STR Investments in Miami Beach

[Connor Dahl]

Does anyone have experience investing in STRs in Miami Beach? Looking at a couple deals right now where I should be able to get cheaper debt (seller financing). Would love to run numbers by some people to get their thoughts. Thank you in advance.

[Michael Baum]

There is a lot of restrictions in Miami Beach. Is it even legal where these properties are located?

[Niv Astronivo]

Many restrictions 

[Mario I Fernandez]

Miami Beach has many restriction for STR due to the big amount of hotels in the area and these hotels lobby the local government to impose.

Is there any particular reason you want to invest in Miami Beach? 

Are you open to consider other areas more STR friendly?

I would say that besides Miami Beach any other area in Miami and it surroundings will work as well for STR. Miami is a very hot destination right now.

[Brooklyn McCarty]

Why not go for somewhere more STR friendly

[Brandon P.]

Just up north a lot of people have been investing in STR's on the space coast and Daytona Beach.

[Sebastian Giraldo]

Hello @Connor Dahl I have a list of several buildings that allow STR. Many of these are condo buildings which were older built. The mondrian is perhaps the newest built of them.

There are also some apartment buildings that have this zoning. 

[Connor Dahl]

There are a lot of restrictions but still number of properties that allow and are zoned for STR. Properties/condos that share amenities with a hotel are less likely to change their STR policies (controlled by HOA) as short term renters do not affect how the overall property functions.

I like the market economics, YOY rent growth, and the fact it is a travel hub, becoming more influential destination in nationwide and world business, and is essentially a year round tourist destination.

Would be open to other areas of Florida but in my opinion they don't share equal demand drivers. What other areas do you like?

 

[Andrew Steffens]

I agree with many here.  We invest mostly on the west coast and are seeing better returns and better appreciation.  Are you stuck on Miami specifically? Also much less restrictive areas in other places in FL.