Hello I am interested in purchasing a house/ condo/ townhouse ($100,000-160,000 budget) to serve as short term rental property
(i.e. AirBnB) in Miami (may also consider Fort. Lauderdale). Any recommendations on a reputable realtor in Miami who is familiar with condo associations that will allow short term rentals in a good investment area ? What are the best areas in Miami considering the budget? Would also like to know if there are any local state/ zoning/ tax regulations or restrictions with this type of investment?
Thanks in advance for all feedback.
Hi @Tamara Smith - I've commented on previous post of yours but 160k will be extremely hard to find a great investment in Miami/Fort Lauderdale. If you are willing to finance some of it then you are open to great properties.
I know all the zoning restrictions for either area so if you just need general information feel free to shoot me a message.
Thanks for your input @Richard Ibeh .. It would all be most likely be financed..what would you say is a reasonable budget for South Florida for good ROI?
@Tamara Smith just starting out a good 2 or 3bed/2bath townhome or house would be great up to 400k. Would not recommend condos because of the HOA fees/restrictions etc. There are areas not by the beach that make great rentals by many out of state investors or realtors that haven't done short-term rentals would not know. Everyone believes you absolutely have to be on the beach to make money which isn't true.
@Richard Ibeh seems like I'd have better luck with the other areas you mentioned as 400k is way out of the budget.
@Tamara Smith up to 400k is the max I would spend starting off in South FL. You can definitely find multiple places below that price that will allow short-term rentals. I'm not a realtor but I have tons that have alerts out so I can scoop up new investments. Wherever you decide just have to consider if they are a seasonal place (Panama city beach) or an area with a constant flow of traffic due to events, population, conferences, major airport etc etc
@Richard Ibeh got it! Definitely understand . I will definitely PM you as I get closer in the process and narrow down areas that I'm seriously considering .. You're a property manager?
Thank you for all your input !
@Tamara Smith yes, both investor and manager. Prior to 2018, I oversaw the FL division for the 3rd largest VR mgmt company in the nation(rather not say the name to give them free promo here). After we split ways I started up a local management team here in South FL. I mainly come to biggerpockets to help/educate anyone seeking advice. The more knowledge everyone has the better for the industry. The novice VR owners are the reason we have so many city regulations now.
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