Owning an AirBnb apartment in Miami

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Owning an AirBnb apartment in Miami

Alizee Paradis
Member since 2018 · 2 posts · 1 vote

I have been a renter for 10 years, and have finally decided I want to stay & invest in Miami.

I’m looking to buy a condo downtown Miami, with location & view of the bay as a priority. I like Biscayne Blvd. I want a recent high rise building, with nice amenities. High end apartment. 

I’m looking for a building that will allow short term rentals like AirBnb. Does anyone know or have a list of condos allowing these rentals downtown Miami (or Brickell area) ? 

If anyone can help me or guide me towards the right discussion or website I would be forever grateful. 

Thank so very much in advance ! 

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Richard Ibeh
Specialist · FL · Member since 2017 · 139 posts · 88 votes
8y

@Alizee Paradis I would not recommend any condo for Short Term rentals in Downtown Miami/Brickell or just in general. The HOA fees alone will eat away your profit plus the cost to purchase will not be worth it. Also, the condo association can vote out short-term rentals which majority do.

Just my thoughts.

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    8y

    Hello @Alizee Paradis. I currently work with a few excellent realtors in the Brickell/Biscayne area that could help you with your search criteria. I’ll message you and share their contact information with you. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    0Reply
  • Richard Ibeh
    Specialist · FL · Member since 2017 · 139 posts · 88 votes
    8y

    @Alizee Paradis I would not recommend any condo for Short Term rentals in Downtown Miami/Brickell or just in general. The HOA fees alone will eat away your profit plus the cost to purchase will not be worth it. Also, the condo association can vote out short-term rentals which majority do.

    Just my thoughts.

    3Reply
  • Paul Sandhu
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    8y

    What ^^^ @Richard Ibeh said.  Words of wisdom, not just his thoughts.

    2Reply
  • Alizee Paradis
    OP
    Member since 2018 · 2 posts · 1 vote
    8y
    Richard Ibeh I might have forgotten an important part in my post. I am looking to LIVE in it most of the time, and rent it out (less than 10%) when I’m traveling or visiting family (in another country). I want to own an apartment instead of paying rent every month with nothing to show for in the end. Are there no possibilities for this type of situation ? Thanks for taking the time to respond by the way !
    0Reply
  • Richard Ibeh
    Specialist · FL · Member since 2017 · 139 posts · 88 votes
    8y

    @Alizee Paradis that definitely changes things. In general, condos in Brickell area are not the greatest investment because the HOA fees are as high as $500-1000/month + mortgage for a 1bed or 2bed that offers less than 1200 sqft. If you are fixated on living in a condo then pursue it since that's your personal preference and you will be living there. I almost bought water view condo in brickell myself in the past so I know the temptation to live in a nice high rise in the middle of everything.

    In regards to condo rentals -as far as I know so don't quote me but I check quite often. There isn't a building in that area that allows short-term rentals. You will see tons of listings on Airbnb advertising multiple condos but that's mainly due to their building not enforcing their regulations. However, that can change at ANY moment. I rented a client's unit for one year with no issues then suddenly a new HOA came in and began searching Airbnb which led to multiple fines.

    I won't advocate for breaking your condo rules but if you're only renting periodically and your listing won't be advertised 24/7 you will more than likely be fine getting a few renters out the year when you're traveling.

    1Reply
  • Alon Maoz
    Rental Property Investor · San Jose, CA · Member since 2016 · 7 posts · 4 votes
    8y

    Hi Richard,

    Thanks for sharing this valueable information from your experience!

    I'm also looking for a very similar investment type like Alizee, however, I will not be living in the apartment. 

    Given you said a condo would not be the most recommended way to go for a STR investment there, what other option would you recommend as a better alternative?

    Thanks in advance!

    Alon.

    0Reply
  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    8y
    Condo Apartment AirBnB. Three words that don’t belong together and never will. Find yourself a 3/1 that’ll cash flow and start there. Real Estate is not a get rich quick game. If you want big returns and you’re ok with working a bit... buy a cabin in Gatlinburg Pigeon Forge I have 5 of them they all gross 2.5% of purchase price per month. Easy to self manage remotely.
    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
    1Reply
  • Paul Sandhu
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    8y

    Buy a foreclosed house in a small town with a refinery.  Wikipedia has a list of all the refineries in the world and their location.  Furnish it, put the utilities in your name, get cable and wifi then rent it out to refinery contractors.  Those are the guys you see working on those large erections of steel at a refinery.  Charge what a motel charges per week for your house.  I charge $600 a week for a 3 bedroom house that costs a 4 digit number to buy and a 3 digit number to furnish.  And as @Luke Carl says, self manage it.  I self manage 24 with 84 beds.

    If there is one rule about self managing, it's this:  Have fun with it.  If it feels like work, you're doing something wrong or it's just not suited for you.

    0Reply
  • Fernando DavidPro Member
    Fort Lauderdale, FL · Member since 2017 · 15 posts · 1 vote
    8y
    Richard has provided great information and as a realtor, investor, and property management company owner, I agree with Richard. Downtown Miami condos are not ideal for vacation rentals because of the cost, HOA rules and regs, and city code. Broward County is much more vacation rental friendly and cost effective.
    0Reply
  • Malgorzata SadowskaPro Member
    Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
    8y

    @Alizee Paradis & @Alon Maoz: if downtown / Brickell is important to you, will send you a list of buildings that allow short term (defined less than 6 months; including buildings that allow rentals 12 x a year, which from what I gather from your thread would meet your requirements). Anything that allows daily rentals would be considered condo - hotel = association fees in excess of a dollar / square foot. The ones am referring to are much more reasonable, albeit not cheap as they do provide nice amenities...

    0Reply
  • David Leroux
    Specialist · San Francisco, CA · Member since 2018 · 10 posts · 1 vote
    8y

    Make sure you do your homework for Miami...I have invested there. Few buildings offer short-term rentals (OK in their CC&R). Avoid Miami Beach...lots of supply and "Las Vegas" crowd that could damage your unit. Make sure you include HOA and resort fee (can be daily) which you will have to pay even if it's a guest (not you) who uses it. Many of my Airbnb investment students bought units there and are doing great.

    0Reply
  • Chidi NwadikePro Member
    Developer · Miami, FL · Member since 2016 · 47 posts · 15 votes
    8y

    @Alizee Paradis Opera Tower on bayshore

    0Reply
  • Joseph Ammar
    New York, NY · Member since 2017 · 17 posts · 12 votes
    8y

    @Richard Ibeh regarding the HOA fees eating up your profits- its all relatable. Apartments have higher fees but the upside is bigger as well. You're paying a premium for being near/on the water in areas that are booming. Charging rents which are higher than apts with lower fees. no? the brickell area 2 bedroom 2 bath 1100sf can get rent up to 3500 depending on building amenities.

    0Reply
  • Richard Ibeh
    Specialist · FL · Member since 2017 · 139 posts · 88 votes
    8y

    @Joseph Ammar are you talking short term or long term rentals? Nonetheless if you feel that's a good investment that's great. I on the other hand have managed over 100s of units doing both long and short term in both HOA/Non HOA buildings/communities to think otherwise.

    0Reply
  • Joseph Ammar
    New York, NY · Member since 2017 · 17 posts · 12 votes
    8y

    @Richard Ibeh long term. i'm trying to understand why higher HOA fees are worse even if the rent is much higher than some other areas to invest in that may have lower HOA fees. at the end of the day all that matters is COC and appreciation while building your equity

    1Reply
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