All Forum Posts by: Ray S.

Island View Park is located is one of the more expensive neighborhoods in South Beach. But if you go a bit more inland you should be able to find something in your price range that's still close by. Miami Beach isn't really that big, so everywhere is pretty close anyway. I have a realtor that put a lot of my friends into places at that price point in the area if you wanna talk to them. And one of my studios is actually becoming available Jan 1 for that price as well. Message me if you want info on either. 

I live/work in Miami Beach and know the real estate and rental market really well around here from looking at places to rent for myself, and to buy as investments. If you're working in Miami Beach, you definitely want to live in Miami Beach. 

It is possible to get a place for $1200/month in Miami Beach. Most neighborhoods around here are fairly good and you're always in walking distance to the beach and shops/restaurants. For that price you'd be looking at mostly studios, or maybe a small 1/1 that isn't updated.

What part of Miami Beach are you working? 

And do you have an area in mind you want to live, or are you pretty open? 

I think the answer to most of your questions comes down to your personal goals. If you want to accumulate a large portfolio of income properties, do you want to buy short term vacation rentals, do you want to flip, house hack, a combination of them all? 

I also live in Miami Beach. I can say, Miami is an amazing place to live, but a terrible place to try and make money. If you can make your money elsewhere and live here though, it's a great place to be. The real estate here is so expensive, but the rents are so low. The property taxes and insurance are very high, specially flood insurance if you buy on the beach. HOA fees are also very high if you buy a condo. Becoming an agent here is very challenging because everyone and their grandmother has a real estate license.

I bought property here when I felt there was still money to be made and am now looking to take my gains and run somewhere else because my cap rate is rapidly eroding due to the sky-high expenses here.

I'm also looking for the best areas to invest outside of FL, because it's hard to make money here and dealing with hurricanes is no fun!

I'm looking to pick up some vacation homes for passive income. I want to be able to do weekly rentals at least, possibly weekend rentals if allowed. I was looking in Daytona because you can get a house in walking distance to the beach for around $150k and rent it weekly. From what I can tell, they rent for around $2-3k/month, possibly $4k in a busy month. 

Anyone know anything about Daytona or can recommend other areas in FL (or even outside FL) that are good vacation homes for passive income? 

(Ideally it would be nice if they were in desirable locations so I could use them myself on occasion, but not a requirement)

Thanks!

If my contractor has to redo some work because they didn't do it to code. For example, let's say they used plastic pipes somewhere and the inspector comes and tells them they need to replace them with copper. Or they didn't have enough clearance somewhere and have to reframe a closet or wall. Issues like that where they need to make a change to work they did because of feedback from an inspector. Who pays the overages? My project has been completed and now my contractor is trying to charge me for all these overages. I never received a change order, they just proceeded with the work. 

I'm looking for an agent in Fort Lauderdale, Hollywood specifically, who can find properties that can be legally rented on short term rental sites (i.e. AirBnB). It would help if they knew the area and business of short terms rentals and could help evaluate the deals. Any referrals or ideas of where to look would be appreciated. 

Thanks!

I'm in a very similar situation to you in Miami Beach on a multifamily.  I decided to pay mine off and just bank the full profits while I decide on my next move, no sense in paying interest on cash I wasn't putting to work anywhere else. When I'm ready I will probably take a mortgage against the property to buy my next place(s), or cash out completely. I'd like to buy something close to home, but I don't see any great opportunities in Miami right now, and I'm concerned the market here could be set for another correction. If you don't have a great loan, maybe pay it off and get loans as needed to fund your next properties. For those people saying to take that money and put it in a fund. What funds pay 8-10% a year consistently, with the chance of appreciation too?

Regardless of whether you pay it off and finance later, or hold onto that money, it sounds like you are going to be using debit for your next properties either way. So it's just a matter of how soon you plan to make your next move, and whether you can get a better loan if you pay it off and take one on your property. I'm looking for the same advice on where to put my money next, whether I cash out or take a loan.

Thanks

 He owes me over $20k, and the subs over $10k. At this point he's stopped responding me, so I assume he's officially walked off the job and is dumping it on me. I am having a lawyer send a demand letter. But how am I supposed to get the work done? I've been calling contractors and they don't want to get involved in someone else's job. There's only a couple inspections that need to be called for.