I am looking for buy an investment property in Miami Beach area, live in it for a year or so and then convert to a short term rental. Any advice or watch-outs I should be aware of? I know there's a map that shows there Airbnb is allowed.. anything else? Is it better to buy up north by Fort Lauderdale?
@Natalia Perlova it's not just local regulations but also the HOA to watch out for. If you're looking in Miami Beach then you're 99% looking at a condo, and a lot of condo HOAs don't allow short-term rentals. You may have an easier time buying up north in Ft. Lauderdale, but you might make less revenue than a Miami Beach property that's legal and HOA-compliant. Good luck!
That is a broad question. Condo, waterfront home, suburban home? In general South Florida municipalities are cracking down on short term rentals.
I live in Broward and would tell you that people go to Miami Beach to party. It's not particularly a family destination. Crowds can be very rough at certain times of the year. Google "Miami Beach Memorial Day Weekend".
@Natalia Perlova it's not just local regulations but also the HOA to watch out for. If you're looking in Miami Beach then you're 99% looking at a condo, and a lot of condo HOAs don't allow short-term rentals. You may have an easier time buying up north in Ft. Lauderdale, but you might make less revenue than a Miami Beach property that's legal and HOA-compliant. Good luck!
I would definitely connect with an agent that would be able to map out on the MLS what areas in Miami/Ft. Lauderdale are STR-approved and send you some good options depending on your budget and desired criteria. From there you and your agent can confirm that those properties don't have any STR restrictions. I work in Florida so you can message me if you have any more questions!
@Natalia Perlova you should talk to @Sebastian Giraldo. He's a real estate agent in Miami specializing in STR and runs the Airbnb Hosts South Florida meetup group. He helped me buy my last 2 Airbnb properties. I remember that he once sent our group a map of which condo buildings in Miami Beach allow STR.