Miami - where to invest?

Question

I am planning to invest in Miami/Miami Beach for a condo and then rent it as a short-term rental (VRBO or Airbnb). Since it is very regulated there, I am targeting condo-hotels. Any specific building you would recommend to maximize cash flow and ROI? Thank you!

Rick Owens · Answer

@Jon Latorre hi Jan. I have been in miami for 18 months. I have been doing passive investing in scrape off (tear downs) In denver and commercial in Illinois.  I want to own a passive income property in miami area.  Have any leads or connections?

Marty True · Answer

Hi all, just to add some notes here on the short-term subject... I live in Miami Beach and also looking to invest here but I can tell you that in South Beach, unless the property is licensed for hotel or otherwise grandfathered in, you will get hit with a $20k fine. However, in North Beach (NoBe) where I live, the city has passed an ordinance allowing short-term rentals here, in any property.

I am looking to start investing here myself, not necessarily for short-term, but definitely buy and holds. If any of you guys need "boots on the ground" to work on a deal with you, I am here in the heart of Miami Beach.

Mehdi Khachani · Answer

Hi Matt,

Yes, you certainly want to do it in Miami Beach only if it's legal. Otherwise the city can hit you with a $20K fine. I know people who own apartments in the Shelbourne and the business there is good. 1215 West is another option or even the Mondrian. Not sure how the numbers add up though.

Best of luck!

Mehdi

Jon Latorre · Answer

Matt,

My company manages 50+ STR properties in Miami Beach. I would love to talk more about investment opportunities in the area if you would like.

We closely follow the strict zoning restrictions in Miami Beach to make sure our units are legal (although ideally you could get into an unrestricted unit). I can also give you estimates on how you much gross revenue any particular property or building might be able to make.

Best,

Miami - where to invest?

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