Anyone looked at buying an AirBnb property in North Miami Beach?

[Antoine Martel]

Hey Everyone!

So I've been looking into Florida as a great place to invest. Today I read somewhere that North Miami Beach was a great place to buy a property and rent it out on AirBnb. With this information, I decided to do my own research and this is what I found.

I found a property in North Miami Beach, selling for $275,000 about 2 blocks from the beach. The property is a 2/2 and the mortgage would be about $1400, and HOA fees would be about $400/mo. So total costs are about $1800/mo.

Now I found some numbers on the AirBnb market in North Miami Beach. I found that the average occupancy is about 65% and I think I can rent out my 2/2 for about $150/nt. That means that per month, this property can generate about $3000 revenue. 

This would leave me with a profit of about $1200/mo. 

Of course when buying the property I will have to spend some money for beds and things like that, but everything else looks like it is in good shape.

I wanted to know if any of you have ever done something like this. How did it turn out? What were some unexpected costs? Also, I am in California, so I will have to do this deal from a pretty far distance away. Which means i'll have to pay someone to clean and deal with the visitors.

Please let me know your thoughts, or maybe even some other cities where this could work even better!

Thank you!

[Indre White]

hi Antoine, I am a local realtor in miami and miami beach area. I help some of my friends and clients with AirBNB properties. The location sounds good for seasonal rentals. However you should also consider South Beach area, or close to south beach. There is high demand during season, plus boat shows, ultra music festival, etc. 

Please investigate condominium association or HOA limitations, as some of those only allow 3 rentals or 2 rentals a year, and no short term, otherwise they will fine you if they find out. If you have questions you can contact me in a message or email. thank you