Miami airbnb investing

[Amit Shah]

Looking to buy a condo in Miami for short term rentals. The condo market seems to be on a downturn and prices seem to be at a point where a decent profit can be made on Airbnb even after the high condo fees (atleast on paper). Currently looking at Opera towers, Grand, 1200 Brickell which are few buildings that allow daily rentals. 

Would like to hear thoughts and experiences of fellow investors in the area. Is this a right time to buy or should i wait ? Does Airbnb makes sense ? Is anyone else thinking or currently doing the same ?Any other buildings apart from the above that are good candidates ?

[John G.]

I'm planning to do the the same, and have seen some pretty good options in the buildings you mentioned. The other alternative I'm considering is South Beach, where the HOA is much less due to fewer (if any) building amenities. So it kinda depends on your target tenants versus other areas like Brickell or Downtown. I see it as two different people: beach vacationers vs the everybody else (business, festivals).

Zoning is super tricky. You can get fined up to $20k if you're caught by the city. Make sure the building is in the right place, and the HOA allows for STR.