Extremely High HOE. What is the catch ?

[Emmanuel Cuisinier]

Hi everyone,

In order to feel more comfortable before buying my first investment property I spend time crunching numbers and calling agents.

Today I came across a tiny condo, very well located around Miami Beach, nicely renovated, $200.000, 1ba, 1bd. Small building well maintained with maybe 20 apartments.

No HOA fees were mentioned on Zillow but when I contacted the agent he told me there is a monthly HOA fee of $969.

He insisted, short terms rentals are allowed.

He also asked me multiple times if I am buying cash.

Very fishy experience.

What am I missing here ? I have a total disconnect between the HOA fees and the condo/building ...

Thanks

[Devin James]

Hey Emmanuel, Zillow doesn't always have the correct HOA amount so I wouldn't rely on that. But the reason the purchase price is so low could be because of that HOA fee. I would contact the city and look more into the air-bnb regulations. If the numbers still work then go for it!