Looking to invest in a New Development in Miami.
This project features 1 of the 3 buildings with one being ONLY for AirBnb purposes. Supposedly first of it's kind in the Miami market that is centrally managed & has a partnership with AirBnB for super host status from what they say.
Looks like a great project. Wondering if anyone has invested in a new development like that as I've only had experience with existing structure purchases, BRRRR and STR of SFR.
Here is the project:
Looking to purchase a unit for $670,000
Sleeps 4 with approx. 614SF and one of the few units with outdoor terrace and cooking area
From developer:
PAYMENT STRUCTURE
10% @ contract signing
10% in 6 months from contracts
10% @ Groundbreaking - Summer 2024
10% @ anniversary of Groundbreaking
60% @ closing 2/3 Q 2027
Let me know your thoughts here!
From what I've found, Miami as a whole averages approx. 80% occupancy @$300/ night
Appreciate any help here...... as I'm typically one to do the leg work. This is more of a, sit back, we'll do it for you approach.
P.S. My broker bought 2units 2 years ago and has $400k in equity already (approx. 300-400k per unit then)