I'm new to this site and am currently in the learning/research phase as I save money for my first property. I'm looking at Miami Beach. I am wondering which type of condo is better for this area, a 1 bedroom or 2? I'm most likely going to do short term/vacation rental. I live in NJ so would need to hire a PM to manage the property for me.
Thank you for any advice and help you can offer a newbie trying to get into this exciting world.
Rental Property Investor · Member since 2019 · 10 posts · 4 votes
6y
Hello Jason, be very careful with where you buy and the zoning. It needs to be approved for short term rental and there are very few areas in Miami Beach that allow it. A lot of people still do it but illegally and that leads to a lot of disputes with condo associations and potential heavy fines from the city! Good luck !!!
Thank you. Yea i saw the zoning map of the town that shows the limited area for short term rentals. I'm glad they at least still allow it it some areas of town, for now at least. I'm open to long term rental as well of course, but from what i've been reading so far str has potential for more profits. But alas i am early in my stage of educating myself. My thoughts were it'd be good to be close to heart of things to attract vacationers. But perhaps going little more north of Miami Beach, just out of town would be better?
Rental Property Investor · Member since 2019 · 10 posts · 4 votes
6y
Yes maybe, you should find and call a couple of operators as I assume you will need one anyway and have them tell you about the market, the costs, seasonality etc...