Miami or South FL STR advice
Thoughts on how successful STR is in Miami area? What makes more sense a SFH or a condo and any regulatory concerns in specific areas? Before reaching out to a realtor want to get a general gut sense from others. I currently have a STR in Southwest FL and am looking for one on East coast. If not Miami, other suggestions in South Florida that are great STR options? Thanks in advance.
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@Patricia Andriolo-Bull I have helped dozen of investors buy condos and houses for short term rental in Miami. Here's my advice:
1- Be prepared to buy in cash or start thinking like an underwriter. Lenders will want to see at least 20% down payments. Most lenders do not like condo-hotels since they are "risky" and have a higher default rate than owner-occupied mortgages.
2- Assemble a team. You need a great team that can work together to make the deal happen. At a bare minimum you need a real estate agent that knows the market for STR. They can recommend a local mortgage broker, attorney, property manager, contractor, designer, etc.
3- Consider new construction. There is a wave of new construction condos that have a professional in-house operator and allow daily rentals. The best part is many buildings come fully furnished and finished. I think the best hedge against inflation is pre-construction projects. Buying at a fixed price today for something you will receive in 2 years.
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