Miami Beach Studio

[Tyler Green]

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

[Kanise Kelley]

I've seen a lot of variations in miami beach studios. they're all different so you just have to do your research on each one. Some of the cheaper studios are like 300 sq ft. depending on your preference, that may be too small or just right. I was looking at one a while back and the building had a special assessment on it that had to be paid by the buyer at closing. Condo association fees generally start at $400/month  And then adding flood insurance, wind insurance and such it can pretty expensive. and make sure you check with the association about renting. some buildings don't allow renting for the first year or at all. Also check into the parking situation. some condos charge an extra $100+ to rent a parking space monthly. Everything can really start to add up, but as long as you're aware of all the costs and rules I think it can be a pretty good investment once you find the right property. 

Best of luck