Is it a good idea to buy a high rise Miami condo for long term rental?

[Yulia Volokhina]

Hi,

Do you think it is a good idea to buy a condo in Miami high rise oceanfront/downtown area for the out of state investor? With intent to rent on annual lease? Which rental restrictions to be aware of and which extra fees? Which most popular condos for rental? Is it easy to find a good rental management company in the area? 

Thank you!

[Richard F.]

Aloha,

Before purchasing a condo, check local condo laws and learn about Reserve Funding plans, and operating budgets. See if there is a local chapter of the Community Association Institute, or other local resources for HOA/Condo Boards and Owners. It is critical to understand the complete financial situation of any Association, separate from the individual condo details. Failure to understand the finances results in, at best, "unforeseen" Special Assessments, and, at worst, well, you know...the building collapses, killing many, creating increased costs for ALL of the other condo owners across the country!