Condo hotels in Sunny Isles Miami

[Maryann Weyhmiller]

I'm a beginner investor and I am considering buying a condo hotel studio on the beach to rent out short term, airbnb, daily, to pay for itself but also so I could stay in when visiting my daughter. The property also has a hotel program to help rent the property if I choose. Any advice would be appreciated because this is a whole new world to me. Thank you.

[Lauren Cote]

Hi @Maryann Weyhmiller Some buildings have programs where they handle property management like tenant screenings, parking permits, security etc. Some buildings function more like a hotel where they will handle everything catered towards short term rentals- these types of buildings will more likely have a lobby concierge, they can call you if you have guests or food delivery- they might also have things like car valet service or poolside get togethers. It feels more like an all inclusive resort except you own the unit and must furnish it (although some buildings might have furnishing options). Not every building allows short term rentals. If they do, the rules are very specific to the building. Every property has different rules. In my opinion all these buildings charge very high association dues monthly, in some cases $1000+ per month. The more included, the higher the price. You can also opt to find a building that's more hands off that manages the building, but you must handle everything with tenant and the unit. In this case if you can not manage the property on your own you can hire a property manager. There are larger property management companies you can hire to handle everything for your rental or you can also hire an individual who is a property manager in the area (someone you can trust to answer your tenants and schedule timely repairs).  I'm a realtor in Miami so I can help you look for property options if you need it. We can go over pros and cons on the properties you're curious about buying. Also happy to get you connected with an investor friendly lender, if you haven't done that. Here to help. Send me a DM!