schedule it looks like you would be an excellent candidate to accomplish this goal.
The rental market in Miami Beach is rather easy to manage with some important caveats you need to look out for. Some buildings have more lenient rental policies than others. Some buildings have higher demand for short terms rentals than others. Some areas within Miami Beach have higher demand than others. That is why it is imperative that you align yourself with an expert on Miami Beach who knows what they are doing and is aware of the building rental policies and market before you make such an important commitment.
There are some other things you need to consider such as, to rent for less then one year it is typical that you leave the condo furnished and fully equipped as a shorter term tenant will expect to rent turn key. This would include you paying electric, cable, internet, etc as again, a shorter term tenant will be expecting to pay one price for everything all inclusive.
I would be very glad to assist you with this and guide you through the experience as I do this everyday, and have been doing this everyday for the past 12 years. In fact, my mother, my best friend, my mother in law, and many of my customers have accomplished this goal with my help. In fact, the majority of this can be done remotely without needing to be in Miami Beach.
The best course of action is to contact me and we can begin a more specific dialogue in order for me to find exactly what it is you are looking for. As far as the fixer upper vs already done condo, I cannot say that either is better or worse. It is really more of a case by case thing where I would assess each different opportunity as it presents itself. I'd suggest being open to both so you do not let any excellent opportunities pass you by.
The pricing is truly all over the map as each building has a different market, higher floors might cost a bit more, superior views will always cost more, different areas of the beach will have different pricing and the condition of the unit will matter. Also, a foreclosure sale (if you can find a good one) will usually be priced much more aggressively than a typical owner resale. Furthermore, the individual reason for why a particular owner is looking to sell will obviously have a major impact on pricing.
Three bedroom condos are a bit more hard to find as not every building has 3 bedroom floor plans available so that might limit you slightly, but you will be able to find something good I am sure. Please contact me at your earliest convenience and I will send you a detailed list of every 3 bedroom condo for sale in Miami Beach right now for your review. After you check the detailed list out, we can discuss in more detail.
Please find my contact information below. I look forward to speaking with you and helping you find an excellent investment which you can rent for half the year to cover all of your expenses related to the property and likely have some money left over for your plane tickets/entertainment while here in Miami.
Real Estate Sales Force