Miami Beach Studio
Hello Everyone,
I'm a young professional who is relocating to Miami. I don't currently own any real estate but eager to begin investing. I want to live in Miami Beach, and I'm looking at studio condos. I'd like to be the owner/occupier while I save for a downpayment on another property (1yr goal), then rent it.
It looks like you could pick one up for 80-90k and they rent (from craiglist research only) for about $1,100 a month. I know I'll have other expenses... HOA, insurance, taxes, maintenance, but it seems fairly reasonable that I could get one of these to cashflow $100/month. As a back up plan for vacancy, I would plan to use the unit as a vacation rental on airbnb.
Anyone have experience investing in studios or the Miami Beach area? Any thoughts?
Thanks,
Tyler