Best strategy for cash flow?

Question

Hi all, rookie investor here. I own a condo in the Sunset Park neighborhood close to Baptist Hospital, major highways, Dadeland Mall, etc. It’s not a “tourist” area but has a great location and access to South Miami, Pinecrest, Kendall, etc. The unit is located on an older property that is “ok” but not modern or renovated. Property has a pool and tennis courts. The unit itself, however, is redone with new stainless steel appliances, wood laminate floors, and bathroom. My overhead on the unit is about $700 per month including mortgage, maintenance fee, and taxes. I’m trying to decide which strategy is apt to generate the most cash flow, and I’m suffering from “analysis paralysis.” I’d greatly appreciate thoughts/insight. TIA!

Adriana Collado Hudak · Answer

Hi Hans - thanks for the input. I've owned the condo for awhile, and it has a very low mortgage and association fee, so whether I use it as a STR or long-term rental, the cash flow will be there. That said, I've decided to keep using it as a long-term rental and focus my search for a STR on a property closer to where I live now so that I can also use the STR throughout the year.

Adriana Collado Hudak · Answer

Thanks Ray, appreciate the insight.

Ray Hage · Answer

I would imagine since it is a condo that you probably can't do it as a STR or MTR? Check the condo by laws but most likely, you're going to have to do LTR with 1 year lease. I know there are condo buildings that do allow for STRs but they are rare.

However, you could furnish it to try to make a little more money from it. I don't think it is worth the risk of turning off some tenants who want their own furniture.