Investor · Miami Beach, FL · Member since 2019 · 28 posts · 6 votes
I was door knocking and found a 2100 sq ft 4 bedroom home that will sell for around $550k but is not listed. The house can be rented for $3000/mo, and the back garage can be converted into air b&b for $2000/mo additional income for a total of $5000/mo.
The renovation to reach this rental income was estimated to be about $25,000 by my general contractor/real estate investor in the area.
If you have experience in Miami Dade county wholesaling leads please let me know if you have a contract and/or can help me wholesale this lead.
Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
5y
@Wryland Reed Before you start promoting this as $5000 per month rental income I would first verify that the garage can be converted within the city the property is located in. Every municipality is different. Not only that I would also verify AirBnbs are allowed in the particular neighborhood. I've seen investors promote incorrect information and eventually get dragged into court by the buyer. Good luck!
Investor · Miami, FL · Member since 2013 · 807 posts · 475 votes
5y
You can check on the property appraiser website whether it's zoned to be a single family home or duplex. It's more than likely only zoned for single family so you won't be able to legally convert the garage.
Investor · Miami Beach, FL · Member since 2019 · 28 posts · 6 votes
5y
Turns out that it is 2 lots away from a multi-family zoning, thank you! Just found these 2 sites when looking for land for a build project. Still wwiting to hear back on a confirmation for another home's zoning.